Nigeria-based Youverify, a leading provider of identity verification and anti-money laundering (AML) solutions, has announced a significant investment milestone. The company secured a substantial $2.5 million investment from Elm, a prominent Saudi Arabian firm specializing in digital solutions for both public and private institutions.

This pre-Series A investment not only injects capital into Youverify but also initiates a strategic partnership aimed at enhancing AML compliance procedures for businesses. The collaboration seeks to fortify global risk intelligence and facilitate the expansion of Youverify’s product offerings into new markets.

Since its inception in 2018 by founder and CEO Gbenga Odegbami, Youverify has witnessed remarkable growth. The platform has expanded its real-time business verification coverage to an impressive 145 jurisdictions across 48 countries. Moreover, it offers coverage for real-time individual verification, including credit history and national identity numbers, in 46 countries.

According to Odegbami, Youverify has significantly surpassed its initial objectives set during its seed extension round in 2022. At present, the platform serves commercial customers in 12 countries, processing a staggering 4 million monthly applications for over 3,500 businesses with 800 active clients. This marks a substantial increase from the figures recorded in 2022, showcasing the company’s rapid expansion.

One of the notable advancements highlighted by Odegbami is the platform’s enhanced capacity to verify IDs, which has expanded from 400 million to 5 billion people and 600 million businesses. This expansion caters to various industries including gaming, travel, healthcare, and telecommunications.

Explaining Youverify’s approach, Odegbami emphasized the utilization of established mathematical models and AI algorithms to assess and analyze risks. The platform generates regulatory reports for submission to regulators across multiple countries, aiding businesses in complying with AML regulations.

The investment comes at a crucial time as the African financial services sector experiences significant growth, with digital payment transactions expected to reach $116 billion this year. This surge in financial activities underscores the importance of robust AML and Know Your Customer (KYC) procedures, driving the demand for regulatory technologies (regtech).

Odegbami stressed the importance of collaborating with regulators across diverse markets, which has honed Youverify’s proficiency in compliance and cultural sensitivity. This expertise enables the company to tailor its solutions to meet the varied requirements of enterprises across different regions.

“We are excited to partner with Youverify, a company that shares our vision for leveraging technology to solve critical challenges faced by businesses today,” said Fahad bin Issa Ibrahim Al-Shathry, VP of Elm Investment. “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.”

With this substantial investment and strategic partnership, Youverify is poised to further solidify its position as a leader in the identity verification and AML solutions space, while continuing its expansion into new markets and industries.