Nigeria-based OnePipe, which builds APIs to help banks partner with FinTechs and digital services, has reportedly raised $3.5m in seed funding.
Atlantica Ventures, which co-led OnePipe’s $950,000 pre-seed in 2020, joined the seed round as a co-lead investor, according to a report from TechCrunch. Other co-lead investors to the round were Tribe Capital and V&R Associates.
The round comprised of several new investors, including Canaan Partners, Saison Capital, Norrsken, The Fund and Two Culture Club. Existing backers to join the seed round include Chris Adelsbach, Techstars, Ingressive Capital, Acquity, P1, Raba and DFS Lab.
The company will use the capital to double down on its embedded finance offering.
OnePipe helps organisations embed financial services, such as accounts, improved payments and credit, within their product. Its APIs enable partnership with a variety of service providers, including including customer acquisition, customer experience, credit infrastructure, value added services, payment infrastructure, KYC, compliance, accounts and ledgers, and regulatory services.
Earlier in the year, fellow Nigerian FinTech company PayHippo collected $3m in its seed round to help it scale its team. The company helps SMEs in Africa to find alternative lending options.
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