Nigeria fintech startup OnePipe raises $3.5M to additional deepen its providing
Nigeria fintech API startup OnePipe has raised a $3.5 million seed spherical to double-down on its funding finance providing. The funding was co-led by Atlantica Ventures, an African-focused VC, Tribe Capital, and V&R Associates. Atlantica Ventures additionally co-led the corporate’s final $950,000 pre-seed spherical. New buyers adopted on with new checks, they’re Saison Capital, Canaan Companions, The Fund, Two Tradition Cap, and others. Current buyers similar to Ingressive Capital, Techstars, Chris Adelsbach, Raba, Acquity, P1, and DFS Lab participated with a couple of angel buyers.
Ope Adeoye (Founder and CEO) and his group began OnePipe in November 2018. Any FMCG startup can plug right into a financial institution’s API that’s managed by OnePipe and begin issuing accounts to prospects. This enables them to make funds off these accounts and entry credit score the place needed.
As shared by TechCrunch, up to now 10 months, OnePipe has processed over 6.3 million transactions valued at over $46.3 million. The numbers are attributed to greater than 1,000,000 particular person accounts and 138 companies starting from FMCG, retail, lending, and agriculture.
OnePipe makes its cash by taking a lower from these accounts which is then shared with its companion financial institution. As for loans supplied by means of its API, OnePipe takes 1% of the mortgage curiosity from lending companions and shares it with its companies and companion banks.