Nigerian fintech platform Okra has secured a $1-million pre-seed funding from Nairobi and London primarily based enterprise capital (VC) agency TLcom Capital.
Okra, which launched in January, creates a safe portal and course of to exchange real-time monetary data between clients, functions and banks.
It claims to have developed the primary API in Africa to retrieve real-time monetary knowledge from a checking account to any internet or cellular app.
The startup was based in June final yr by Fara Ashiru Jituboh (pictured above, with co-founder David Peterside), previously of Constancy Investments and Canva, who was joined by fellow co-founder David Peterside, from UCML Capital and Trend Map, in keeping with the corporate’s LinkedIn profile.
Nigerian fintech Okra was based in 2019 by Fara Ashiru Jituboh and David Peterside
In a press launch immediately, Okra stated the brand new funding shall be used to scale their staff and operations as they cater to their rising consumer base.
The startup stated it has the capability to onboard new purchasers in beneath 24 hours, and has seen a 175% rise in demand since final month as extra corporations digitise their providers on account of Covid-19 and is searching for to broaden throughout Africa.
Ashiru Jituboh stated within the assertion: “Our thesis is straightforward — monetary innovation can’t exist with out the correct infrastructure, which is knowledge.
“Essentially, how far the African fintech sector can grow is intrinsically tied to the success of an infrastructure like Okra and with our core market in Nigeria, we’re opening the door to another level of innovation in Africa’s largest market.”
“There are roughly 125 million banks accounts in Nigeria alone — however over the course of the subsequent two years, we are going to see that determine rise exponentially, which presents big alternatives for development.
“Our role within this is to deliver ease, speed and transparency to key players within the fintech space so they can get back to driving our continent forward.”
‘She leads by example’
The funding in Okra marks TLcom’s first funding within the fintech sector and as a part of the deal, Andreata Muforo, Accomplice at TLcom, will be a part of Okra’s board. Ido Sum, additionally a companion on the VC agency, will be a part of as a board observer.
TLcom companion Andreata Muforo famous that Ashiru Jituboh has information of over 20 programming languages and has labored with a number of Fortune 500 corporations.
“She leads by example and we have seen her and David build a really exciting business, in a little under a year, we’re excited to help them grow further,” stated Muforo.
Featured picture (left to proper): Okra founders Fara Ashiru Jituboh and David Peterside (Provided)