CredPal Raises $1.5 Million Funding Round to Expand its Fintech Business
CredPal, a Nigerian fintech startup that provides credit facilities to Nigerian consumers, recently announced that it raised the sum of $1.5 million from various investors including Y Combinator, GreenHouse Capital, Tangerine Life, and a number of other venture capital firms.
The funding round will enable CredPal to expand its business by making consumer loans available to more Nigerians. In the meantime, the company has also launched a range of credit cards.
A statement that was seen by Business Elites Africa quoted CredPal’s Co-founder, Fehintolu Olaogun, to have said that “we’re building the American Express of Africa, and our goal is to make credit cards mainstream across Africa as is obtainable in the United States and other advanced economies. With this funding, the growing market demand for consumer credit, and our recent product launch to solve these needs, we know that we’re on the right track.
“With this funding, we’re working on ways to provide more information and education about credit cards, the value of owning one and the benefits that come with it. We are obsessed with the desire to see that working professionals no longer have a thing to worry about as it concerns dealing with their financial needs, a world in which every working person is rewarded with a CredPal card that has their back. A world in which they can embrace life today and live more.”
The fintech startup, which was established in 2017 by Olaogun and Olorunfemi Jegede, works in partnership with eCommerce platforms to allow consumers buy goods and pay in installments. The startup, which has participated in both the Google Launchpad Accelerator and Y Combinator Accelerator, said it intends to widespread credit card usage among regular Nigerians.
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