Nigerian startup YouVerify launches in Kenya

PHOTO | POOL

Nigerian regulatory know-how (regtech) agency YouVerify which focuses on constructing full-cycle international compliance merchandise for companies has launched operations in Kenya.

The transfer comes simply months after the agency, which was based in 2018, raised $1 million (Sh138.3 million) in seed extension funding in August final yr bringing the overall dimension of its spherical to $2.5 million (Sh345.8 million) after it raised a $1.5 million (Sh207.5 million) spherical in 2020.

A regtech firm helps companies in enhancing the know-your-customer (KYC) and anti-money laundering (AML) checks thereby enabling the organisations to up their accountability and laws adherence practices.

YouVerify’s entry into Kenya is a part of an elaborate enlargement spree the place the agency eyes setting foot in amongst different nations Tanzania, Uganda, Rwanda, Zambia and Egypt.

“Increasing our merchandise and options to Kenya is a strategic transfer that has at all times been within the works. Having totally studied the compliance panorama in Kenya, we consider the market is ripe for our superior know-how,” mentioned YouVerify CEO Gbenga Odegbami in the course of the launch.

“Increasing our product choices to Kenya aligns completely with our imaginative and prescient to drive monetary innovation on a world scale. As we deliver our cutting-edge know-how and experience to the Kenyan market, we goal to revolutionize the way in which companies strategy compliance.”

In its scheme to supply Kenyan companies with instruments and experience required to navigate the advanced regulatory panorama, the agency has spelt out a variety of fee plans spanning fundamental subscription to enterprise bundle.

For the fundamental plan, subscribers pays a month-to-month price of Sh8,000, whereas progress plan customers will half with Sh20,000 as these within the gross sales class pays Sh69,000.

YouVerify says it has netted two purchasers in the course of the pilot testing interval that lasted seven months whereas 50 others are already within the pipeline.

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