Youverify, a Lagos and San Francisco-based provider of biometrics and AI-driven Anti-Money Laundering (AML) and Know Your Customer (KYC) solutions, has secured a $2.5 million pre-Series A funding from Elm, a digital security company under Saudi Arabia’s Ministry of Finance. This investment aims to bolster Youverify’s efforts to extend its AML compliance solutions worldwide.
Since its inception in Nigeria in 2018, Youverify has expanded to 12 countries, with plans to enter new markets and develop advanced security compliance products.
The collaboration with Elm focuses on enhancing Youverify’s AI-powered AML platform for more effective transaction monitoring. Elm’s investment VP, Fahad bin Issa Ibrahim Al-Shathry, emphasized the shared commitment to utilizing technology for addressing global business challenges.
With Elm’s contribution, Youverify’s seed funding totals $5 million, with previous support from Orange Digital Ventures Africa, Loftyinc Afropreneurs Fund, and the Business Development Bank of Canada.
Here’s what Youverify’s leaders said on the funding round:
“Partnering with Elm is a game-changer for Youverify and our customers. 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.”
— Gbenga Odegbami, CEO of Youverify
“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.”
— Famous Ehichioya, CTO of Youverify
