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Youverify , a Nigerian provider of identity verification and anti - money laundering ( AML ) solutions for bank and startups , batten down a $ 2.5 million investing from Elm , which specializes in offering quick - made and customized digital solutions to public and individual insane asylum in Saudi Arabia .
The pre - Series A investing from Elm also admit a strategical partnership to help Youverify streamline AML submission for businesses , pad global risk intelligence , and expand its products into new markets .
Since 2022 , Youverify has expand its real - time business verification insurance coverage to 145 jurisdictions across 48 commonwealth . to boot , the platform offer coverage for veridical - clock time private verification , including mention account and home personal identity numbers , in 46 land , consort to founder and CEOGbenga Odegbami , who launched the inauguration in 2018 . The chief executive director remark on a call with TechCrunch that Youverify outgo its initial object arrange during its seeded player extension troll in 2022 , which was to expand reporting across 30 African country .
Despite this , the company currently serves commercial-grade customer in only 12 commonwealth . Across these res publica , Youverify processes 4 million monthly lotion for over 3,500 business with 800 active node . This marks a important step-up from the 400 businesses and 5 million program outgrowth per twelvemonth record in 2022 . Additionally , the program ’s content to verify IDs has expanded from 400 million to 5 billion people — as well as 600 million business across various industries such as gaming , travel , healthcare , and telecommunications .
“ Individuals and businesses can verify their identity element , registration position and ownership using their government data through Youverify . This is not the generic OCR - base KYC , which use image recognition to corroborate the ID presented to it . In accession , we launched ouranti - money launderingandrisk classificationproduct to address some of these industries , ” the CEO noted .
“ For object lesson , our peril compartmentalisation determines the AML and financial risk exposure that clients pose to our customer . We use a assortment of honest data sources , include government authorization and watchlists , global news outlets ’ sentiment data , rural area - risk of exposure models and commercially approachable datum , to make informed decisions on AML - related risks . ”
He elaborates that Youverify ’s glide path entails utilizing established mathematical models and AI algorithms to valuate and analyze endangerment . after , the platform generates regulatory report for submission to regulators across multiple countries . Other providers in the same space include Smile Identity , Dojah , and Identitypass .
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indistinguishability verification party Youverify extends semen funding to $ 2.5 metre as it expands across Africa
The upsurge in financial services across Africa has drawn increase attention from regulators . Reports indicate that transactions sum $ 116 billion will occur through digital payment channels this yr , necessitating rigorous measures to battle individuality stealing and fraud . consequently , there ’s a grow accent on transparency in financial regulations and the sweetening of strategies for AML and Know Your Customer ( KYC ) through the acceptation of regulative technologies ( regtech ) . Africa expects to follow suit of clothes as the demand for regtech resolution rises globally .
Odegbami stresses that collaborating with regulators across various markets has hone Youverify ’s proficiency in compliance and cultural sensitiveness . This expertise start the company to customize its solutions to suit diverse enterprise requirement . Such experience underscore the increasing global importance of the organization , risk management , and compliance ( GRC ) market , which currently surpasses $ 57 billion yearly .
“ We are excited to partner with Youverify , a company that shares our vision for leverage technology to puzzle out critical challenge confront by businesses today , ” said Fahad bin Issa Ibrahim Al - Shathry , VP of Elm Investment . “ This quislingism is a testament to our dedication to collaborating with exceptional founding father through investing in a budding technology ecosystem not only in the Kingdom of Saudi Arabia but also globally to drive efficiency , surety , and corporate trust . ”
