CredPal, a Nigerian startup, has raised $15 million in funding to broaden its “purchase now, pay later” mannequin throughout Africa

CredPal, a Nigerian “purchase now, pay later” (BNPL) agency, has obtained US$15 million to increase its client mortgage operations in Nigeria and past Africa. 

The bridge spherical included present buyers similar to Greenhouse Capital, in addition to new buyers similar to Uncovered Fund, LongCommerce, First Circle Capital, and Adii Pienaar, co-founder and former CEO of WooCommerce. A small variety of monetary companies provided the debt facility. 

Moreover, the announcement coincides with the launch of a brand new partnership with Airtel Nigeria to advertise digital inclusion by enabling low- and middle-income earners in Nigeria to entry BNPL companies and buy smartphones and web modems. 

CredPal, based in 2018 by Fehintolu Olaogun and Olorunfemi Jegede, is a client credit score platform that allows purchasers to buy now and pay later, whereas additionally helping retailers in buying new customers and rising gross sales. 

CredPal Pay acts as a point-of-sale infrastructure for BNPL, enabling cost through a bank card hyperlink, checkout plugin, QR codes, and a transaction administration system. This package deal is revolutionizing the point-of-sale expertise for each on-line and brick-and-mortar retailers and customers. 

“We’re overjoyed to have the backing of our buyers and companions as we shut this spherical of funding. Our dedication to enhancing credit score services for African prospects and helping sellers in rising their gross sales is bolstered by these newest accomplishments,” acknowledged Fehintolu Olaogun, CEO and co-founder of CredPal. 

The agency at present has over 85,000 lively shoppers and over 4,000 retailers on board. 

CredPal will use the contemporary funding to broaden its service provider connections by leveraging CredPal Pay, a just lately launched omnichannel service provider suite that allows companies of all sizes and industries to seamlessly BNPL. 

Moreover, the funds will likely be used to broaden the corporate all through Africa, starting in Kenya, Egypt, Ghana, and Cameroon.

 

Learn extra on Tech Gist Africa:

Kwik, a Nigerian logistics startup, has raised $2 million in a Sequence A funding spherical

Churpy, a Kenyan fintech agency, has raised $1 million in a seed funding spherical. 

FlapKap, an Egyptian SaaS platform, has obtained $1.2 million in funding

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