Regfyl, a Nigerian company that provides digital identity verification and fraud detection tools to businesses, has raised $1.1 million in pre-seed funding.
The round was led by Rally Cap, with participation from Techstars, DCG, Musha Ventures, and Africa Fintech Collective, alongside other strategic investors. This funding will be used to strengthen Regfyl’s sales, engineering, and customer support teams, while also building a supply chain compliance product.
Launched in 2023 by Tunde Ibidapo-Obe and Tomiwa Erinosho, Regfyl provides digital identity verification and fraud detection tools for businesses.
The company supports customer onboarding, transaction monitoring, and fraud prevention, while also helping financial institutions with regulatory reporting to Nigerian regulators like the Central Bank and the Securities and Exchange Commission (SEC).
Currently, the startup serves around 20 businesses, including notable clients like Cowrywise, VFD Bank, Piggyvest, Coronation, and Budpay.
Regfyl charges an annual subscription fee of ₦2 million ($1,220) for full access to its platform, along with a per-use fee for each screened or monitored customer.
Co-founder and CEO, Tunde Ibidapo-Obe, mentions the critical role Regfyl plays in Africa’s digital economy, saying, “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.”
Regfyl competes with companies like SmileID, Dojah, and Youverify, which offer KYC compliance services to businesses.
However, Regfyl distinguishes itself by offering a unified compliance solution that covers all compliance needs—from KYC onboarding to regulatory filings. “We have essentially brought all of it in one operating system,” said co-founder Erinosho.
