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In Brief: Nigerian Fintech Okra Raises US$3.5M Seed Round

Okra - Founder360

Funding

In Brief: Nigerian Fintech Okra Raises US$3.5M Seed Round

Okra, a Nigerian-based Fintech, has closed a US$3.5 million seed round investment led by Susa Ventures, a US-based VC firm.

Other investors join in this round include TLcom Capital who had also invested in their US$1 million pre-seed round in 2020, Accenture Ventures and some angel investors. 

In total, Okra has raised US$4.5 million in two rounds and the company will use the investment to expand its data infrastructure across Nigeria.  

Launched in January 2019 by Fara Ashiru Jituboh and David Peterside, Okra’s “super-connector” creates a secure portal and process to exchange real-time financial information between customers, applications and banks.

Read: Andela Announces Global Talent Expansion in Latin & South America

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 organisations and users in the lending, personal & corporate finance and real estate sectors. 

Okra generates revenue by taking a commission off subsequent transactions and it boasts of 100+ clients including Access Bank and Interswitch.

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