Following this announcement, the startup is expected to use the funding in order to strengthen its sales, engineering, and customer support team, as well as develop supply chain compliance products. Rally Cap led the funding round, while Techstars, DCG, Musha Ventures, Africa Fintech Collective, and other strategic angels were also invested.
In addition, the financial institution will continue to focus on meeting the needs, preferences, and demands of clients and customers in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry as well.
Regfyl was developed in order to optimise the manner in which companies deal with customer and business onboarding, transaction monitoring, and fraud prevention. The firm also helps financial institutions with regulatory reporting/filling with financial regulators, including Nigeria’s Securities and Exchange Commission (SEC) and Central Bank. Regfyl currently serves about 20 businesses and counts Cowrywise. VFD Bank, Coronation, Piggyvest, and Budpay are among its clients.
The startup charges a yearly subscription of USD 1.220 for full access to its platform, while also having a per-use fee for each individual or business customer that is screened and monitored.
At the same time, officials from the financial institution claimed that Regfyl will also offer a unified compliance solution, which will be designed to optimise the manner in which businesses handle every section of their compliance journey. This is set to include steps from KYC onboarding to transaction monitoring and regulatory filling.
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