Youverify extends seed funding to $2.5M as it expands across Africa – TechCrunch
Summary
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 Franciscobased 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. According to reports, transactions worth $116 billion will be made through digital payment channels this year, requiring stringent measures to prevent identity theft and fraud. Therefore, the rise in focus on maintaining transparency in financial regulations and improving strategies for KYC and AML by implementing regulatory technologies has become a significant growth factor for the market. It also intends to increase the number of IDs it can verify, from 400 million to 2 billion, and develop new automated compliance products for the gaming, travel, healthcare and telecommunications industries.