In the latest development, Youverify, a Lagos and San Francisco–based 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. However, in a bid to serve more clients, the company launched its proprietary technology, the Youverify OS (YVOS), which provides a single platform for automating due diligence and combines risk and compliance management with its core identity verification platform to deliver these fintechs an enterprise-grade compliance solution. Nearly two-thirds of Nigeria’s commercial banks, such as Standard Chartered, Standard Bank and Fidelity Bank, use the platform’s identity verification and KYC products, Youverify said. In addition to verifying identities beyond Nigeria’s bank verification number (BVN) and addresses, Odegbami says Youverify layers KYC and compliance products such as transaction monitoring.
Kompliant’s platform allows customers — mostly acquirer processors, banks and sales organizations — to build credit risk programs by leveraging services such as auditing, application processing and verification, and business monitoring.