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      Kenyan Retail-Tech Startup Bamba Raises $3.2m Seed Round

      Kenyan Retail-Tech Startup Bamba Raises $3.2m Seed Round

      South Africa Agri-tech Startup Nile Raises $5.1m Funding Round led by Naspers Foundry

      South Africa Agri-tech Startup Nile Raises $5.1m Funding Round led by Naspers Foundry

      Hackers Attack Central Bank of Zambia

      Hackers Attack Central Bank of Zambia

      Egypt’s Instabug Raises $46m Series B To Build Expand Product Capabilities

      Egypt’s Instabug Raises $46m Series B To Build Expand Product Capabilities

      Kenyan Fintech Startup Flexpay Secures Funding From Cairo Angels Syndicate Fund

      Kenyan Fintech Startup Flexpay Secures Funding From Cairo Angels Syndicate Fund

      Ugandan Fintech Startup Eversend Plots Growth In 2022 After Reaching Sustainability

      Ugandan Fintech Startup Eversend Plots Growth In 2022 After Reaching Sustainability

      Trending Tags

    • Digital Economy
      Oracle to Open new R&D Lab in Morocco

      Oracle to Open new R&D Lab in Morocco

      Google is acquiring security intelligence firm Mandiant for $5.4B

      Google donates the Istio service mesh to the Cloud Native Computing Foundation

      Spotify launches new fund to support independent open source projects

      Spotify launches new fund to support independent open source projects

      Zenda gets $9.4M to streamline school fee payment and management

      Zenda gets $9.4M to streamline school fee payment and management

      Twitter accepts Elon Musk’s $44B acquisition offer

      Twitter accepts Elon Musk’s $44B acquisition offer

      LG’s  OLED TVs   Delivers Premium HDR Gameplay With G-SYNC Gaming Support

      LG’s OLED TVs Delivers Premium HDR Gameplay With G-SYNC Gaming Support

      Trending Tags

    • Features
      MTN new logo

      MTN Introduces Digital Multi-experience Platform with Tecnotree

      How Branch is Promoting Financial Inclusion in Nigeria

      How Branch is Promoting Financial Inclusion in Nigeria

      FedEx

      Microsoft Partners FedEx to Launch new Cross-platform Logistics Solution for e-commerce

      Big Data Analytics and Master Data Management Are Key to Building a Customer-Centric Business Strategy

      Big Data Analytics and Master Data Management Are Key to Building a Customer-Centric Business Strategy

      OZÉ

      Ghanaian Fintech Startup OZÉ Raises $3 Million Pre-Series A Funding Round to Expand

      TallOrder,

      South African POS Startup Raises $3.1 Million Series A Funding for Product Development

    • Interviews
      LG Excites Customers with Energy-Saving Air Conditioners Amidst Ramadan

      LG Excites Customers with Energy-Saving Air Conditioners Amidst Ramadan

      Nigerian Startup Transfy Sees Strong Early Use of Payments Infrastructure, Plots Speedy Growth

      Pantami

      Cybersecurity: Nigerian Govt Direct MDAs to Migrates from Yahoo, Gmail to Government Top-level Domain

      Meeula

      Nigerian Startup Meeula Unveils Smart Business Card Solution

      Cassava Technologies names Tesh Durvasula as CEO for Africa Data Centres

      Cassava Technologies names Tesh Durvasula as CEO for Africa Data Centres

      Medallion

      Nnamani: How Medallion’s Success Attracts more Players to Datacentre business

      TECNO announces world’s first telescopic macro lens for smartphones

      Largest darknet stolen credit card site closes

      Largest darknet stolen credit card site closes

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        Russian Internet users are learning how to beat Putin’s internet crackdown

        Russian Internet users are learning how to beat Putin’s internet crackdown

        25 Telcos Masks Vandalised in Kenya as Communications Authority Moves to end Attack

        25 Telcos Masks Vandalised in Kenya as Communications Authority Moves to end Attack

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      Nigeria’s Credpal Raises $15m Funding to Scale “Buy Now, Pay Later” Across Africa

      admin by admin
      March 31, 2022
      in News
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      CredPal
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      Nigerian “buy now, pay later” (BNPL) startup CredPal has raised US$15 million in funding to expand its consumer credit offerings in Nigeria and scale across Africa.

      Launched in 2018 by Fehintolu Olaogun and Olorunfemi Jegede, CredPal is a consumer credit platform that gives buyers the freedom to buy now and pay later, and helps merchants acquire more customers to increase sales.

      The startup has over 85,000 active customers and over 4,000 onboarded merchants, and has now raise debt financing and a bridge round totalling US$15 million to scale further. Existing backers including Greenhouse Capital have participated in the bridge round, while new investors include Uncovered Fund, LongCommerce, First Circle Capital, and Adii Pienaar, co-founder and former CEO of WooCommerce.

      Credit Direct Limited, a subsidiary of First City Monument Bank (FCMB), has provided the debt facility, along with a few other financial institutions.

      CredPal will utilise the new funds to extend partnerships with merchants leveraging its recently deployed CredPal Pay, an omnichannel merchant suite that allows businesses of all sizes and categories to seamlessly BNPL. CredPal Pay serves as a point-of-sale infrastructure that enables BNPL through various means – a credit payment link, checkout plugin, QR codes, and a transaction management system. This suite is redefining the point-of-sale experience for online and offline merchants as well as consumers.

      READ ALSO: Applications Open for the 4th $1.5m Africa’s Business Heroes Competition

      Additionally, the funds will support the company’s expansion across Africa, starting with Kenya, Egypt, Ghana, and Cameroon. The announcement also coincides with a new partnership with Airtel Nigeria to foster digital inclusion by allowing low and middle-income earners across Nigeria to access BNPL services to own smartphones and broadband modems.

      “We are delighted to have the support of our investors and partners as we complete this fundraise. Our commitment to better credit facilities for African consumers and helping sellers grow their sales is getting a huge boost with these latest milestones,” said Fehintolu Olaogun, CredPal’s CEO and co-founder.

      “The growth of retail in emerging markets like Sub-Saharan Africa has been phenomenal, and with what CredPal is building where merchants can expand their payment options through consumer credit, I’m positive that the company will further drive e-commerce enablement in Africa,” said Pienaar.

      Tags: Credpal
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