Orange Digital Ventures Africa has announced its latest investment on the African continent by leading the US$1.5mn seed investment round in Youverify
The start-up, founded in Lagos, automates identity and background verification processes, primarily serving financial and telecommunication service providers. Youverify is the fifth company to join the portfolio of Orange group’s African investment initiative.
Financial and mobile payment services continue to accelerate their development on the continent, Orange Digital Ventures said in a statement. Verification tasks remain complex and manual for major players, fintech and large corporates and the rise of RegTech companies, such as Youverify, is vital for the market in order to speed up and simplify these tasks, it added.
Co-founded by Gbenga Odegbami, the company’s CEO, Youverify aims to help companies automate the verification processes of different types of data treated separately, such as identity, academic background, home address, credit history, facial recognition, for example. while respecting the highest standards of regulation and data protection.
The US$1.5mn investment round will help Youverify improve its technology and accelerate business development in Nigeria and the continent.
Since its launch in Lagos in 2018, Youverify has already performed more than 300,000 customer registrations and verifications for some of Nigeria's largest banks and financial companies.
