Nigeria’s Youverify receives $2.5M in funding for biometrics, AML

Youverify, a biometrics and AI-powered AML and KYC service provider based in Lagos and San Francisco, has received a $2.5 million pre-Series A investment from Elm, a digital security firm owned by the investment arm of Saudi Arabia’s Ministry of Finance.

A press release says the money will help strengthen Youverify’s mission to expand its Africa-focused AML compliance operations globally. Launched in Nigeria in 2018 and currently serving customers in 12 countries, Youverify hopes to add new markets in a push to accelerate production of its next generation of security compliance products, including selfie biometrics and liveness detection.

“Partnering with Elm is a game-changer for Youverify and our customers,” says Gbenga Odegbami, CEO of Youverify. “Elm’s strong track record in delivering innovative digital solutions aligns perfectly with our mission to provide the financial industry’s most reliable and efficient global AML solutions.”

In particular, the partnership is aimed at refining Youverify’s AI-driven AML risk intelligence platform, to optimize accuracy and efficiency in transaction monitoring.

Youverify CTO Famous Ehichioya says “the integration of Elm’s resources and expertise with our AI-driven platforms will enable us to accelerate the development of our AML 2.0 products. These innovative solutions are not just about meeting regulatory requirements; they’re about redefining the standard for efficiency and reliability in the financial sector.”

Fahad bin Issa Ibrahim Al-Shathry, VP of Elm Investment, says Youverify shares Elm’s vision for leveraging technology to solve critical challenges facing global businesses. “This collaboration is a testament to our dedication to collaborating with exceptional founders through investing in a budding technology ecosystem,” he says – “not only in the Kingdom of Saudi Arabia but also globally to drive efficiency, security, and trust.”

Elm’s $2.5 million brings Youverify’s total seed funding up to $5 million, on top of earlier rounds led by Africa-focused VC firms Orange Digital Ventures Africa and Loftyinc Afropreneurs Fund. Gbenga also shouts out the Business Development Bank of Canada as a key support partner in facilitating Youverify’s success to this point.

Per a report from TechNext, Youverify currently processes 4 million monthly applications for over 3,500 businesses, with 800 active clients. It is still aiming to reach its goal, stated at the start of the seed round, to secure customers in 30 countries.

Article Topics

biometric liveness detection  |  biometrics  |  funding  |  investment  |  selfie biometrics  |  Youverify