Nigerian Startup Regfyl Raises $1.1 Million to Simplify Compliance for Businesses
Regfyl, a Nigerian startup focused on streamlining compliance for businesses, has secured $1.1 million in pre-seed funding. The round was led by Rally Cap, with participation from Techstars, DCG, Musha Ventures, Africa Fintech Collective, and several angel investors.
This funding will enable Regfyl to expand its team, particularly in sales, engineering, and customer support, while also developing a new supply chain compliance tool to broaden its offerings.
Founded in 2023 by Tunde Ibidapo-Obe and Tomiwa Erinosho, Regfyl has quickly gained traction in offering an all-in-one compliance solution. The platform supports businesses across multiple industries by simplifying customer onboarding, transaction monitoring, and regulatory reporting. Financial institutions, in particular, have found value in Regfyl’s tools, which are designed to ease the filing process with regulators such as the Central Bank of Nigeria and the Securities and Exchange Commission.
Regfyl operates on a subscription-based pricing model, charging businesses an annual fee of ₦2 million (about $1,220), with additional charges based on the number of customers screened or monitored. The company has already attracted notable clients, including Cowrywise, VFD Bank, Coronation, Piggyvest, and Budpay, with over 20 businesses currently using its services.
In a highly competitive fintech landscape, Regfyl stands out by offering a unified compliance platform that covers the entire regulatory process—from onboarding to transaction monitoring and filing. This sets it apart from competitors like SmileID, Dojah, and Youverify, which focus on specific compliance areas such as Know Your Customer (KYC). Regfyl’s holistic approach addresses the growing demand for efficiency and trust in the financial services industry.
As financial fraud continues to be a pressing issue in Nigeria, where banks lost $25.7 million to fraud in Q2 2024 alone, Regfyl aims to help businesses mitigate these risks. By integrating security, regulatory compliance, and fraud detection into its platform, the startup supports institutions in managing the complexities of financial regulation while maintaining trust.
Looking ahead, Regfyl plans to extend its compliance solutions to sectors like gaming, e-commerce, and supply chain management, positioning itself as the leading operating system for trust across Africa. Co-founder Tunde Ibidapo-Obe emphasized the importance of building trust in the digital economy, stating, “Trust is the currency of the digital economy, and we are focused on being the operating system that underpins this trust across the continent.”
Credit: Techeconomy
