Regfyl, a cutting-edge compliance solutions provider, has successfully raised $1.1 million in pre-seed funding. This injection of capital, led by Rally Cap Ventures, marks a pivotal moment for the Lagos-based startup. The startup aims to expend the funds to reshape the landscape of digital trust and security across Africa.
Founded in 2023 by visionaries Tunde Ibidapo-Obe and Tomiwa Erinosho, Regfyl has established itself as a one-stop shop for businesses faced with the complexities of digital identity verification, fraud detection, and regulatory compliance. The company’s innovative platform serves as a digital guardian, safeguarding financial institutions and their customers in an era where online fraud has cost Nigerian banks a staggering $25.7 million in just one quarter of 2024.
“Trust is the currency of the digital economy,” Tunde Ibidapo-Obe, Regfyl’s CEO, said. “We’re building the operating system that will underpin this trust across the continent.”
With a client roster that includes fintech heavyweights like Cowrywise and PiggyVest, Regfyl distinguishes itself by offering a comprehensive suite of tools that streamline everything from customer onboarding to regulatory reporting. This approach sets Regfyl apart in a competitive market where rivals typically focus on singular aspects of compliance.
“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,” said Erinosho.
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The fresh funding will push Regfyl’s expansion plans, and paving the way for new innovations, including a supply chain compliance product. As digital economies continue to evolve, Regfyl’s growth signals a promising future for African-led solutions in the global fight against financial fraud and cybercrime.
