Regfyl, a Nigerian company that provides digital identity verification and fraud detection tools to businesses, has raised $1.1 million in pre-seed funding.
Rally Cap led the funding round with investments from Techstars, DCG, Musha Ventures, Africa Fintech Collective and other strategic angels.
The startup said it will use the funding to strengthen its sales, engineering and customer support team and build a supply chain compliance product.
About Regfyl
Regfyl is on the growing list of Nigerian companies helping financial institutions to detect and fight fraud.
Tunde Ibidapo-Obe co-founded the company with Tomiwa Erinosho in 2023.
Regfyl helps businesses with customer and business onboarding, transaction monitoring, and fraud prevention.
In collaborations with financial regulators like Nigeria’s Securities and Exchange Commission (SEC) and The Central Bank,Regfyl also helps financial institutions with regulatory reporting/filing .
The company currently serves about 20 businesses including Cowrywise. VFD Bank, Coronation, Piggyvest, and Budpay.
Speaking about the company’s commitment to integrity,, CEO Tunde Ibidapo-Obe, said;
“Trust is the currency of the digital economy, and at Regfyl, we are committed to being the operating system that underpins this trust across the continent.”
The startup charges a yearly subscription fee of ₦2 million ($1,220) for full access to its platform.
It also charges a per-use fee for each individual or business customer screened and monitored.
Regfyl Vs Others
Regfyl operates in the same field with other companies that offer KYC compliance services to businesses; including SmileID, Dojah, and Youverify.
Most of the companies in tthis field offer just one compliance service to financial institutions,.
Regfyl however claims to offer a unified compliance solution that helps businesses handle every section of their compliance, from KYC onboarding to transaction monitoring and regulatory filing.
Co-founder of Regfyl, Tomiwa Erinosho confirmed this in a statement;
“What we have done is to look at what the job of the compliance manager is and we have essentially brought all of it in one operating system.”