Pre-seed funding totalling $1.1 million has been raised by Nigerian startup Regfyl to improve its platform, which makes compliance easier for companies. With the lead investment from Rally Cap and backing from Techstars, DCG, Musha Ventures, Africa Fintech Collective, and angel investors, this round of funding will enable the company to hire more people, especially in the areas of engineering, sales, and customer service.
To expand its product line, Regfyl also intends to create a supply chain compliance solution, BrandSpur business and economy news reports.
Regfyl was founded in 2023 by Tunde Ibidapo-Obe and Tomiwa Erinosho. Since then, it has grown significantly, providing businesses with a comprehensive solution for transaction monitoring, regulatory reporting, and customer onboarding. Its features, which make reporting with authorities like the Securities and Exchange Commission and the Central Bank of Nigeria easier, are especially helpful to financial firms.
A ₦2 million (about $1,220) annual subscription fee is part of Regfyl’s pricing scheme. Additional per-use fees are assessed depending on how many consumers a business screens or monitors. Presently, the organisation serves more than 20 enterprises, including Cowrywise, VFD Bank, Coronation, Piggyvest, and Budpay, among others.
Continuing, Regfyl distinguishes itself in the competitive Nigerian financial technology market by providing a comprehensive compliance solution.
In contrast to rivals like SmileID, Dojah, and Youverify, which concentrate on particular compliance requirements like Know Your Customer (KYC), Regfyl handles every step of the compliance process, from regulatory filing and transaction monitoring to onboarding. The goal of this all-in-one solution is to satisfy the industry’s increasing need for trust and efficiency in the financial services industry.
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Regfyl is working to assist institutions in minimising losses due to the increasing incidence of financial crime in Nigeria, where banks reportedly lost $25.7 million to fraud in Q2 2024 alone.
The startup wants to help organisations manage the complexity of financial regulation and uphold trust by providing a platform that combines security, regulatory compliance, and fraud detection.
In addition, Regfyl wants to spread its compliance solutions throughout industries like supply chain management, gaming, and e-commerce to become the premier operating system for trust in Africa.
Building trust in the digital economy is important, as co-founder Tunde Ibidapo-Obe pointed out. He said: “Trust is the currency of the digital economy, and we are focused on being the operating system that underpins this trust across the continent.”
