Youverify, a regtech company that specializes in developing comprehensive global compliance products for businesses, has officially made its entry into Kenya. This strategic move is part of the company’s plan to expand its presence in international markets. Prior to this, Youverify had already expanded to countries such as Ghana, South Africa, Côte d’Ivoire, and Uganda. In August of the previous year, the company successfully raised $1 million in seed extension funding, bringing the total size of its funding round to $2.5 million.
As a leading provider of innovative compliance solutions, Youverify is dedicated to transforming the way organizations navigate the intricacies of regulatory requirements. During the launch event, Gbenga Odegbami, CEO and Co-Founder of Youverify, expressed his enthusiasm, stating, “Expanding our products and solutions to Kenya is a strategic move that has always been in the works. After conducting a thorough analysis of Kenya’s compliance landscape, we firmly believe that the market is ready for our superior technology.” He further emphasized the company’s vision to drive global financial innovation and revolutionize the approach to compliance for businesses in Kenya.
read also YouVerify, Orange Digital Ventures Close $1.5 Million Seed Investment
When Youverify initially launched in Nigeria in 2018, its primary offering was an API for address and identity verification, which was utilized by various financial institutions. Over the years, the company expanded its range of solutions to include Know Your Customer (KYC), Know Your Business (KYB), Know Your Transaction (KYT), Know Your Employee (KYE), Adverse Media Screening, and Risk Intelligence Solution. This growth in offerings enabled Youverify to provide comprehensive compliance solutions to its clients.
Dimitri Kanellopolus, Chief Executive (EEMEEA, APAC) at Youverify, who was present at the launch event, expressed excitement about extending the company’s products and services to Kenya. He stated, “We are thrilled to bring our products and services to Kenya. We have long been interested in the country’s rapidly evolving financial sector and its commitment to regulatory reform. This creates the ideal environment for regtech service providers like us to thrive and empower Kenyan businesses to efficiently meet regulatory requirements and confidently scale their operations.”
read also Kenyan EdTech Platform Zydii Secures Pre-Seed Funding to Revolutionize Employee Training
Youverify’s decision to enter the Kenyan market reflects its commitment to addressing the increasing demand for effective regulatory solutions in emerging economies. The company aims to equip Kenyan businesses with the necessary tools and expertise to navigate the complex regulatory landscape, fostering trust, transparency, and sustainable growth.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard