Nigerian regtech company, YouVerify, has recently commenced operations in Kenya, expanding its reach beyond its home country. Established in 2018, the firm specializes in developing comprehensive global compliance solutions for businesses. In a successful funding round last year, YouVerify raised $1 million (equivalent to Sh138.3 million) in seed extension funding, augmenting its total funding size to $2.5 million (Sh345.8 million) after securing $1.5 million (Sh207.5 million) in a round conducted in 2020.
Regtech firms assist businesses in bolstering their accountability and regulatory adherence by enhancing their know-your-customer (KYC) and anti-money laundering (AML) checks.
YouVerify’s expansion into Kenya forms part of its extensive growth strategy, which includes plans to enter other countries such as Tanzania, Uganda, Rwanda, Zambia, and Egypt.
Gbenga Odegbami, CEO of YouVerify, expressed his enthusiasm for the company’s entry into the Kenyan market, stating, “Expanding our products and solutions to Kenya is a strategic move that has always been in the works. After conducting a thorough analysis of Kenya’s compliance landscape, we believe the market is ready for our cutting-edge technology.”
He added, “Introducing our product offerings to Kenya perfectly aligns with our vision to drive financial innovation globally. By bringing our advanced technology and expertise to the Kenyan market, we aim to revolutionize the way businesses approach compliance.”
To facilitate Kenyan businesses in navigating the complex regulatory environment, YouVerify has outlined various payment plans, ranging from basic subscriptions to enterprise packages. The basic plan requires a monthly fee of Sh8,000, while the growth plan entails Sh20,000 and the sales category is priced at Sh69,000.
During a successful pilot testing phase that spanned seven months, YouVerify garnered the trust of two clients who recognized the value of its solutions. Furthermore, the company has already established connections with an impressive pipeline of 50 potential clients, demonstrating the strong demand for its services in the Kenyan market. With its commitment to providing tools and expertise necessary for navigating the intricate regulatory landscape, YouVerify is poised to empower Kenyan businesses and contribute to their compliance success.