Fara Ashiru and David Peterside, Okra’s CEO/CTO and COO respectively.
Much less than a year after bursting onto Nigeria’s fintech scene with a splendid $1m pre-seed elevate, Okra has closed one other funding spherical. This time, it’s $3.5m in seed money from institutional and angel merchants, alongside side founding engineers at US startup Robinhood.
The Nigerian fintech startup helps folk and companies map gain entry to to financial files the usage of an API.
Agencies can exercise Okra to gain customers right-time and historical account balance, carry out Know Your Customer assessments, fabricate buyer transaction historical previous of up to 24 months, and space up links for yell debits.
Okra has a feature for customers too; for connecting personal bank accounts to other fintech apps. The startup says it is connected to all banks in Nigeria and promises “a 99.9% guaranteed uptime.”
These startups are riding the dialog around initiating banking, heralding a financial services ecosystem where banks initiating up their trove of buyer files and tempo up innovation.
Okra lists Accumulate entry to Bank, Interswitch, uLesson, Carbon, and Autochek as companies who currently exercise the Okra API.
Since launching in January 2020, the choice of requests made to Okra’s API has grown month-on-month by a median of 281%, in accordance with the company. That increase comes on the assist of over 20 million transactions and over 5.5 million transaction lines analysed in March 2021 on my own.
Building on this traction, the startup hopes its contemporary injection of funding will assist lengthen its offering all the plot in which by Nigeria. Ashiru, the CEO, says the startup’s quest is to assist companies with digital transformation instruments and that they are “in a resounding role to proceed to occupy and scale within the African and global API build.”
The seed funding spherical was led by Susa Ventures, a endeavor capital agency essentially based mostly in California which invests in seed-stage startups (their portfolio entails Andela and Robinhood, the funding app).
The spherical also marks a critical ever funding in an African startup by Accenture, the global consulting agency. TLCom Capital, the supreme agency to speculate in Okra’s $1m spherical final year, also participated on this seed spherical as did a trio of angel merchants: Choose Solomon (chairman at GoFundMe), Arpan Shah and Hongxia Zhong (every traditional founding engineers at Robinhood).
Omobola Johnson, Senior Accomplice at TLcom Capital, praised Ashiru for her “technical depth and expertise” and believes the combo with Peterside puts the startup in a respectable role to occupy “Africa’s most steady and tough API infrastructure.”
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