Regfyl, a Nigerian digital identity verification and fraud detection startup, has raised $1.1 million in a pre-seed funding round.
Established in 2023 by Tunde Ibidapo-Obe and Tomiwa Erinosho, Regfyl has since gained momentum, providing over 20 businesses in diverse sectors with an all-in-one solution for customer onboarding, transaction monitoring, and regulatory reporting.
The company works with financial firms, notably:
- CowryWise
- VFD Bank
- Coronation
- PiggyVest, and
- BudPay
It provides businesses in this sector with tools designed to simplify filing with regulators such as the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC Nigeria).
Regfyl’s pricing structure features an annual subscription fee of ₦2 million (around $1,220), along with extra charges that vary depending on the number of customers a business screens or monitors.
“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.
Regfyl, a winner of the New Venture Competition at the Africa Fintech Summit DC in April 2024, distinguishes itself by providing an all-encompassing compliance solution.
Unlike rivals such as SmileID, Dojah, and YouVerify, which specialize in individual compliance areas like Know Your Customer (KYC), Regfyl offers end-to-end coverage – from customer onboarding to transaction monitoring and regulatory reporting.
LIST | A Look at Identity Verification Startups Operating Across Africa
In this post, we’ll explore some of the key identity verification solutions making waves across the continent, revolutionizing the way businesses verify the identities of their users and customers.… pic.twitter.com/c6Fm3Agmr7
— BitKE (@BitcoinKE) May 14, 2024
This holistic approach aims to address the increasing need for efficiency and trust within the financial services industry.
“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.
The round, led by Rally Cap, with support from:
angel investors, will enable the company to grow its team, especially in the areas of sales, engineering, and customer support.
Regfyl also intends to develop a supply chain compliance tool to further its offerings.
Follow us on X for the latest posts and updates
Join and interact with our Telegram community
_________________________________________
_________________________________________
