Youverify is a company that was founded by Gbenga Odegbami in 2018 to provide API for address and identity verification to many institutions, but it has since expanded to 145 jurisdictions in 48 countries.
The company also handles credit history and national identity numbers in 46 countries. Youverify originally targeted expansion to 30 African countries, but it has since exceeded that target that was set in 2022.
In 2022, Youverify processed five million applications in a year for roughly 400 businesses, but that has multiplied, as it now processes four million applications per month for over 3,500 companies, though it only serves commercial customers in 12 countries.
According to the company, it launched its anti-money laundering and risk classification product to target some industries it serves.
Youverify allows individuals and businesses to verify their identities, registration status, and ownership using government data, according to Odegbami. However, he points out that the verification process is not like the generic Optical Character Recognition (OCR)-based KYC (Know Your Customer) that uses image recognition to validate identities.
Youverify, in competition with several companies including Dojah, Identitypass, and Smile Identity, analyses and assesses risks using well-known mathematical and Artificial Intelligence models. It then generates reports for regulators in several countries.
