Youverify Secures $2.5 Funding to Strengthen Anti-money Laundering Compliance
Youverify, a Lagos and San Francisco–based identity verification company, has announced securing a pre-Series A investment of $2.5 million.
This investment led by Elm, not only provides capital but also establishes a strategic partnership aimed at enhancing Youverify’s Anti Money Laundering (AML) compliance checks, strengthening global risk intelligence, and facilitating product expansion into new markets.
With this latest investment, Youverify’s total funds raised now amount to $5 million. Previously, the identity verification startup had secured a $1 million seed round extension in 2022, following its initial $1.5 million round in 2020, bringing its total seed funding raise to $2.5 million.
Elm’s investment in Youverify underscores its commitment to fostering digital transformation and security across industries. “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.
According to founder and CEO, Gbenga Odegbami Youverify has established itself as a key player in fintech and an enabler in the financial industry with an impressive footprint in aggregating data for electronic identity verification (eIDv) in 45 countries and business verification in over 140 jurisdictions securely and reliably.
He further noted that the investment from Elm will enable Youverify to scale its products to additional markets, accelerating the production of its next-generation AML 2.0 products.
“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,” he added.
