Youverify, the regtech company building full-cycle global compliance products for businesses has officially entered the Kenyan market.
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 initially debuted in Nigeria in 2018, it focused solely on offering API-based address and identity verification services to various financial institutions. However, as time progressed, the company expanded its range of offerings to include a comprehensive suite of solutions such as Know Your Customer (KYC), Know Your Business (KYB), Know Your Transaction (KYT), Know Your Employee (KYE), Adverse Media Screening, and Risk Intelligence. This expansion allowed Youverify to provide a more extensive array of services catering to the evolving needs of its clientele.
“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.
Youverify’s entry into the Kenyan market is driven by its dedication to meeting the increasing need for robust regulatory solutions in emerging economies. By extending its services to Kenya, the company aims to equip local businesses with the necessary tools and knowledge to navigate the intricate regulatory environment. This strategic move intends to cultivate an environment of trust, transparency, and long-term growth for Kenyan enterprises.