- Nigerian FinTech Firms Received Over 2 Billion Naira In Funding From Investors To Help Them Grow Their Operations
- OnePipe will receive 1.44 billion naira, while 1.23 billion naira will go to Payhippo as investors continue to express confidence in Nigerian tech sector
- In the first 10 months of 2021, foreign investors invest 412 billion naira in 35 Nigerian startups
OnePipe and Payhippo, two Nigerian fintech companies, have received significant funds from foreign investors in order to expand their services.
OnePipe secured $ 3.5 million in seed funding (1.44 billion naira) to expand its integrated finance service, while Payhippo received $ 3 million (1.23 billion naira).
For OnePipe, the financing was co-led by Atlantica Ventures, Tribe Capital and the partners of V&R. Other participants in this round include Canaan Partners, Saison Capital, Norrsken, The Fund, Two Culture Cap, Chris Adelsbach, Techstars, Ingressive Capital, Acquity, P1, Raba and DFS Lab alongside a few angel investors.
Nigerian cryptocurrency startup Busha secures naira 1.72 billion from foreign investors, despite CBN crackdown
OnePipe founder Ope Adeoye describes integrated service finance as the seamless integration of financial services into a typically non-financial business.
PAY ATTENTION: Install our latest app for android, read top news on Nigeria’s # 1 news app
He further explains about his service:
“Through our integrated service, OnePipe partners with non-financial institutions to help them launch and sell a variety of financial services such as credit, accounts and payments.
“When we created the company in 2018, our goal was to serve as an API platform for an open bank, but due to low demand, it moved to integrated finance.
Adeoye told TechCrunch that since the move to integrated services, the company has completed more than 6.3 million transactions, for a total of $ 46.3 million.
He said those numbers come from over a million individual accounts and 138 different businesses, ranging from FMCG and retail to finance and agriculture.
Agriculture, electricity and CBN provide a breakdown of the 2.76 billion naira spent to jumpstart Nigeria’s economic recovery
Payhippo also obtains the support of foreign investors
For Payhippo, a digital lending company, the investment of $ 3 million (1.23 billion naira) obtained will help find the talent needed to optimize its technology.
The co-founder and COO of Payhippo, Chioma Okotcha, confirms this recruitment plan, giving priority to engineers and data scientists.
“We capture our data from the loans we issue, and more talent on the team would allow us to optimize our technology to better serve our clients.
The company has disbursed approximately 5,000 loans since its inception, valued at $ 1 million and with a repayment rate of 97%, earning it $ 64,000 in revenue.
“Credit demand is high, fueling its current 25% month-over-month growth and we’re really trying to keep it under three hours and make sure businesses can get the money they are paying for. need it when they need it. Ours is also a product that works for SMEs in terms of a flexible repayment structure.
Nigerian entrepreneur raises naira 1.14 billion from foreign investors, as he expands operations in uganda
Funding for Payhippo comes from Ham Serunjogi and Maijid Moujaled, the co-founders of the African cross-border payments company Chipper Cash; Olugbenga Agboola from San Francisco-based payment company Flutterwave; Bolaji Balogun, CEO of investment bank Chapel Hill Denham; and Hakeem Belo-Osagie, the founder of Metis Capital Partners.
Three Nigerians, Ikenna, Chidi, Oghenetega get N197.7m
Meanwhile, three young Nigerians recently won nearly half a million dollars from Chinese billionaire Jack Ma.
Legit.ng reported that the funds were given to startups across Africa who set out to solve major problems in their countries.
Among the 10 finalists listed, the Nigerian Ikenna Nzewi placed 2nd while the Jack Ma Foundation revealed that more than 12,000 applications had been submitted.