“Financial super app” Yep! has secured $1.5 million in pre-seed funding from pan-African VC, Greenhouse Capital, as the company launches its innovative new digital financial super app on iOS and Android in five African nations (Nigeria, Niger, Togo, Ivory Coast, and Burkina Faso).
Yep! is a digital financial services company that uses technology to bring unusual and simple financial services and solutions to Africa’s unbanked, underserved, and micro, small, and medium-sized enterprises (MSMEs).
As the company develops its lending operations, the founders are in talks with international credit lenders to increase the super-loan app’s facility to $10 million by the end of this year.
“We have secured a $500,000 credit line that will enable us to kick-start the issuance of working capital loans to our existing merchants as we expand across the continent,” said Olaoluwa Awojoodu, Yep! Co-Founder. Increasing Yeplending !’s capacity will be a crucial catalyst in attracting more users and merchants to our ecosystem as we work to fulfill our objective of providing financial access to all Africans and connecting Africans to the rest of the world. Access to finance may be revolutionary — it opens doors for those who need it most and has a significant impact on the economy as a whole.”
As part of its commitment to increase financial inclusion, Yep! will use its current merchant network, PayCentre Africa, to help rural populations who would otherwise be financially excluded get access to the formal economy.
Entrepreneurs, small business owners, students, MSMEs, and merchants can use the company’s services to receive safe and quick digital access to financial solutions.
By the end of 2022, the company hopes to have doubled its present network of roughly 100,000 merchants to over 200,000.
Over 5 million customers have transacted over $2 billion through the startup’s network of 100,000 merchants.
Read more on Tech Gist Africa:
Dash, a Ghanaian payments app, has raised $32.8 million in seed funding
Naqla, an Egyptian logistics startup, has raised $10.5 million in a pre-Series A funding round.