May 30, 2023
by YouVerify, a Nigerian regulatory technology (regtech) firm specializing in comprehensive global compliance products for businesses, has officially launched its operations in Kenya. This expansion follows the company’s successful seed extension funding round in August of the previous year, which raised $1 million (Ksh138.3 million) and increased the total amount raised to $2.5 million (Ksh345.8 million). YouVerify had previously secured $1.5 million (Ksh207.5 million) in a funding round in 2020.
As a regtech company, YouVerify assists businesses in strengthening their know-your-customer (KYC) and anti-money laundering (AML) checks, enabling organizations to enhance their accountability and regulatory compliance practices.
To cater to the diverse needs of Kenyan businesses, YouVerify has introduced a range of payment plans, including basic subscriptions and enterprise packages. The basic plan requires a monthly fee of Ksh8,000, while the growth plan is priced at Ksh 20,000, and the sales category at Ksh69,000.
The entry into Kenya is part of YouVerify’s ambitious expansion plans, with the company also targeting other countries such as Tanzania, Uganda, Rwanda, Zambia, and Egypt. Gbenga Odegbami, CEO of YouVerify, expressed excitement about the strategic move, stating, “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.”
Odegbami further emphasized the company’s vision to drive financial innovation on a global scale and revolutionize how businesses approach compliance. With cutting-edge technology and expertise, YouVerify aims to provide Kenyan businesses with the tools and knowledge necessary to navigate the complex regulatory environment.
During the pilot testing period, which lasted seven months, YouVerify successfully acquired two clients, and an additional 50 clients are already in the pipeline, indicating promising growth prospects for the company in the Kenyan market.
