Nigeria’s Youverify raises $2.5M to enhance anti-money laundering compliance

Youverify, a Nigerian identity verification and AML solutions provider, raised $2.5M in pre-Series A funding from Elm alongside a strategic partnership to expand its products into new markets, enhance AML compliance, and bolster global risk intelligence. Since 2022, the company has grown real-time business verification to 145 jurisdictions across 48 countries and individual verification to 46 countries, now processing 4 million monthly applications for 3,500 businesses with 800 active clients; its platform can verify up to 5 billion individuals and 600 million businesses across sectors. Youverify’s risk classification leverages sanctions and watchlists, sentiment data, country-risk models, and commercial data to generate regulatory reports, aligning with rising regtech demand amid the growth of digital payments and the broader GRC market.