Nigerian fintech startup, OnePipe, has raised $3,500,000 seed fund.
The fintech startup raised the fund from VC Atlantica Ventures and Canaan Partners, Saison Capital, Norrsken (the fund of Klarna founder Niklas Adalberth).
Others are The Fund and Two Culture Cap, Chris Adelsbach, Techstars, Ingressive Capital, Acquity, P1, Raba and DFS Lab.
VC Atlantica Ventures is an African impact-focused Venture who co-led the seed round with Tribe Capital and V&R Associates.
Similarly, a Kenyan Fintech, Asilimia, Raised $2,000,000 Pre-Seed Funding.
First, the fintech firm raised $1,000, 000 from Fredrik Jung Abbou; co-founder of Kry and Lendo, Norrsken Impact Accelerator.
Also, other European founders jointly released the fund.
Similarly, Asilimia also received $1,000,000 in a debt round in which Bpifrance and GreenTec Capital Partners participated.
Why the fund:
Meanwhile, OnePipe, the Nigerian startup fintech raised the fund to expand and accelerate financial service operations across Africa.
It will also use the funds to bridge financial gaps and enhance the customer experience for businesses.
The Nigerian fintech startup helps organisations focus on building market-defining products, with the help of API.
Meanwhile, A statement by the company says its partners banks and fintechs who have provided most of the underlying infrastructure for its products.
It also added that its partners helps it in enabling users to focus on customer experience and acquisition.
Likewise, OnePipe works with non-financial institutions to offer an array of financial services such as credit.
Other services include, accounts and payments.
Ope Adeoye, is the founder of the company.
The company said it has processed over 6,300,000 transactions worth over $46,300,000 from over 1,000,000 individual accounts.
It has also processed the volume of transaction from 138+ businesses, ranging from FMCG and retail to lending and agriculture.
How It works:
OnePipe makes its profit by taking a percentage cut from transactions it makes on accounts and shares with its partner banks.
It also takes 1% interest from loans it lends to its partners and shares it with businesses and other investors.