Nigerian fintech platform Okra has gotten a one million dollar fundraise from TLcom Capital. This fund is a push to strengthen its infrastructure for the next innovation. Okra built the first API in Africa to retrieve information on financial data from a bank account. This information can be sent to any web or mobile application. Okra’s new investment will insist on a boost on their operations to deliver more client base.
Okra’s Super –connector platform was released in 2020. Super-connector is a safe portal; it is also a process whereby real-time financial information is exchanged. This information is exchanged between applications, customers, and banks. Before, there was a gap between users and organizations in the lending, real estate sectors, and private & corporate finance. Okra can bridge that gap by providing access to real-time banking data, verifying customers, and creating large hurdles during onboarding.
The innovation
With a strong engineering field, David Peterside, and Fara Ashiru Jituboh, the company’s technical expertise was able to connect with all Nigerian commercial banks. The banks include AIICO insurance PLS, Branch, Bamboo, Travelstart, Renmoney and Swipe, and more. The platform can also hold more clients in under 24 hours. The company saw a 175% increase in demand since March 2020. And as it is more financial firm wants their services. With this, the company also plans to expand its services across Africa.
“Our innovation is straightforward — the financial platform cannot function without adequate infrastructure, which is data. More importantly, the rate at which the African fintech sector will grow is basically tied to the success of infrastructure like Okra. And with our primary market in Nigeria; we’re moving to another level of innovation in Africa’s largest market.”
“There are up to 125million bank accounts in Nigeria presently. But after two years, we will see that figure increase, which will present wide opportunities for development. Our role within this is to bring-in speed, ease, and transparency to several areas within the fintech space. So, these companies can drive our continent forward,” says Okra’s CEO/CTO, Fara Ashiru Jituboh.
Investments
TLcom will invest one million dollars in Okra, having previously invested in uLesson and Kobo360. This investment will assist the financial sector, as part of the deal; several top personnel will join the board to oversee the innovations.
“We search for startups that have the potential for value-generation. And Okra’s technology provides that foundation needed for fintech solutions in Africa. Furthermore, it was necessary for us to get information its leadership had the entrepreneur-led focus needed for project execution”.
“Fara’s background was important because she’s an expert in up to 20 programming languages. She has worked with great companies. And is a reason why we’re committed to investing in more female founders. She leads with great drive and commitment and we have seen her and David develop an exciting business, in a little under a year. TLcom is also excited to help them grow more,” says Andreata Muforo, Partner at TLcom.
Okra’s is the newest company to go into Open business initiatives across the globe; this initiative has also increased the attention of more investors.
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