Nigeria-based identity verification startup Youverify extends seed round to $2.5 million

Nigeria-based identity verification startup Youverify extends seed round to $2.5 million
Photo by Towfiqu barbhuiya / Unsplash

Youverify, a Nigeria-born identity verification company has extended its seed round funding from the $1.5 million it earlier raised in March 2020 to $2.5 million in its latest raise, to expand its services across Africa.

  • The fund will be used to expand its services to up to 30 countries in the Southern, Eastern, and francophone regions of Africa, increase its verification capacity and develop new automated compliance products for the gaming, travel, healthcare, and telecommunications industry.
  • Founded in 2018, Youverify started by providing API for address and identity verification for financial institutions in the Nigerian market, and has now evolved to Know Your Customer (KYC) products, and moved to new markets in Ghana, South Africa, Kenya, Uganda, and Cote d'Ivoire.
  • The SaaS startup recently added a single platform for automating due diligence which cuts down risks and frauds for fintech and recorded over $1 million in its annual recurring revenue last year.
  • Orange Ventures and LoftyInc Capital led the extension round, with participation from Octerra Capital, Plug and Play Venture, Syntax Ventures, HTTP Investors, Afer Group, and Fronesyz Capital.