Regfyl is a Nigerian-owned company founded by Tunde Ibidapo-Obe and Tomiwa Erinosho which helps businesses with customer and business onboarding, transaction monitoring, and fraud prevention.
It helps financial institutions with regulatory reporting/filing with financial regulators like Nigeria’s Securities and Exchange Commission (SEC) and Central Bank, as reported by Tech Cabal.
As it provides digital identity verification and fraud detection, it assists financial institutions in detecting and fighting fraud. Fraud is rampant in Nigeria and according to the Financial Institutions Training Centre (FITC) report, Nigerian banks lost $25.7 million to fraud in Q2 2024.
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As per Tech Cabal, Regfyl currently serves some 20 businesses and counts Cowrywise, VFD Bank, Coronation, Piggyvest, and Budpay as its clients.
Regfyl is not the only company that provides fraud detection services. There are others like SmileID, Dojah, and Youverify but while these businesses specialize in individual compliance areas like Know Your Customer (KYC), Regfyl has said that it enables clients to use one platform for the whole compliance journey from onboarding customers, ongoing monitoring and regulatory reporting.
“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,” said Tunde Ibidapo-Obe, CEO of Regfyl.
The startup makes money by charging a yearly subscription fee of $1,220 for full access to its platform. It also charges a per-use fee for each individual or business customer screened and monitored.
The company recently raised $1.1 million in pre-seed funding, and per Tech Cabal, the startup will use the funding to strengthen its sales, engineering, and customer support teams and build a supply chain compliance product.
The funding round was led by Rally Cap and saw participation from Techstars, DCG, Musha Ventures, Africa Fintech Collective, and other strategic angels.
