Nigerian Regtech Regfyl Raises USD 1.1 M in Pre-Seed

Regfyl, a Nigerian startup that focuses on anti-money laundering (AML) compliance, has successfully secured USD 1.1 M in pre-seed funding. The funding comes from a group of notable investors, including Techstars, RallyCap Ventures, DCG Expeditions, Africa Fintech Collective, Musha Ventures, and several strategic angel investors. This financial support will enable Regfyl to further develop its AML compliance solutions and expand its operations.

Regfyl, a company established in 2023 by Dr. Tunde Ibidapo-Obe and Dr. Tomiwa Erinosho, is dedicated to simplifying anti-money laundering (AML) compliance for fintech companies and banks across Africa. In Nigeria, the Nigerian Financial Intelligence Unit (NFIU) has reported that over 90% of fintech companies are struggling to meet AML requirements.

Regfyl claims to be working with notable fintechs and financial institutions in Nigeria. The company plans to use the new funding to expand its business development, engineering, and customer success teams.