Nigerian startup Regfyl has raised $1.1 million in pre-seed funding, to enhance its platform aimed at simplifying compliance for businesses.
This funding round, led by Rally Cap alongside contributions from Techstars, DCG, Musha Ventures, Africa Fintech Collective, and angel investors, will allow the company to expand its workforce, particularly in sales, engineering, and customer support.
Additionally, Regfyl plans to develop a supply chain compliance tool to further its offerings.
Founded in 2023 by Tunde Ibidapo-Obe and Tomiwa Erinosho, Regfyl has quickly gained traction, offering businesses across various industries a comprehensive solution for customer onboarding, transaction monitoring, and regulatory reporting.
Financial institutions, in particular, benefit from its tools, designed to simplify filing with regulators such as the Central Bank of Nigeria and the Securities and Exchange Commission.
Regfyl’s pricing model includes an annual subscription fee of ₦2 million (approximately $1,220), with additional per-use charges based on the number of customers a business screens or monitors.
The company’s current clientele includes players like Cowrywise, VFD Bank, Coronation, Piggyvest, and Budpay, with over 20 businesses already utilising its services.
While the financial technology space in Nigeria is competitive, Regfyl sets itself apart by offering a unified compliance solution.
Unlike competitors such as SmileID, Dojah, and Youverify, which focus on specific aspects of compliance like Know Your Customer (KYC), Regfyl covers the entire compliance journey—from onboarding to transaction monitoring and regulatory filing.
This all-in-one approach is designed to meet the growing demand for efficiency and trust in the financial services sector.
With the growing prevalence of financial fraud in Nigeria, where banks reportedly lost $25.7 million to fraud in Q2 2024 alone, Regfyl is working to help institutions reduce these losses.
In offering a platform that integrates security, regulatory compliance, and fraud detection, the startup aims to support businesses in managing the complexities of financial regulation and maintaining trust.
Regfyl also aims to extend its compliance solutions to sectors like gaming, e-commerce, and supply chain management, with the goal of becoming the leading operating system for trust across Africa.
Co-founder Tunde Ibidapo-Obe noted the importance of building trust in the digital economy, “Trust is the currency of the digital economy, and we are focused on being the operating system that underpins this trust across the continent.”
