Thepeer, an African tech infrastructure startup connecting businesses’ wallets, has raised a $2.1 million seed round led by the Raba Partnership, a year after the startup raised $220,000 in pre-seed funding
Investors who took part in the funding round include Rali_cap Ventures, Timon Capital, BYLD Ventures, Musha Ventures, Sunu, Uncovered Fund, Chipper Cash, and Stitch.
The startup says with the funding, it is looking to roll out more functionalities and wallets in other currencies (its current platform deals with Naira wallets) as well as hire more talent and invest in product development.
Like other API-based startups, Thepeer powers infrastructure for mainly fintech businesses, from small to medium-sized. Its APIs provide an alternative network where fintechs and businesses can embed different sets of products into their applications and websites for easy money movement by their customers.
The one-year-old fintech startup has seen an average month-on-month transaction growth of 161% since its launch. And with the launch of Send, its new product focused on helping businesses send money between one another via its dashboard (not the consumer-facing one), its monthly transaction volume has grown over 65x to “eight-figure” million dollars.