Nigerian regulatory technology (regtech) firm YouVerify which focuses on building full-cycle global compliance products for businesses has launched operations in Kenya.
The move comes just months after the firm, which was founded in 2018, raised $1 million (Sh138.3 million) in seed extension funding in August last year bringing the total size of its round to $2.5 million (Sh345.8 million) after it raised a $1.5 million (Sh207.5 million) round in 2020.
A regtech company helps businesses in enhancing the know-your-customer (KYC) and anti-money laundering (AML) checks thereby enabling the organisations to up their accountability and regulations adherence practices.
YouVerify’s entry into Kenya is part of an elaborate expansion spree where the firm eyes setting foot in among other countries Tanzania, Uganda, Rwanda, Zambia and Egypt.
“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,” said YouVerify CEO Gbenga Odegbami during the launch.
“Expanding our product offerings to Kenya aligns perfectly with our vision to drive financial innovation on a global scale. As we bring our cutting-edge technology and expertise to the Kenyan market, we aim to revolutionize the way businesses approach compliance.”
In its scheme to provide Kenyan businesses with tools and expertise required to navigate the complex regulatory landscape, the firm has spelt out a range of payment plans spanning basic subscription to enterprise package.
For the basic plan, subscribers will pay a monthly fee of Sh8,000, while growth plan users will part with Sh20,000 as those in the sales category will pay Sh69,000.
YouVerify says it has netted two clients during the pilot testing period that lasted seven months while 50 others are already in the pipeline.