Simplified Tech News Reporting

Credpal Raises $15 Million To Improve BNPL Across Africa

The Nigerian startup provides Buy Now, Pay Later (BNPL) as a payment option, both online and at the point of sale.

0 412

Credpal has raised $15 million in equity and debt to expand its consumer credit offerings across Africa.

According to Credpal, the new funding is a combination of equity and debt round to support its expansion into other African markets, mainly Kenya, Egypt, Ghana and Cameroon.

Credpal said the debt financing was provided by Credit Direct, a subsidiary of First City Monument Bank (FCMB) and a few unnamed financial institutions while Greenhouse Capital, a fintech and embedded finance-focused venture capital firm, participated in the equity round and new investors include Uncovered Fund, LongCommerce, First Circle Capital, and Adii Pienaar, co-founder and former CEO of WooCommerce.

Credpal also said it is looking to partner with telecom operators, Airtel Nigeria in its bid to expand both product-wise and geographically to further allow low to middle-income earners to purchase smartphones in instalments.

Fehintolu Olaogun, CEO, CredPal: “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.”


Leave A Reply

Your email address will not be published.