Regfyl, a compliance technology company building AML/CFT, fraud prevention and regulatory reporting infrastructure for financial institutions, raised $1.1 million in pre-seed funding to expand its platform and team.
The round was led by Rally Cap Ventures, with participation from Techstars, DCG, Musha Ventures, Africa Fintech Collective and strategic angel investors.
Founded in 2023 by Dr. Tunde Ibidapo-Obe and Dr. Tomiwa Erinosho, Regfyl set out to solve a problem familiar to compliance teams across African financial services: critical financial-crime controls were often spread across multiple tools, vendors and manual processes.
At the time of the round, Regfyl already served approximately 20 businesses, including financial institutions and fintech companies such as Cowrywise, VFD Bank, Coronation, PiggyVest and BudPay.
The funding was intended to strengthen Regfyl’s engineering, commercial and customer-support capabilities as the company expanded its compliance technology offering.
Building a Connected Approach to Financial Crime Compliance
From the outset, Regfyl’s approach has been to bring multiple parts of the compliance lifecycle into one connected environment.
Rather than requiring institutions to operate separate systems for customer onboarding, sanctions screening, transaction monitoring, investigations and regulatory reporting, the platform is designed so that information generated at one stage of the compliance process informs the next.
For example, customer onboarding can combine identity verification with sanctions, PEP and adverse-media screening, while the resulting customer information and risk profile can subsequently inform ongoing monitoring and investigation workflows.
Today, Regfyl describes the platform as one connected system spanning customer onboarding and risk screening, transaction monitoring, investigations, governance and regulatory reporting.
Built for the African Financial Services Environment
One of the principles behind Regfyl has been that financial-crime technology should reflect the environment in which financial institutions actually operate.
AML and fraud risks are influenced by local payment behaviour, regulatory requirements, transaction patterns, products, currencies and financial-crime typologies.
Regfyl therefore combines configurable monitoring with jurisdiction-specific controls, including relevant local watchlists, local typologies and risk rules that can be adapted to the institution and market in which the platform is deployed.
This local context sits alongside broader capabilities including sanctions and PEP screening, behavioural monitoring, risk scoring, case management and regulatory reporting.
A Regulatory Environment That Has Continued to Evolve
The regulatory environment has changed considerably since Regfyl announced the funding round in September 2024.
At the time, Nigeria was among the countries subject to increased monitoring by the Financial Action Task Force, commonly referred to as the FATF grey list.
In October 2025, Nigeria was formally removed from increased monitoring after completing its FATF action plan. FATF noted that Nigeria would continue working with GIABA to sustain the improvements made to its AML/CFT/CPF framework.
Removal from the grey list did not reduce the importance of effective AML controls.
In March 2026, the Central Bank of Nigeria issued its Baseline Standards for Automated AML/CFT/CPF Solutions, introducing detailed functional, governance and technology expectations for automated AML systems used by regulated financial institutions.
Regfyl’s own 2026 State of AML Compliance research also found that financial institutions continue to face significant operational challenges: 70% of respondents identified system-integration limitations, 61% cited reliance on manual processes, and 83% identified cost as a barrier to technology adoption.
These developments reinforce the problem Regfyl originally set out to address: compliance technology must not only exist; it must be integrated, operationally usable and capable of evolving with regulatory expectations.
From 20 Customers to 100+ Financial Institutions
At the time of the 2024 funding announcement, Regfyl was serving approximately 20 businesses.
Two years later, Regfyl is trusted by more than 100 financial institutions, with the platform covering customer and business onboarding, sanctions and PEP screening, ongoing risk assessment, transaction monitoring, fraud prevention, investigations, case management and regulatory reporting.
Regulatory reporting has also developed into a core part of the platform. CTRs, STRs and FTRs can be generated from cases and filed directly to the NFIU goAML platform, with review, approval and audit trails managed through the same workflow.
Strengthening Security and AI Governance
As the platform has expanded, Regfyl has also invested in the governance and security infrastructure expected of enterprise financial-technology providers.
Regfyl is ISO 27001 certified for information-security management and, in September 2026, achieved ISO/IEC 42001:2023 certification for its Artificial Intelligence Management System.
The ISO 42001 certification is particularly relevant as financial institutions increasingly incorporate AI into financial-crime controls and as the CBN Baseline Standards introduce explicit expectations around AI governance and third-party technology management.
The Mission Remains the Same
The company has grown considerably since the 2024 funding round, but the underlying problem has not changed.
Compliance teams need to detect increasingly complex financial crime while keeping pace with expanding regulatory expectations, often without proportionate increases in people, time or budgets.
Regfyl’s objective is to make that work simpler by connecting the compliance lifecycle within one system — from knowing and assessing the customer, through monitoring and investigation, to regulatory reporting and governance.
Our goal remains to build the operating system that compliance teams can rely on to manage financial-crime risk effectively, efficiently and defensibly.
See Regfyl in Action
See how Regfyl connects onboarding, screening, transaction monitoring, investigations and regulatory reporting in one platform.