The surge in financial services across Africa has led to increased regulatory attention, with transactions totaling $116 billion expected to occur through digital payment channels this year. This has necessitated stringent measures to combat identity theft and fraud, leading to a growing emphasis on transparency in financial regulations and the enhancement of AML and Know Your Customer strategies through regulatory technologies. Youverify's CEO, Gbenga Odegbami, highlighted the company's proficiency in compliance and cultural sensitivity, which enables it to customize its solutions to diverse enterprise requirements.
Key takeaways:
- Youverify, a Nigerian identity verification and anti-money laundering solutions provider, has secured a $2.5 million pre-Series A investment from Elm, a Saudi Arabian digital solutions provider.
- The investment includes a strategic partnership to help Youverify streamline AML compliance, bolster global risk intelligence, and expand its products into new markets.
- Youverify has expanded its real-time business verification coverage to 145 jurisdictions across 48 countries and processes 4 million monthly applications for over 3,500 businesses with 800 active clients.
- The surge in financial services across Africa has drawn increased attention from regulators, necessitating stringent measures to combat identity theft and fraud, and a growing emphasis on transparency in financial regulations.