BY TOM JACKSON
Nigerian fintech startup Chaka has raised a US$1.5 million pre-seed funding round as it aims to expand its footprint to Ghana and other West African markets.
Chaka is a platform that provides tech services, marketing, customer service and operations to brokers on behalf of their customers. It provides unrestricted access to more than 4,000 stocks trading on capital markets, and is fully licensed by the SEC.
Recently a recipient of a Digital Sub-Broker/Sub-Broker Serving Multiple Brokers Through a Digital Platform License from the Securities Exchange Commission of Nigeria (SEC), Chaka has now raised a US$1.5 million pre-seed funding round led by Breyer Capital and also featuring 4DX Ventures, Golden Palm Investments, Future Africa, Seedstars, and Musha Ventures.
The funding will enable Chaka to continue on its mission to enable borderless investments across Africa and deliver digital investments solutions for African businesses. It will also be used towards the expansion of the startup’s footprint in West Africa to reach more retail investors and attract more foreign players to African capital markets.
“This is indeed a significant milestone for us at Chaka. We see digital investments as an opportunity to boost economic transformation in Africa, and our goal is to use this funding to bring this vision to life,” said Tosin Osibodu, co-founder and chief executive officer (CEO) of Chaka.
“With this capital, we will focus on our goals to build a roster of formidable partners and accelerate our expansion to other markets within Africa. This investment also enables us to hire top talent and integrate more advanced functionalities into our investment and wealth management solutions for businesses.”
Jim Breyer, CEO of Breyer Capital, said he was proud to combine efforts with a company that is levelling the investment playing field for Nigerians and Africans at large.
“We’re confident in the value Chaka provides through its digital tools, and we look forward to playing our part in supporting Chaka’s team on their mission to drive borderless investments in Africa,” he said.