The funding round was led by pan-African venture capital firm Oui Capital, with participation from Rally Cap, BKR Capital, and angel investors.

The challenge of cross-border transactions in Africa, resulting from high costs, fragmented financial systems, and poor infrastructure requires collaboration to be resolved. Many businesses and individuals still rely on outdated agent networks or struggle with mobile wallet integrations, making fast and affordable payments difficult.

Cauridor aims to solve these issues by integrating mobile money platforms, banks, and merchants into a single network that enables seamless local and international transactions.

With operations spanning Guinea, Senegal, Ivory Coast, Sierra Leone, and Liberia, Cauridor’s platform supports mobile wallets, bank transfers, and cash pickups through a network of over 25,000 agents. These agents, often small business owners with point-of-sale (POS) devices, facilitate cash deposits, withdrawals, and bill payments.

The company has also established remittance corridors to major African markets like Ghana and Nigeria, forming partnerships with global financial giants such as Ria, MoneyGram, Western Union, Orange, and MTN.

Cauridor’s journey began with its founders, Oumar Rafiou Barry and Abdoulaye Bah, who experienced first-hand the difficulties of sending money to Guinea while studying in Canada.

In 2011, they launched BNB Transfer Corp (originally EZ Money Transfer) to help Guineans in Canada send money home more efficiently. By 2019, they introduced BNB CashApp, a consumer-focused remittance platform that connected directly with banks and mobile wallets.

However, as the business expanded, they encountered a bigger issue: Africa’s payment infrastructure was highly fragmented, particularly in Francophone Africa. “We realized early on that the rails in Francophone Africa were almost non-existent. So we had to go in and start building payment rails in the region since the payments there were fragmented,” said Barry.

This realisation led to a major shift in 2022, with the company rebranding as Cauridor and focusing on building digital payment rails to support both individuals and businesses.

Since pivoting to infrastructure development, Cauridor has seen commendable growth. In 2023, the company processed 2 million transactions, recording a total payment volume (TPV) of $300 million. By 2024, this figure had surged to $500 million, with over 90% of revenue coming from its payment rails business.

Cauridor competes with established players like Onafriq and Thunes but differentiates itself by focusing on underserved markets such as Guinea and Liberia. Barry attributes the company’s success to hands-on customer service and competitive pricing.

For instance, when a recipient is unable to receive the full amount of a mobile money transfer due to incomplete KYC requirements, Cauridor steps in to assist in upgrading the account, ensuring the transaction goes through.

Added to this, its strong local presence gives it an advantage in securing better foreign exchange rates, which it passes on to customers. This approach has attracted major clients, including MoneyGram, which switched from competitors due to better pricing and customer support.

Cauridor, which currently has a global team of over 300 employees and offices in Ivory Coast, Senegal, Guinea, Sierra Leone, and Liberia, is preparing to extend its reach. The company is set to open new offices in Mali and Nigeria this year as part of its expansion strategy.

Barry also revealed plans to explore blockchain integration to streamline settlements and leverage stablecoins for cross-border transactions.

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.”