Sparkle Raises $3.1M Seed Spherical
Sparkle, a mobile-first digital financial institution that gives monetary, life-style and enterprise help companies to Nigerians throughout the globe, has raised an oversubscribed seed spherical of $3.1m from an all-Nigerian group of traders together with Leadway Assurance, Trium Networks and a lot of Nigerian HNIs.
This follows a earlier family and friends pre-Seed spherical totalling $2m [N857m], bringing Sparkle’s complete funding to $5.1m [N2.1bn]. The brand new funding will likely be used to scale the platform’s expertise groups throughout engineering, monetary danger and advertising and marketing departments and investing in its automated again finish processes and digital infrastructure.
Since launching in 2019, Sparkle has developed a digital-first tribe of customers who’ve entry to options akin to financial savings, invoice funds, airtime/cable/utility/transport top-ups, the flexibility to request or ship funds, break up payments, evaluation spending breakdowns and extra, all through the Sparkle app [on the App Store and Google Play]. Sparkle has seen triple digit progress between 2020/21 and can now proceed its focus of connecting Nigerians and the worldwide Nigerian Diaspora by constructing a special sort of monetary companies platform that’s extra than simply banking, however a method of enhancing the monetary life-style of its customers, permitting for borderless transactions.
In April 2021, Sparkle launched its enterprise platform, Sparkle Enterprise, focused on the new era of digital first MSMEs and SMEs in Nigeria, with options akin to Stock and Bill Administration, a Fee Gateway Service, Tax Advisory/Calculations and Payroll/Worker Administration. Sparkle Enterprise is the one Nigerian enterprise account the place no documentation is required to open an account – to register people require a private Sparkle account, Tax Identification Quantity [TIN], and an e mail tackle related to their TIN.
Talking on the spherical, which is made up in its entirety by Nigerian traders, Uzoma Dozie, Sparkle Founder and CEO, says, “I’m delighted to be collaborating with a gaggle of extremely revered Nigerian companies, funding corporations and captains of business – all of whom perceive the true want for a digital-first platform akin to Sparkle, to carry higher entry to monetary companies and, importantly, monetary inclusion, to hundreds of thousands extra individuals – for enterprise, for private means or each.
“Collectively, as a gaggle of traders and enterprise builders, we’re Nigerians who’re bullish about Nigeria and the chance the nation presents by way of constructing world networks and communities, all through one app. I’m excited to welcome our new traders into the Sparkle tribe and will likely be leaning on their sector experience and perception to construct long-lasting partnerships as we scale.”
Sparkle customers are capable of open an account in lower than 5 minutes through a Smartphone, with out the necessity for documentation or in-person / banking corridor verification. The platform additionally has a Visa card perform for customers to make in-person or digital funds. The platform has additionally secured partnerships with Visa, Community Worldwide, PriceWaterHouse Cooper Nigeria and secured a Microfinance Financial institution licence from the Central Financial institution of Nigeria (CBN).
Uzoma concludes, “The long run is about platforms, and related platforms, to create seamless buyer expertise and, as we are saying, serving to our customers do what they wish to do. Sparkle’s mission is to assist Nigerians fulfil their potential by democratizing entry to beneficial options for his or her enterprise and private wants. Nigeria has a large youth inhabitants who more and more stay, work and play past bodily borders – we construct with them in thoughts; Whether or not we’re constructing companies for people or companies, we’re totally focussed on making a related tribe of Sparklers.”