Nigerian identity verification platform Youverify has secured $2.5 million in pre-Series A funding. This investment from prominent Saudi investor Elm signifies Youverify's promising growth trajectory.
This funding fuels Youverify's expansion plans while also marking the beginning of a strategic partnership with Elm. This collaboration aims to streamline Anti-Money Laundering (AML) compliance processes for businesses, enhance global risk intelligence initiatives, and facilitate Youverify's expansion into new markets.
Founded in 2018, Youverify has grown considerably. It now offers real-time business verification covering 145 jurisdictions across 48 countries. Additionally, Youverify provides individual verification services, including credit history and ID checks, in 46 countries.
Youverify has surpassed its initial target, reaching over 3,500 businesses in 12 countries. It currently processes 4 million applications monthly, a substantial increase from the previous year.
Youverify distinguishes itself through a robust verification approach. They utilize multiple data sources, including government records, news sentiment analysis, and commercially available data. Furthermore, Youverify leverages advanced algorithms to analyze risks and generate regulatory reports. This comprehensive approach surpasses generic methods relying solely on Optical Character Recognition (OCR).
Competing with established players like Dojah and Identitypass, Youverify's successful funding and strategic partnership solidify its position as a key player in the AML and identity verification landscape.
Youverify's development underscores the increasing need for robust identity verification and AML compliance in today's digital economy. The company is well-positioned to lead the way in this crucial domain.
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