Youverify, a Lagos and San Francisco–based identity verification company helping African banks and startups automate KYC and other compliance procedures, announced that it secured a $1 million seed round extension, bringing its total seed raised to $2.5 million.
Africa-focused VCs Orange Ventures and LoftyInc Capital, the two investors who co-led its initial seed round, also led the extension. Additional investment came from Octerra Capital, Plug & Play Venture, Syntax Ventures, HTTP Investors, Afer Group, and Fronesyz Capital.
Youverify plans to grow its footprint to cover 30 countries, especially in the southern, eastern, and francophone parts of Africa.
It also intends to increase the number of IDs it can verify, from 400 million to 2 billion, and develop new automated compliance products for the gaming, travel, healthcare, and telecommunications industries.
Company: Youverify Inc.
Funding Month: Aug 2022
Lead Investors: Orange Ventures and LoftyInc Capital
Additional Investors: Octerra Capital, Plug & Play Venture, Syntax Ventures, HTTP Investors, Afer Group, and Fronesyz Capital
Company Website: https://youverify.co/
Software Category: Identity Verification
About the Company: Youverify provide a SaaS platform and API service that enables B2B customers to conduct automated KYC and background checks as part of the process of a loan application, bank account opening, micro pension, field agent onboarding, and employment screening, vendor screening, etc. Youverify helps banks and startups automate their KYC process and enable businesses to approve the right customers, automate decisions and fight fraud using data. Youverify’s application processes have grown by more than 1,000% to more than 5 million applications that have helped its clients hire talent, sell financial products, and remotely onboard ride-hailing drivers. The company’s YouID digital identity platform added more than 500,000 users, with 600 service providers on its marketplace waitlist across the continent.