Regfyl

Regfyl is a Nigerian-based company operating in the compliance technology sector, positioning itself as a comprehensive solution for businesses navigating complex regulatory environments. Founded in 2023 by Tunde Ibidapo-Obe and Tomiwa Erinosho, the company targets the pressing need for streamlined anti-money laundering (AML) and fraud prevention protocols among African financial institutions and fintechs. This venture follows Ibidapo-Obe's previous work in the legal tech space with LawPadi, indicating a continued focus on leveraging technology to solve regulatory and business challenges.

The firm provides a unified platform designed to manage the entire compliance lifecycle through a single API. Its services encompass customer and business onboarding, which includes Politically Exposed Persons (PEP) screening, sanction list checks, and identity verification. Furthermore, Regfyl offers ongoing transaction monitoring powered by artificial intelligence trained on regional data to detect fraud patterns specific to African markets. The platform also facilitates regulatory reporting to key bodies like Nigeria's Securities and Exchange Commission (SEC) and Central Bank. This integrated approach aims to reduce the inefficiency and cost associated with using multiple, disparate compliance tools.

Regfyl's business model is structured around a subscription and usage-based framework. It charges an annual subscription fee of approximately $1,220 (₦2 million) for full platform access, supplemented by per-use fees for each customer screening and monitoring action. The company has secured clients such as Cowrywise, VFD Bank, Piggyvest, and Budpay. To fuel its growth, Regfyl raised $1.1 million in a pre-seed funding round led by Rally Cap, with participation from Techstars, DCG, Musha Ventures, and Africa Fintech Collective. This capital is earmarked for expanding its sales, engineering, and customer support teams, as well as for developing a new supply chain compliance product.

Keywords: compliance technology, regtech, anti-money laundering, AML, fraud detection, digital identity verification, regulatory reporting, fintech compliance, financial crime prevention, customer onboarding, transaction monitoring, Nigerian tech, KYC solutions, Politically Exposed Persons screening, sanctions compliance, compliance automation, African fintech, risk management, API-based compliance, compliance-as-a-service