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Nigerian fintech Syarpa raises US$500K pre-seed round to expand operations

NIGERIA – Syarpa, the Nigeria-based fintech company, has just closed a US$500k pre-seed round funded by Yolo Investments and a strategic angel investor to accelerate expansion plans.

The investment round was led by CrossFund and FirstFounders. This fresh inflow of cash will aid their plans of expanding across Europe and Africa, making fintech more accessible, and using technology to foster community growth.

The startup aims to build the future of payments in Africa and around the world. They enable users to carry out international money transfers and crypto exchanges by providing fiat and crypto payment solutions in Africa and across continents.

Syarpa offers its users the option to perform international money transfers with multiple currencies, either through cash or crypto transfers.

Between international monetary transfer rules, restrictions, and costs, money transfers for Nigerians and foreigners wanting to transfer money to Nigeria are rather limited.

The startup leverages its blockchain technology and digital currencies to allow easy and efficient transfer of money.

Moving funds or purchasing goods across borders is too complicated. People in Nigeria need to convert their local currency or crypto assets, move across platforms, and pay several fees because there is no comprehensive one-step solution,” said Adedapo Sodipo, CEO and Founder of Syarpa.

With a team of 18 digital payment solution experts, a user base of over 2,000 users, and total revenue of around US$50k, Syarpa has facilitated transactions worth over US$4 million since its launch.

Syarpa is enthusiastic about fostering financial growth by creating solutions that make cross-border transactions as easy as a click.

The platform offers fast and secure transfer processing time, cheaper fees, crypto integration, simple and efficient user experience to its users.

Syarpa also offers its users the opportunity to synchronize their other crypto wallets to the Syarpa platform for easier transfers.

The startup expansion plans come at a time when the Nigerian fintech industry is growing and generated about US$293.2 million in revenue (with over 70% of the said revenue realized from foreign direct investments).

The revenue is now projected to reach US$543million by the end of 2022, a huge growth from US$178.3 million generated in 2018 and US$153.1million generated in 2017.

Syarpa together with other fintech in Nigeria have played host to enormous foreign investments, business consolidations, and collaborations, contributing to the economic growth of the West African country.

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