by Russel A
Okra received the $1m pre-seed investment from TLCOM capital. The Nigerian fintech will now have the resources to create the next platform for fintech innovation. Okra is upbeat of the new fintech platform that is bound to support future fintech innovation. As they expand their client base, the new investments will spearhead this charge.
In January 2020, Okra launched its “super-connector.” This new platform can connect financial information between applications, customers, and banks through a secure platform. Currently, African organizations and developers are faced with hurdles when accessing real-time banking data. A major hurdle is the onboarding and verification processes.
Okra intends to bridge the transparency gap with the new platform. The founding team is comprised of Fara Ashiru Jituboh (formerly worked for Fidelity Investments & Canva) and David Peterside (worked for Fashion Map & UCLM Capital).
Expressing confidence in the new capital infusion, Okra CEO/CTO Fara Ashiru Jituboh explains how financial innovation cannot exist without “proper infrastructure, which is data.” She went further to tie the future growth prospects of the African fintech sector to the success of Okra’s new product in the Nigerian market.
Nigeria has over 125 million bank account holders and the number is ever rising. The new API technology presents a great opportunity for growth while delivering easy, speedy, and transparency to all players in the fintech space.
This $1 million investment is TLCOM’s first fintech adventure. The deal also requires Andreata Muforo, one of the partners at TLCOM to join the Okra board. Ido Sum will join the team in a board observer capacity.
Andreata Muforo was upbeat on how TLCOM works with startups that deliver “high-value generation”