Nigerian FinTech company Youverify, an innovator in AI-driven Anti-Money Laundering (AML) solutions, has secured a $2.5 million investment from Elm, a digital innovation and solutions company based in Saudi Arabia.
The partnership between Youverify and Elm will enhance the startup’s mission to streamline AML compliance for businesses worldwide and strengthen global AML risk intelligence.
Youverify has made waves in the fintech sector, serving customers in 12 countries. Its solutions are important for businesses aiming to comply with regulations, secure transactions, and build trust.
With a commendable footprint in 45 countries for electronic identity verification and over 140 jurisdictions for business verification, Youverify offers a reliable and secure solution.
The investment from Elm will stimulate Youverify’s product expansion to new markets and accelerate the development of its next-generation AML 2.0 products. These advancements aim to reduce business costs, boost operational efficiency, and simplify navigation of the complex global compliance sector.
“Partnering with Elm is a game-changer for Youverify and our customers,” said Gbenga Odegbami, CEO of Youverify. Elm’s proven accomplishments in delivering innovative digital solutions align perfectly with Youverify’s mission of providing the financial industry with the most dependable and efficient global AML solutions.
Famous Ehichioya, Youverify’s CTO and co-founder, emphasized that the combined resources and expertise will expedite the development of their AML 2.0 products. These solutions go beyond just meeting regulatory requirements; they aim to redefine the benchmark for efficiency and reliability within the financial sector.
Gbenga also expressed gratitude for the support of the Business Development Bank of Canada (BDC), whose guidance and resources were instrumental in Youverify’s growth journey.
John Lintzeris, the Regional Director of Technology Industry at BDC, commented on the company’s focus on supporting Canadian entrepreneurs.
Youverify exemplifies the innovative companies BDC is proud to back with financing and tailored advice. These partnerships contribute significantly to Canadian entrepreneurs’ growth plans and ultimately build a stronger economy.
Elm’s investment in Youverify is in line with its goal to drive digital transformation and security across industries.
Fahad bin Issa Ibrahim Al-Shathry, VP of Elm Investment, was also excited about partnering with Youverify, a company that shares same vision of leveraging technology to address critical business challenges.
Elm is collaborating with exceptional founders by investing in a growing technology ecosystem, both in Saudi Arabia and globally, to drive efficiency, security, and trust.
Its partnership with Youverify is well-positioned to accelerate the development and deployment of its AML 2.0 products, further strengthening its ability to serve businesses worldwide.
