Nigeria-based Okra said to raise $1m in funding

Okra, which helps to connect apps with bank accounts, has reportedly raised $1m in pre-seed funding.

The FinTech is looking to use the capital to support its move into new markets and the growth of its team, according to a report from TechCrunch.

TLcom Capital, an investor focused on technology companies in Sub Saharan Africa, supplied the capital to the round.

The Nigeria-based company is creating a secure portal and process for the exchanging of information between customers, applications and banks. Companies can easily implement one of Okra’s solutions into their existing infrastructures through a few lines of code.

Its technology can support companies improve their access to information, enhancing their services for personal finance, lending, corporate finances, consumer payments, banking and real estate.

Earlier in the year, Nigeria-based One Kiosk partnered with US-based mobile financial services provider HUMBL to provide merchants with online ordering and delivery services.

Between 2015 and 2019, Africa-based FinTech companies raised more than $1.1bn across 122 transactions, according to data from FinTech Global. The payments and remittances subsector received the most attention, with it being responsible for 60.9% of the funding.

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