Youverify, a prominent identity verification company based in Lagos and San Francisco, has announced a significant milestone with the successful securing of a $2.5 million pre-Series A investment, marking a pivotal moment in its growth trajectory.
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The investment from Elm in Youverify aims to enhance AML compliance checks and global risk intelligence through a strategic partnership, enabling expansion into new markets and strengthening capabilities in combating financial crime.
With this funding, Youverify’s total raised funds reach $5 million, highlighting its increasing importance in the identity verification sector, including a previous $1.5 million seed round in 2020 and a $1 million seed round extension in 2022, totaling $2.5 million in seed funding.
Founder and CEO Gbenga Odegbami expressed enthusiasm about the partnership with Elm, highlighting its potential to propel Youverify’s growth and innovation initiatives. Odegbami emphasized that the investment would accelerate the development of Youverify’s next-generation AML 2.0 products, aimed at reducing costs, enhancing operational efficiency, and navigating global compliance standards seamlessly.
Acknowledging the support received from the Business Development Bank of Canada (BDC), Odegbami underscored the instrumental role played by the organization in Youverify’s growth journey, facilitating access to financing and tailored advice.
Elm’s investment in Youverify reflects its dedication to driving digital transformation and security across industries. Fahad bin Issa Ibrahim Al-Shathry, VP of Elm Investment, expressed excitement about the partnership, highlighting Youverify’s alignment with Elm’s vision of leveraging technology to address critical business challenges.
Youverify plans to expand to 30 nations in the next 18 months, focusing on regions in Africa. Currently serving clients in 12 countries, it processes 4 million monthly applications for over 3,500 businesses. The company has increased its ID verification capacity to cover 5 billion individuals and 600 million businesses across industries, showcasing its commitment to innovation and leadership in identity verification and compliance solutions.
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