Youverify Raises $1million In Seed Round Extension

Nigerian identity verification company, Youverify, has announced its success of raising One million US dollars ($ 1 million) in seed round extension, the startup had previously raised One million, Five hundred Thousand US dollars ($1.5 million), which brings the total seed raised to Two million, Five hundred thousand US dollars within the timeframe of two years.

Youverify is a startup that has been helping other startups and African Banks generate KYC and other necessary tools.

Founded in 2018 by Gbenga Odegbami, the startup is focused on assisting companies to automate verification operations of various types of data handles differently, this includes a background check such as academic background, identity, residential addresses, credit history and facial recognition while observing to the strict standards of regulation and data protection.

The just raised round was co-led by Lofty Capital and Orange Ventures. Other participants include Plug and Ply Venture, Octerra Capital, Afer Group, Fronesyz Capital, and HTTP Investors.

According to Odegbami, The Digital Identification platform has served more than Five hundred thousand (500,000) users and has about Six hundred (600) service providers on its marketplace on a waiting list across Africa.

He also mentioned that his organization was able to cross an accounting rate of return, ARR. of over One million US dollars in the year 2021.

In the next 18 months, Youverify intends to increase its footprint to reach about 30 countries, especially in the southern, eastern, and francophone African countries. It also plans to escalate the number of identities it can verify, starting from 400 million to 2 billion, and develop new automated compliance tools for the travel, gaming, telecommunication and healthcare sector.