Regfyl Secures $1.1M Pre-Seed Funding to Enhance Compliance Solutions

Regfyl, a Nigerian startup specializing in digital identity verification and fraud detection, has raised $1.1 million in pre-seed funding to enhance its compliance solutions in Nigeria's rapidly growing digital economy. The funding round, led by Rally Cap and supported by Techstars, DCG, Musha Ventures, and Africa Fintech Collective, will be used to strengthen the company’s sales, engineering, and customer support teams, while also advancing the development of a new supply chain compliance product.

Founded in 2023 by Babatunde Ibidapo-Obe and co-founder Tomiwa Erinosho, Regfyl is on a mission to streamline regulatory compliance for financial institutions and businesses. Their platform offers services such as customer onboarding, transaction monitoring, fraud prevention, and regulatory reporting, assisting businesses in working with key regulatory bodies like Nigeria’s Securities and Exchange Commission (SEC) and the Central Bank of Nigeria.

The launch of Regfyl follows Ibidapo-Obe’s earlier success with LawPadi, a legal tech platform. With his new venture, he aims to address the critical challenges of trust and security in financial transactions across the continent. Ibidapo-Obe stated, “Trust is the currency of the digital economy, and Regfyl is committed to being the system that ensures this trust across Africa."

Source: Launch Base Africa