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Home Funding

OkHi, a smart addressing startup, has raised $3 million in seed funding to help drive smart address verification across Africa

Tech Gist Africa by Tech Gist Africa
03/10/2022
in Funding, News - West Africa
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OkHi, a smart addressing startup, has received a $1.5 million seed extension, bringing the total amount raised to $3 million.

This round is backed by well-known companies and individuals who, in addition to finance, provide a wealth of experience to OkHi.

Chapel Hill Denham, Flutterwave’s founder, and executives, and EXFI (a group of ex-Googlers) are among the new investors, who join current investors including Founders Factory Africa, Betatron, and Interswitch Group.

“A physical address is a human right,” says OkHi. It allows a person to prove their address in order to open a bank account, has a delivery delivered to their door, and trust an ambulance to find them,” says Timbo Drayson, OkHi’s founder, and CEO. “In Nigeria, OkHi’s mission is to show the world how a smart addressing system should work. We plan to scale to every other emerging market after we’ve accomplished that.”

OkHi has created the world’s first smart address verification service, which uses a smartphone to verify a person’s address, eliminating the need for utility bills and in-person visits.

OkHi’s address verification product is 30% more accurate, 4x faster, and 50% less expensive than the industry standard of sending a physical agent to a customer’s door, according to a pilot with Stanbic IBTC.

OkHi addresses can now be found in 54 countries, demonstrating that their platform is ready to scale.

With the extra funding, OkHi will be able to meet its aim of confirming the addresses of over one million Nigerians by 2022, allowing for easier access to financial services and more efficient delivery services.

To address rising demand from the financial services sector, the company will use the fresh funding to acquire global talent in sales, product, and engineering.

 

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.

Milezmore, an Egyptian logistics startup, has secured a $5 million pre-seed round of funding

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Tech Gist Africa is a new media and technology news platform that focuses on the untold stories of innovative ideas closely connected to technology news from Africa.

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