Regfyl, a Nigerian firm that gives digital id verification and fraud detection instruments to companies, has raised $1.1 million in pre-seed funding. The startup will use the funding to strengthen its gross sales, engineering and buyer help crew and construct a provide chain compliance product. 

Rally Cap led the funding spherical. Techstars, DCG, Musha Ventures, Africa Fintech Collective and different strategic angels additionally invested. 

Launched in 2023 by Tunde Ibidapo-Obe and Tomiwa Erinosho, Regfyl helps companies with buyer and enterprise onboarding, transaction monitoring, and fraud prevention. Regfyl additionally helps monetary establishments with regulatory reporting/submitting with monetary regulators like Nigeria’s Securities and Trade Fee (SEC) and Central Financial institution. The corporate presently serves about 20 companies and counts Cowrywise. VFD Financial institution, Coronation, Piggyvest, and Budpay are amongst its purchasers. 

“Belief is the forex of the digital financial system, and at Regfyl, we’re dedicated to being the working system that underpins this belief throughout the continent,” stated Tunde Ibidapo-Obe, CEO of Regfyl.

The startup costs a yearly subscription payment of ₦2 million ($1,220)for full entry to its platform. It additionally costs a per-use payment for every particular person or enterprise buyer screened and monitored.

Regfyl is a part of a rising checklist of Nigerian firms serving to monetary establishments to detect and combat fraud. In its just lately launched Fraud and Forgeries Report, the Monetary Establishments Coaching Centre (FITC) reported that Nigerian banks misplaced $25.7 million to fraud in Q2 2024. 

It competes with comparable companies like SmileID, Dojah, Youverify that provide KYC compliance companies to companies. Whereas these rivals supply only one compliance service to monetary establishments, Regfyl claims to supply a unified compliance resolution that helps companies deal with each part of their compliance, from KYC onboarding to transaction monitoring and regulatory submitting. 

“What now we have executed is to take a look at what the job of the compliance supervisor is and now we have primarily introduced all of it in a single working system,” stated Erinosho.

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