NIGERIAN FINTECH FIRM YOUVERIFY HAS SECURED $2.5 MILLION IN FUNDING FROM ELM TO BOLSTER ITS ANTI-MONEY LAUNDERING (AML) SOLUTIONS.
Nigerian fintech entity Youverify, known for its AI-driven Anti-Money Laundering (AML) solutions, has secured a $2.5 million investment from Elm, a Saudi Arabia-based digital innovation and solutions firm.
The collaboration between Youverify and Elm aims to advance the startup’s goal of simplifying AML compliance for businesses globally and reinforcing global AML risk intelligence.
Youverify has gained traction in the fintech realm, catering to clients across 12 nations. Its offerings are crucial for enterprises seeking regulatory compliance, secure transactions, and trust-building.
With a strong presence in 45 countries for electronic identity verification and over 140 jurisdictions for business verification, Youverify provides a dependable and secure solution.
The funding from Elm will fuel Youverify’s expansion into new markets and expedite the development of its next-generation AML 2.0 products. These innovations aim to cut business expenses, enhance operational efficiency, and navigate the intricate global compliance landscape more seamlessly.
Gbenga Odegbami, CEO of Youverify, remarked that partnering with Elm marks a significant milestone for the company and its clientele. Elm’s track record in delivering innovative digital solutions aligns perfectly with Youverify’s mission of offering the financial industry the most reliable and efficient global AML solutions.
Famous Ehichioya, Youverify’s CTO and co-founder, highlighted that the combined resources and expertise will accelerate the development of their AML 2.0 products. These solutions surpass mere regulatory compliance; they aim to redefine efficiency and reliability standards within the financial sector.
Gbenga also expressed appreciation for the support of the Business Development Bank of Canada (BDC), whose guidance and resources played a pivotal role in Youverify’s growth journey.
John Lintzeris, BDC’s Regional Director of Technology Industry, underlined the company’s focus on assisting Canadian entrepreneurs.
Youverify exemplifies the innovative companies BDC proudly supports with financing and tailored advice, contributing significantly to Canadian entrepreneurs’ growth plans and fostering a stronger economy.
Elm’s investment in Youverify aligns with its objective of driving digital transformation and security across various sectors.
Fahad bin Issa Ibrahim Al-Shathry, VP of Elm Investment, expressed excitement about partnering with Youverify, sharing the same vision of leveraging technology to tackle critical business challenges.
Elm collaborates with outstanding founders by investing in a growing technology ecosystem, both locally in Saudi Arabia and globally, to enhance efficiency, security, and trust.
Its partnership with Youverify is poised to expedite the development and deployment of its AML 2.0 products, further enhancing its ability to serve businesses worldwide.
From the News Source: Techeconomy
