Youverify, a tech startup start-up domiciled in Lagos that helps automate due diligence and compliance processes with coverage on over 100m entities in Africa has announced a raise of $1.5million seed round of equity funding
The seed funding round was led by Orange Digital Ventures Africa, the group dedicated €50m investment initiative in the MEA region. Orange groups were joined by Loftyinc Afropreneurs Fund, a West African early-stage technology fund that has backed top startups such as Andela, Flutterwave and Reliance HMO, in recent times.
Before now, Youverify has reportedly raised an undisclosed pre-seed round by US-based venture capital firm, Village Capital, as well as Nigerian-based Chinook Capital in 2018. The investors are hopeful the raise will help Youverify to further scale and accelerate the execution of its plan to empower Africans with their identity most reliably and securely.
With over two thousand (2000) field verification agents and partners, the startup company verifies over 100m entities in Africa by matching ID to their authoritative base.
Youverify was founded in 2017 by Gbenga Odegbami, and has since, provided API for address and identity verification in Africa. The company helps organizations use data and its insight to make automated and efficient business decisions and speed up previously manual back-office processes.
Speaking concerning the raise, Odegbami said.
“This constitutes a unique opportunity for us to take further our ambition to simplify and secure our client’s internal processes, whether in the recruitment of staff, customer onboarding, etc. Our ambition is to be the leading African player in verifying people’s and companies’ identities by making data protection and security the core of our proposal.”
Expressing excitement, Idris Bello – Managing partner at Loftyinc said, “We are excited to back Youverify in its quest. The investment fits into our thesis of backing strong local founding teams with a bias towards execution, leveraging technology in solving key problems across Africa large markets. We have worked closely with Gbenga and his team over the past year and are excited to join ODV and others on this journey,”
In Africa where the due diligence process is traditionally arduous and manual, Youverify says it offers a simple, nimble, easy-to-adopt, and cost-effective solution to transform the customer onboarding decisions and streamline this process while reducing fraud, manual processes, and cost.
The startup has an extensive client portfolio comprising of reputable brands across various industries. Some of these companies include; Bolt, Sterling bank, NIPOST, Kobo 360 and Gokada among others.