FUNDING | Nigerian Digital ID Startup, Regfyl, Raises $1.1 Million After Gaining Momentum

BitKE · 2026-02-05T10:09:57+00:00

Regfyl, a Nigerian startup focused on digital identity verification and fraud detection, has raised $1.1 million in pre-seed funding. Founded in 2023, it provides comprehensive compliance solutions for financial firms. The funding will aid in team expansion and developing new tools.

BitKE

2026-02-05 10:09:57

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Regfyl, a Nigerian digital identity verification and fraud detection startup, has raised $1.1 million in a pre-seed funding round.

Established in 2023 by Tunde Ibidapo-Obe and Tomiwa Erinosho, Regfyl has since gained momentum, providing over 20 businesses in diverse sectors with an all-in-one solution for customer onboarding, transaction monitoring, and regulatory reporting.

The company works with financial firms, notably:

CowryWise
VFD Bank
Coronation
PiggyVest, and
BudPay

It provides businesses in this sector with tools designed to simplify filing with regulators such as the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC Nigeria).

Regfyl’s pricing structure features an annual subscription fee of ₦2 million (around $1,220), along with extra charges that vary depending on the number of customers a business screens or monitors.

“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,” said Tunde Ibidapo-Obe, CEO of Regfyl.

Regfyl, a winner of the New Venture Competition at the Africa Fintech Summit DC in April 2024, distinguishes itself by providing an all-encompassing compliance solution.

Unlike rivals such as SmileID, Dojah, and YouVerify, which specialize in individual compliance areas like Know Your Customer (KYC), Regfyl offers end-to-end coverage – from customer onboarding to transaction monitoring and regulatory reporting.

This holistic approach aims to address the increasing need for efficiency and trust within the financial services industry.

“What we have done is to look at what the job of the compliance manager is and we have essentially brought all of it in one operating system,” said Erinosho.

The round, led by Rally Cap, with support from:

TechStars
DCG
Musha Ventures
Africa Fintech Collective, and

angel investors, will enable the company to grow its team, especially in the areas of sales, engineering, and customer support.

Regfyl also intends to develop a supply chain compliance tool to further its offerings.

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