The move is part of the company’s international market expansion plans that have seen the firm also expand to Ghana, South Africa, Côte d’Ivoire and Uganda. It also comes after the company which was founded in 2018 raised US$1 million in seed extension funding in August last year to take the total size of its round to US$2.5 million.
As a leading provider of innovative compliance solutions, the company says it’s on a mission to transform the way organisations navigate the complexities of regulatory requirements.
Speaking during the launch, Gbenga Odegbami, CEO and Co-Founder, Youverify said “Expanding our products and solutions to Kenya is a strategic move that has always been in the works. Having thoroughly studied the compliance landscape in Kenya, we believe the market is ripe for our superior technology.’’
‘’Expanding our product offerings to Kenya aligns perfectly with our vision to drive financial innovation on a global scale. As we bring our cutting-edge technology and expertise to the Kenyan market, we aim to revolutionize the way businesses approach compliance,” he added.
When Youverify first launched in Nigeria in 2018, it only provided API for address and identity verification to several financial institutions. Over the years, the company has added more Know Your Customer (KYC), Know Your Business (KYB), Know Your Transaction (KYT), Know Your Employee (KYE), Adverse Media Screening and Risk Intelligence Solution solutions to its offering.
“We are excited to extend our products and services to Kenya. For long, we have had our sight on the country’s rapidly evolving financial sector and commitment to regulatory reform. This creates the perfect ecosystem for regtech service providers like ours to thrive and empower Kenyan businesses to satisfy regulatory requirements efficiently and scale confidently.” Dimitri Kanellopolus, Chief Executive (EEMEEA, APAC), Youverify who was also present at the launch event said.
The decision to enter the Kenyan market comes as part of Youverify’s commitment to addressing the growing demand for effective regulatory solutions in emerging economies. The copany aims to provide Kenyan businesses with the tools and expertise necessary to navigate the complex regulatory landscape, ultimately fostering trust, transparency, and sustainable growth.