Nigeria’s open banking fintech startup, Okra, has raised a total of $1 million in its pre-seed round of funding.
Investors who took part in the funding are TLcom Capital, a Lagos, Nairobi, and London-based Venture Capital (VC).
The $1 million investment in the startup marks the VC’s first investment in the fintech sector, and as part of the deal, Andreata Muforo and Ido Sum from TLcom will join Okra’s board.
According to the firm, they will use the funding to venture into new markets as well as hire more staff further so as to cater to an ever-growing clientele. The startup reiterates that its clientele has increased by 175% since last month as more companies try to digitize their services due to the COVID-19 pandemic.
Okra is a Lagos based API developer that created a product that generates revenues from both payment startups and established financial institutions. It is aiming at connecting bank accounts to web and mobile apps at scale and in real-time.
According to data from Briter Bridges, a tech ecosystem data consultancy, Venture funding in the first quarter of 2020 for African startups has reached $350 million. South Africa, Nigeria, Kenya, and Egypt topped the funding charts.