CredPal announced their successful $1.5 Million Funding Round coming just in time for the company’s proposed plans to launch new credit card products to the Nigerian market and expansion to other African nations.
The company was founded by Fehintolu Olaogun and Olorunfemi Jegede in 2017 to provide point-of-sale consumer credit for lower-to-middle class income earners in Nigeria and has since won Visa Everywhere Initiative for Sub-Saharan Africa and the Bill and Melinda Gates Foundation-backed EFInA Grant.
Investors in the project include Y Combinator, a startup seed fund provider responsible for this funding round and enlisting CredPal into the 2019 Y Combinator Winter batch, GreenHouse Capital, a digital insurance company among many other venture capital firms.
Fehintolu Olaogun, CEO and co-founder, said “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.
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.