Nigerian startup YouVerify launches in Kenya

Nigerian regulatory technology (regtech) company YouVerify, focused on building global, full-cycle compliance products for businesses, has launched operations in Kenya.

The move comes just months after the company, which was incorporated in 2018, raised $1 million (Sh 138.3 million) in initial extension funding in August last year bringing the total size of its tour to $2.5 million (Sh 345.8 million) thereafter. He collected $1.5 million (Sh 207.5 million) in 2020.

Regtech assists companies in enhancing Know Your Customer (KYC) and Anti-Money Laundering (AML) checks, thus enabling organizations to raise accountability and compliance practices.

YouVerify’s entry into Kenya is part of an elaborate expansion spree as the company looks to set foot in other countries such as Tanzania, Uganda, Rwanda, Zambia and Egypt.

“Expanding our products and solutions into Kenya is a strategic move that has always been in the pipeline. After a thorough study of the compliance landscape in Kenya, we believe the market is ripe for our superior technology,” YouVerify CEO Gbenga Odegbami said during the launch.

“Expanding our product offering into Kenya is fully aligned with our vision to drive financial innovation on a global scale. As we bring our cutting-edge technologies and expertise to the Kenyan market, we aim to revolutionize the way companies approach compliance.”

In its scheme to provide Kenyan companies with the tools and expertise to navigate the complex regulatory landscape, the company has outlined a range of payment plans covering the basic subscription to the enterprise package.

For the basic plan, subscribers will pay a monthly fee of Sh8,000, while growth plan users will pay Sh20,000, for which sales tier subscribers will pay Sh69,000.

YouVerify says it managed to sign up two customers during its seven-month beta test period while another 50 are in the pipeline.

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