African countries

Youverify secures $1 million extension round and targets 30 African countries

Youverify, a Lagos and San Francisco-based identity verification company, secured a $1 million expansion round.

The expansion round, which brought Youverify’s total fund to $2.5 million, was led by Orange Ventures and LoftyInc Capital, and also received participation from Octerra Capital, Plug & Play Venture, Syntax Ventures , HTTP Investors, Afer Group and Fronesyz Capital.

On a mission to reduce fraud rate and compliance challenges in Nigeria and Africa as a whole, Youverify leverages innovation to mitigate circumstances and simplify the KYC process.

The startup was founded in Nigeria by Gbenga Odegbami, 2018, its first service being an API for address and identity verification to multiple financial institutions. So far, it has included more KYC products and expanded to new markets such as Ghana, Ivory Coast, South Africa, Kenya, and Uganda.

Youverify plans to improve its services and expand its presence in 30 countries, mainly in the southern, eastern and French-speaking regions of Africa. It is also looking to increase the number of identifiers it can verify, from 400 million to 2 billion, and develop new automated compliance products for the gaming, travel, healthcare and telecommunications sectors.

Youverify says its customer base grew 300% to serve more than 400 high-growth banks and startups this year. The company’s application processes have also grown by more than 1,000% in the past 24 months, to more than 5 million applications that have helped its clients recruit talent, sell financial products and onboard away from VTC drivers.

Youverify’s YouID digital identity platform has added more than 500,000 users, with 600 service providers on its marketplace waiting list across the continent and according to the company, its London-based identity verification company Lagos crossed an ARR of over $1 million last year.