Nigerian fintech platform Okra announced on Monday it has secured a $1 million pre-seed fundraise from Sub Saharan Africa focused tech venture capital firm, TLcom Capital. The funding will go toward Okra’s efforts to build the infrastructure for Africa’s next wave of fintech innovation.
Launched in January 2020, Okra describes itself as a “super-connector” that has created a secure portal and process to exchange real-time financial information between customers, applications, and banks. The company further explained:
“Currently, developers and organizations in Africa do not have access to real-time banking data, creating large hurdles during the onboarding and verification of customers. Okra is the first in Africa to bridge this gap, delivering a new layer of transparency between organizations and users in the lending, personal & corporate finance, and real estate sectors.”
Okra then further revealed the $1 million investment marks TLcom’s first investment in the fintech sector and as part of the deal, Andreata Muforo, Partner at TLcom, will join Okra’s board. Ido Sum, also a Partner at TLcom, will also join as a board observer. Okra’s Co-Founder and COO, David Peterside, added:
“This investment marks the next chapter of this mission. For too long, simple financial tasks like budgeting, internal reconciliations and credit assessments have been additional stressors for businesses and we’re filling a long-standing gap in the market. Our aim is to make these processes as seamless and pain-free for our clients so they can focus on their core services.”