Okra builds on like a flash voice to raise $3.5m from Susa Ventures and Accenture

by

Fara Ashiru and David Peterside, Okra’s CEO/CTO and COO respectively.

Decrease than a one year after bursting onto Nigeria’s fintech scene with a surprising $1m pre-seed elevate, Okra has closed every other funding spherical. This time, it’s $3.5m in seed cash from institutional and angel investors, including founding engineers at US startup Robinhood.

The Nigerian fintech startup helps contributors and businesses perform access to monetary records using an API. 

Firms can use Okra to fetch prospects trusty-time and historic fable steadiness, perform Know Your Buyer assessments, influence buyer transaction historic previous of up to 24 months, and build up hyperlinks for narrate debits.

Okra has a characteristic for purchasers too; for connecting deepest monetary institution accounts to other fintech apps. The startup says it’s miles connected to all banks in Nigeria and guarantees “a 99.9% assured uptime.”  

Basically based by Fara Ashiru Jituboh and David Peterside, Okra is one amongst an emerging carve of startups breaking into fintech with a highlight on expanding access to monetary records. 

These startups are riding the dialog around originate banking, heralding a monetary companies ecosystem the build banks originate up their trove of buyer records and run innovation.

Okra lists Get right of entry to Bank, Interswitch, uLesson, Carbon, and Autochek as corporations who within the mean time use the Okra API.

Since launching in January 2020, the amount of requests made to Okra’s API has grown month-on-month by an common of 281%, in step with the corporate. That voice comes on the encourage of over 20 million transactions and over 5.5 million transaction traces analysed in March 2021 by myself. 

Constructing on this traction, the startup hopes its new injection of funding will support lengthen its offering right thru Nigeria. Ashiru, the CEO, says the startup’s quest is to support businesses with digital transformation instruments and that they’re “in a solid characteristic to continue to perform and scale within the African and world API space.”  

The seed funding spherical modified into once led by Susa Ventures, a mission capital firm based in California which invests in seed-stage startups (their portfolio entails Andela and Robinhood, the investment app). 

The spherical additionally marks a first ever investment in an African startup by Accenture, the realm consulting firm. TLCom Capital, the single firm to invest in Okra’s $1m spherical final one year, additionally participated on this seed spherical as did a trio of angel investors: Cling Solomon (chairman at GoFundMe), Arpan Shah and Hongxia Zhong (each and each passe founding engineers at Robinhood).

Omobola Johnson, Senior Accomplice at TLcom Capital, praised Ashiru for her “technical depth and trip” and believes the mix with Peterside puts the startup in a factual characteristic to perform “Africa’s most trusty and sturdy API infrastructure.” 

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