Youverify, a Nigerian startup providing identity verification and anti-money laundering (AML) solutions to banks and other startups, has secured $2.5 million in funding in a pre-Series A round.
The investment, which was secured from Elm, a Saudi Arabian company which specializes in offering ready-made and customized digital solutions to public and private institutions, includes a collaboration in the Nigerian startup streamline AML compliance for businesses, bolster global risk intelligence, and expand its products into new markets.
Commenting on the investment, Vice President of Elm Investment, Fahad bin Issa Ibrahim Al-Shathry, said his company was excited to partner with Youverify, a company that shares its vision for leveraging technology to solve critical challenges faced by businesses today.
He enthused: “This collaboration is a testament to our dedication to collaborating with exceptional founders through investing in a budding technology ecosystem not only in the Kingdom of Saudi Arabia but also globally to drive efficiency, security, and trust.”
It would be recalled that in August 2022, the company secured a $1 million seed round extension after raising a $1.5 million round in 2020, bringing its total seed raise to $2.5 million.
Youverify, which was co-founded in 2018 by Gbenga Odegbami, has over the past six years expanded its real-time business verification coverage to 145 jurisdictions across 48 countries.
According to founder, the startup is also offering coverage for real-time individual verification, including credit history and national identity numbers in 46 countries.
