Regfyl, a Nigerian startup, received $1.1 million in pre-seed funding to improve its platform, which helps businesses maintain compliance. The round of funding, which includes an investment from Rally Cap and help from Techstars, DCG, Musha Ventures, Africa Fintech Collective, and private investors, will allow the business to hire more people, mainly in engineering, sales, and customer service.
BrandSpur’s business and economy news indicates that Regfyl plans to develop a supply chain compliance solution and expand its product line.
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Regfyl’s impact on transaction monitoring in Nigeria
Tomiwa Erinosho and Tunde Ibidapo-Obe started Regfyl in 2023. The company has grown significantly since then, now offering businesses a complete solution for monitoring transactions, filing with regulators, and welcoming new customers. The features that make filing with government agencies like the Securities and Exchange Commission and the Central Bank of Nigeria easy are especially useful for financial companies.
Regfyl’s price structure includes a ₦2 million (about $1,220) yearly subscription charge. Further, per-use fees are charged based on how many customers a business screens or watches. Currently, the group works with over 20 businesses, such as Cowrywise, VFD Bank, Coronation, Piggyvest, and Budpay.
The future of compliance solutions with Regfyl in Nigeria
Regfyl’s complete compliance solution sets it apart in the competitive Nigerian financial technology sector.
Regfyl manages regulatory filing, transaction monitoring, and onboarding, unlike SmileID, Dojah, and Youverify, which focus on KYC. This solution addresses the financial services industry’s growing trust and efficiency needs.
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According to reports, banks in Nigeria lost $25.7 million to fraud in the second quarter of 2024 alone. Regfyl is trying to assist institutions in limiting losses caused by the growing incidence of financial crime in Nigeria.
A security, regulatory compliance, and fraud detection technology from the firm aims to simplify financial regulation and build confidence.
Regfyl also intends to become Africa’s leading trust operating system by expanding its compliance solutions into supply chain management, gaming, and e-commerce.
The co-founder, Tunde Ibidapo-Obe, pointed out that it is essential to establish faith in the digital economy. In his words, “Trust is the currency of the digital economy, and we are focused on being the operating system that underpins this trust across the continent.”