Nigerian retail-tech startup Alerzo acquires funds platform to spice up progress

Nigerian retail-tech startup Alerzo has acquired fintech firm Shago Funds because it seems to be to construct on already spectacular progress that noticed its annualised September transaction quantity exceed US$155 million.

Based in 2019, the Ibadan-based Alerzo is an all-in-one know-how and providers platform that transforms how Nigeria’s casual retail shops function. Retailers can order inventory, have it delivered shortly, obtain and make cashless funds, and observe retailer profitability higher. Alerzo at the moment works with greater than 150,000 casual retail shops.

The startup introduced a US$10.5 million Sequence A spherical, led by London-based Nosara Capital, in August, and since then has greater than doubled its revenues and constructed a funds enterprise. The latter was facilitated by the latest acquisition of Shago Funds, a fintech startup based by funds trade veteran Sabastine Enechi.

With Shago’s integration into AlerzoPay, the corporate’s funds arm, Alerzo now supplies casual retail shops with a portfolio of latest digital providers equivalent to cell airtime top-up, invoice funds and peer-to-peer transfers.

Alerzo has additionally expanded its operations to the Center Belt and Northern areas of Nigeria, and now operates in Abuja and Kano. The corporate plans to serve most of Nigeria earlier than the tip of subsequent yr.

“I began Alerzo to assist my mother, a single mom who ran two casual retail shops to help me and my three siblings. Earlier than Alerzo, she needed to shut her store and journey for hours to purchase stock to remain in enterprise,” mentioned Alerzo founder Adewale Opaleye.

“Girls are sometimes victims of theft as a result of road boys know retail retailer operators usually carry money. I wished to use what I realized in China to make life higher for working moms in Nigeria.”

Iyinoluwa Aboyeji, the co-founder of Flutterwave and Andela and a member of Alerzo’s advisory board, mentioned most companies “speak a great sport” about monetary and financial inclusion however then proceed to focus their companies on commercially savvy mega cities like Lagos or Nairobi. 

“Alerzo’s deal with excluded however commercially viable commerce communities in smaller cities like Ibadan is exemplary and visionary. I’m impressed by their deal with communities which are actually excluded,” he mentioned.

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