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Regfyl, a Nigerian startup that specializes in streamlining compliance processes for businesses, has raised $1.1 million in pre-seed funding. The funding round was led by Rally Cap and saw participation from Techstars, DCG, Musha Ventures, Africa Fintech Collective, and several angel investors.
With this funding, Regfyl aims to expand its workforce, particularly in sales, engineering, and customer support, while also developing a new supply chain compliance tool to enhance its product offerings. This growth strategy will further cement Regfyl’s position as a key player in compliance management across various industries.
Founded in 2023 by Tunde Ibidapo-Obe and Tomiwa Erinosho, Regfyl has quickly gained traction by providing an all-in-one compliance platform. The platform helps businesses navigate complex regulatory environments by simplifying customer onboarding, transaction monitoring, and regulatory reporting. Financial institutions, in particular, have benefited from Regfyl’s tools, which streamline the filing process with regulators such as the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).
Regfyl operates under a subscription-based pricing model, charging businesses an annual fee of ₦2 million (about $1,220), with additional costs based on the number of customers screened or monitored. The startup has already attracted notable clients, including Cowrywise, VFD Bank, Coronation, Piggyvest, and Budpay, with over 20 businesses currently using its services.
In Nigeria’s competitive fintech space, Regfyl distinguishes itself by offering a comprehensive compliance platform that covers the full spectrum of regulatory processes—from onboarding to transaction monitoring and regulatory filings. This holistic approach sets Regfyl apart from competitors like SmileID, Dojah, and Youverify, which focus on specific areas like Know Your Customer (KYC) compliance.
As financial fraud remains a significant issue in Nigeria, where banks lost $25.7 million to fraud in Q2 2024 alone, Regfyl’s integrated platform helps businesses mitigate risks by combining security, regulatory compliance, and fraud detection. By doing so, the startup enables financial institutions to navigate the complexities of financial regulations while maintaining trust with customers.
Looking forward, Regfyl plans to expand its compliance solutions into new sectors such as gaming, e-commerce, and supply chain management. The startup aims to become the leading operating system for trust across Africa. Co-founder Tunde Ibidapo-Obe underscored this vision, 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.”
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