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Nigeria’s CredPal Raises US$1.5M For Credit Cards Launch

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Nigeria’s CredPal Raises US$1.5M For Credit Cards Launch

Nigerian FinTech startup, CredPal has raised $1.5 million as it launches its range of consumer credit cards.

The funding round came from US seed-stage accelerator, Y Combinator and Lagos-based fintech investment holding company, GreenHouse Capital.

Founded by Fehintolu Olaogun and Olorunfemi Jegede in 2018, CredPal started by allowing businesses and individuals buy anything and pay for it in instalments across online and offline merchants by providing them with instant access to credit at the point of checkout.

CredPal

“We’re building the American Express of Africa, and our goal is to make credit cards mainstream across Africa as is obtainable in the United States and other advanced economies,” Olaogun said.

Read: African Cross-border FinTech Startup Chipper Cash Banks US$30M Led By Jeff Bezos, Ribbit Capital

The startup graduated from Y Combinator accelerator in 2019 and also took part in the Google Launchpad Programme early this year.

“With this funding, we’re working on ways to provide more information and education about credit cards, the value of owning one and the benefits that come with it. We are obsessed with the desire to see that working professionals no longer have a thing to worry about as it concerns dealing with their financial needs, a world in which every working person is rewarded with a CredPal card that has their back.” Olaogun added.

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