Nigeria-based Okra Inc. Secures $3.5M Seed Funding from Susa Ventures, others

Okra Inc., a Nigerian API fintech startup, has secured $3.5 million worth of seed funding round. Business Elites Africa understands that the round was led by American VC firm Susa Ventures, with participation from the likes of Accentures and TLcom Capital.

The company, which was established a little over a year ago (January 2020 precisely) by Co-founders David Peterside and Fara Jituboh, specialises in enablisng developers and business owners to build highly personalised digital services and fintech products for their customers. Okra’s API services are so viable and effective such that they are currently being used by some of Nigeria’s most notable companies such as Access Bank Plc, Interswitch, Aella, uLesson, etc.

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It is, therefore, not surprising that investors are showing interest. Not too long ago, Okra Inc. closed a $1 million pre-seed round from TLcom Capital. This latest funding round brings its total funding amount to $4.5 million. The money will be used to expand Okra’s data infrastructure across Nigeria.

As the company’s Co-founder and CEO Fara Ashiru Jituboh explained, “We build the tools that businesses need to achieve full digital transformation and we are excited to be welcoming some highly strategic global investors as we scale our Open Finance-as-a-Service operations. The opportunities to collaborate and grow together are significant and we are now in a strong position to continue to build and scale in the African, and global API space.”

Also commenting on this development was one of Susa Venture’s General Partners, Seth Berman, who said that he and the other Partners are “thrilled to partner with Okra as they enable developers across the African continent to transform digital financial services. We’re blown away by the quality of Okra’s team, pace of development, and the excitement from the customers building on their API.”

You may learn more about Okra Inc. by visiting their website right here.