Youverify, a Lagos and San Francisco-based identity verification company that assists African banks and startups with Know Your Customer (KYC) and other compliance procedures, has announced a $1 million seed round extension following a $1.5 million round in 2020, bringing its total seed raised capital to $2.5 million.
Orange Ventures and LoftyInc Capital, two Africa-focused venture capital firms that co-led the company’s initial seed round, led the latest round of funding. Octerra Capital, Plug & Play Venture, Syntax Ventures, HTTP Investors, Afer Group, and Fronesyz Capital also contributed.
In an interview with Techcrunch, CEO Gbenga Odegbami claimed that the company has consistently pushed to offer more goods in order to expand its product reach to a substantial number of financial institutions across the continent. This has aided the organization in developing a reputation that distinguishes it from competitors based on what it provides.
Youverify’s customer base rose by 300% as a result of expanding its clientele and increased demand for its KYC products, according to Odegbami, to service more than 400 banks and high-growth businesses.
Youverify’s platform uses data to help startups, fintech companies, and large financial institutions automate compliance decisions, enroll consumers, and combat identity fraud. Youverify, founded in 2018, is Nigeria’s leading identity verification company, with over two-thirds of commercial banks adopting its identity verification and KYC products.
Customers of Youverify include prominent institutions such as Standard Chartered, Standard Bank, and Fidelity Bank, as well as the ride-hailing firm Bolt.
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