5:00:47 PM PDT - Sunday, August 14th, 2022

Identity verification company Youverify extends seed funding to $2.5M as it expands across Africa  

By Editor - Tue Aug 02, 2:00 am

This past month has seen several African fintechs such as Flutterwave and Union54 make headlines for compliance checks and fraud issues. Both unlinked events re-emphasize the importance of know your customer (KYC) and anti-money laundering (AML) checks and why regulators enforce strict policies that financial institutions need to be held accountable to while operating across the continent and globally. For the many startups whose services help keep the operations of financial institutions such as banks and fintechs in check, this period highlights their relevance more than ever. In the latest development, Youverify , a Lagos and San Francisco–based identity verification company helping African banks and startups automate KYC and other compliance procedures, is announcing that it has secured a $1 million seed round extension. The startup raised a $1.5 million round in 2020, bringing its total seed raise to $2.5 million.  Africa-focused VCs Orange Digital Ventures (ODV) 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.  The proliferation of financial services in Africa is beginning to attract more scrutiny from regulators

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Identity verification company Youverify extends seed funding to $2.5M as it expands across Africa

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