CredPal, a Nigerian FinTech company that offers buy now, pay later services, has reportedly collected $15m in a bridge round comprised of equity and debt.
This capital will help CredPal expand across Africa, with it currently focused on Kenya, Egypt, Ghana and Cameroon, according to a report from TechCrunch.
In addition to this, the FinTech company is looking to secure a partnership with telecom operator Airtel Nigeria. This will help low to middle-income earners to purchase smartphones in instalments.
The bridge round was backed by Greenhouse Capital, Uncovered Fund, LongCommerce, First Circle Capital and WooCommerce co-founder Adii Pienaar.
Credit Direct supplied the debt capital, alongside unnamed financial institutions.
CredPal offers a flexible payment option that lets consumers split a transaction into six. Customers can either pay in 30 days with 0% interest, or spread the payment across two and six months.
CredPal co-founder and CEO Fehintolu Olaogun told TechCrunch, “One of the things that differentiate us is that we provide an omnichannel approach to BNPL.
“We’ve built out a merchant suite to cater to those who have like full-fledged e-commerce websites to those with brick and mortar store and social commerce merchants. We are merchants agnostic and also our tech allows consumers to be able to interface with CredPal across a wide range of channels.”
The company previously raised $1.5m in funding back in December 2020.
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