Nigerian FinTech CredPal has secured $1.5m in funding to build the “American Express of Africa”.
Y Combinator, GreenHouse Capital and insurer Tangerine Life as well as venture capital firms backed the raise, according to Disrupt Africa.
The company was launched in 2017 by Fehintolu Olaogun and Olorunfemi Jegede. CredPal has developed a consumer credit infrastructure to ease consumer credit purchase and enable retail businesses to provide on-demand credit for consumers.
“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,” Olaogun told Disrupt Africa. “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.”
Copyright © 2020 FinTech Global
