Okra, a Nigerian fintech startup seems to be on an amazing roll! Despite being launched in 2020, Okra has recorded 2 major seed funding for its expansion which has skyrocketed to a whopping $4.5M.
The fintech startup was launched in January 2020 by Fara Ashiru Jituboh and David Peterside. It is an API creating a secure portal and process to exchange real-time financial information between customers, applications and banks. The company is Africa’s first API “super connector” and is developing a strong frontier for the future of fintech innovation in Africa.
Back in 2020, Okra received its first boost in a US$1 Million pre-seed funding from TLcom to propel its mission of helping African fintechs and banks build best in-class technology and solve problems for their customers.
During a conversation in 2020, Jituboh remarked:
Our thesis is simple — financial innovation cannot exist without the proper infrastructure, which is data. Essentially, how far the African fintech sector can grow is intrinsically tied to the success of an infrastructure like Okra and with our core market in Nigeria, we’re opening the door to another level of innovation in Africa’s largest market.
12 months down the line, Okra has recorded another major funding led by the US-based Susa Ventures; a US$3.5 million seed funding round to help expand its data infrastructure across the country.
Aside securing this funding, Okra has also recorded a tremendous growth over the past 12 months.
In 1 year, the fintech startup has provided its services to institutions and startups including Interswitch, Access Bank, uLesson, Aella App and over 80 digital-first platforms. It has recorded an average month-on-month API call growth of 281 per cent and has analysed over 20 million transactions and more than 5.5M transaction lines in March 2021 alone.
We look forward to the dividends of this new funding. Stay with us for more fintech updates here https://techkudi.com
