African Reserves Loans

DEAL: Nigerian API fintech startup Okra raises $ 3.5 million to expand data infrastructure


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Okra, the Nigerian API fintech start-up, announced that it had closed $ 3.5 million in a funding round.

This round of financing was led by the American company Susa Ventures. Other investors include TLcom Capital (the only investor in its $ 1 million pre-seed round in 2020); Accenture Ventures; Angel investors like Rob Solomon, president of GoFundMe and former partner of Accel; Arpan Shah, founding engineer and former head of data platforms and data products at Robinhood; and Hongxia Zhong, founding engineer and former director of engineering at Robinhood.

API has raised a total of $ 4.5 million in two rounds of funding.

Founded in 2019 by Fara Ashiru Jituboh and David Peterside, Okra’s API enables businesses and developers to build products with seamless access to inclusive financial data and secure payments.

The company said it has recorded more than 150,000 live API calls, noting an average month-over-month API call growth of 281%. Okra has also analyzed over 20 million transactions; last month it analyzed 27.5% of that figure across more than 5.5 million trade lines

The company also claims to onboard new customers in 24 hours or less while supporting them through the use of cases specific to their product.

Okra is connected to all banks in Nigeria with multiple connection methods to choose from. Some companies using Okra’s API include Renmoney, Carbon, Autochek, Access Bank, and Interswitch.

This new investment fund will be used to expand its data infrastructure across Nigeria and execute an impending Pan-African expansion in Kenya and South Africa.

What they say

Seth Berman, General Partner at Susa, said: “We are delighted to partner with Okra as they enable developers across the African continent to transform digital financial services. We are blown away by the quality of Okra’s team, the pace of development and the enthusiasm of the customers who rely on their API. “

Tom Lounibos, president and CEO of Accenture Ventures, said the reason for the investment stems from the partnership with Okra to bring open funding to Africa, the caliber of the founders and their technology.

Omobola Johnson, senior partner at TLcom Capital, said her company has always been impressed with the quality of the Okra team.

“Fara’s technical depth and expertise, which, combined with the sense of entrepreneurship that she and David bring to the business, leaves us confident that they are building the most stable and most stable API infrastructure. robust from Africa. TLcom is delighted to continue its partnership with Okra. “

Fara Ashiru Jituboh CEO of Okra said “We are building the tools businesses need to achieve a complete digital transformation and we are excited to welcome highly strategic global investors as we grow our Open Finance-as-a-Service operations. The opportunities to collaborate and grow together are significant and we are now in a strong position to continue to build and evolve in the API space in Africa and globally. “

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