Nigerian B2B ID Verification Startup, Youverify, Wraps Up USD 1.5 Mn Seed Round
by WeeTracker 2020-03-13
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source: weetracker

The Nigerian startup known as Youverify, which is providing ID and background check services for Africa, has roped in USD 1.5 Mn in seed funding two years after raising an undisclosed pre-seed round.

That pre-seed round of 2018 was led by US-based venture capital (VC) firm, Village Capital with participation from Nigerian VC, Chinook Capital.

However, the just-announced USD 1.5 Mn seed round was led by Orange Digital Ventures Africa alongside LoftyInc Afropreneurs Fund.

The latter is a West African early-stage technology fund that has previously backed top startups such as Andela, Flutterwave and Reliance HMO.

Founded in 2017, Youverify operates from Lagos, Nigeria, helping automate due diligence and compliance by using data-driven decisions for the financial services, and telecommunication industries.

The startup serves up APIs for address and identity verification in Africa while also helping organisations with data and insight to make automated and efficient business decisions and speed up previously manual back-office processes.

In Africa where due is typically a drag, Youverify claims to offer a simple, nimble, easy-to-adopt, and cost-effective solution that eliminates the bottlenecks common with the customer-onboarding decisions, helping businesses to streamline these processes while reducing fraud, tedium, and cost.

Since its launch, the startup says it has processed registrations and verification for banks and companies like Sterling Bank, Bolt, Kobo 360, and NIPOST.