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Youverify, a company specializing in identity verification with offices in Lagos and San Francisco, has announced the successful completion of a pre-Series A funding round, raising $2.5 million in investment.
The funding round, led by Elm, not only injects capital into Youverify but also cements a strategic partnership aimed at enhancing the company’s Anti Money Laundering (AML) compliance capabilities. This collaboration seeks to bolster global risk intelligence, fortify AML checks, and facilitate Youverify’s expansion into new markets.
With this latest infusion of capital, Youverify’s total funds raised now stand at $5 million. Building on its previous successes, the identity verification startup had previously secured a $1 million seed round extension in 2022, following an initial $1.5 million round in 2020, bringing its total seed funding raise to $2.5 million.
Elm’s investment in Youverify underscores its dedication to driving digital transformation and security across various industries. Fahad bin Issa Ibrahim Al-Shathry, VP of Elm Investment, expressed enthusiasm about the partnership, stating, “We are excited to partner with Youverify, a company that shares our vision for leveraging technology to address critical business challenges.”
Founder and CEO of Youverify, Gbenga Odegbami, highlighted the company’s pivotal role in the fintech sector and its significant contributions as a facilitator in the financial industry. He emphasized Youverify’s extensive reach, spanning electronic identity verification (eIDv) across 45 countries and business verification in over 140 jurisdictions, ensuring secure and reliable services.
Odegbami further emphasized that Elm’s investment will empower Youverify to expand its product offerings to additional markets, with a particular focus on accelerating the development of its next-generation AML 2.0 products.
“Partnering with Elm marks a significant milestone for Youverify and our clientele. Elm’s proven track record in delivering innovative digital solutions aligns seamlessly with our mission to provide the financial industry with the most robust and efficient global AML solutions,” Odegbami added.
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