NIGERIA – Nigerian financial super app Yep! has raised a US$1.5 million pre-seed funding round as it launches its solution in five African countries.
Founded last year by Olaoluwa Awojoodu, Airende Ojeomogha, and Garry Ottosen, and headquartered in Lagos and San Francisco.
The pre-seed round was led by Greenhouse Capital as it launches its app on iOS and Android in five African countries – Nigeria, Niger, Togo, Ivory Coast, and Burkina Faso.
“We are excited to support Olaoluwa, Airende, and Garry as they make financial services accessible to consumers and businesses both on the continent, as well as in the diaspora,” said Ruby Nimkar, partner at Greenhouse Capital.
Yep! is a financial super app focused on leveraging technology to deliver seamless financial services and solutions to Africans.
Its core offerings include Yep! Consumers, which will be available for retail customers, and Yep! Business, open to MSMEs, merchants, and enterprises.
The startup has ambitious growth plans of doubling an existing network of about 100,000 merchants to over 200,000 by the end of 2022.
The founders are also in discussions with international credit providers to increase the super app’s debt facility to US$10 million by the end of this year as the company scales its lending operations.
“We have secured a US$500,000 credit facility that will enable us to kick-start the provision of working capital loans to our existing merchants as we expand across the continent,” said Awojoodu.
As part of its mission to boost financial inclusion, the platform will leverage its existing merchant network, PayCentre Africa, to ease entry into the formal economy for rural communities.
The company’s services enable entrepreneurs, small business owners, students, MSMEs, and merchants to gain safe and easy access to financial solutions digitally.
In 2021, over five million customers transacted more than US$2 billion through the company’s growing network of merchants.
In an attempt to close the loop, and bank these customers, the startup secured a microfinance bank license in Nigeria, enabling the company to set up accounts for customers, businesses, and merchants, in a matter of seconds.
The firm is exploring partnerships with leading US banks and service providers to expand its products to customers in the US, building on remittance flows to Africa.
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