Nigerian startup Regfyl has secured $1.1 million in pre-seed funding to expand its operations and strengthen its position as a leading provider of digital identity verification and fraud detection solutions in Africa.
The funding round was led by Rally Cap VC, with participation from Techstars, DCG, Musha Ventures, and Africa Fintech Collective.
The fresh capital will be used to enhance Regfyl’s sales, engineering, and customer support teams, as well as to develop a new supply chain compliance product.
Founded in 2023 by Tunde Ibidapo-Obe and Tomiwa Erinosho, Regfyl offers a suite of services designed to help businesses establish trust and prevent fraud in the digital economy.
Regfyl’s mission is to be the foundational operating system that promotes trust across Africa. As Tunde Ibidapo-Obe, co-founder of Regfyl, put it, “Trust is the currency of the digital economy.”
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By providing reliable and efficient digital identity verification and fraud detection solutions, Regfyl aims to empower businesses to operate securely and efficiently in the digital age.
Regfyl currently serves a growing client base of approximately 20 businesses, including prominent names such as Cowrywise, VFD Bank, Coronation, Piggyvest, and Budpay.
The company operates on a subscription model, charging an annual fee for full platform access and per-use fees for customer screenings.
Regfyl’s success is a testament to the growing demand for fraud detection and compliance solutions in Nigeria and across Africa.
The startup differentiates itself from competitors by offering a comprehensive solution that integrates various aspects of regulatory requirements into a single platform.
Key Benefits of Regfyl’s Platform
- Increased Efficiency: Say goodbye to the inefficiencies of juggling multiple solutions. Regfyl’s unified platform streamlines your compliance processes, saving you time and effort.
- Simplified Regulatory Audits: With a consolidated view of all compliance obligations and clear audit trails, Regfyl makes regulatory audits a breeze.
- Significant Cost Savings: Regfyl’s affordable pricing and usage-based model help you optimise your compliance costs and avoid unnecessary expenses.
- Simplified Compliance Journey: From onboarding customers to ongoing monitoring and regulatory reporting, Regfyl covers all aspects of your compliance needs.
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How Regfyl Works
- Onboarding: Regfyl’s comprehensive screening process ensures that your customers meet all regulatory requirements. This includes checks for PEPs, sanctions, adverse media, identity, and address verification.
- Monitoring: Stay ahead of risk with Regfyl’s robust monitoring tools. Their AI-powered fraud detection and automated case management tools help you identify and address potential issues quickly.
- Regulatory Reporting: Regfyl provides a consolidated view of all your compliance obligations, making it easy to track and complete regulatory filings. Collaborative workspaces and clear audit trails further simplify the reporting process.
Security You Can Trust
Regfyl is committed to providing the highest level of security. Their thorough monitoring tools, controls, policies, and dedicated security team ensure that your data is always protected.
Optimized for Affordability
- No Setup Fee: Get started with Regfyl at no cost.
- Free Setup, Training, and Credits: Test Regfyl’s platform before committing.
- Usage-Based Pricing: Pay only for what you use, ensuring optimal cost efficiency.
- Local Currency Payment: Avoid the hassle of foreign exchange volatility by paying in your local currency.
Regfyl is the ideal solution for compliance teams looking to streamline their processes, reduce costs, and stay compliant with evolving regulations.
By choosing Regfyl, you’re investing in a platform that simplifies your compliance journey and helps you focus on what matters most: protecting your business.
Ready to learn more? Visit their website or contact their sales team today to schedule a demo.