CredPal, a Nigerian “buy now, pay later” (BNPL) firm, has received US$15 million to extend its consumer loan operations in Nigeria and beyond Africa.
Existing investors like Greenhouse Capital were also included as well as new investors like Uncovered Fund, LongCommerce and First Circle Capital. Adii Pieenaar, cofounder and former CEO, WooCommerce was also part of the bridge round. Only a few financial firms provided the debt facility.
Airtel Nigeria has also announced a new partnership. The partnership aims to promote digital inclusion by enabling Nigerians of low- and medium-income to access BNPL services, purchase smartphones, and internet modems.
CredPal was founded by Olorunfemi Jegede and Fehintolu Olaogun in 2018. It is a platform for consumer credit that allows purchasers to buy now and pay later.
CredPal Pay is a point of sale infrastructure for BNPL. It allows payment via a credit or debit card link, checkout plugins, QR codes and a transaction management software. This package is changing the way consumers and merchants shop online.
“We are overjoyed to have the backing of our investors and partners as we close this round of funding. Our dedication to improving credit facilities for African customers and assisting sellers in growing their sales is bolstered by these latest accomplishments,” stated Fehintolu Olaogun, CEO and co-founder of CredPal.
The firm currently serves over 85,000 clients, and has over 4,000 retail partners.
CredPal will leverage the new funding to grow its merchant relationships by leveraging CredPal Pay. This recently launched omnichannel merchant suite allows businesses of all sizes to seamlessly BNPL.
Additional funds will be used for expansion of the company in Africa, including the first phase in Kenya, Egypt Ghana and Cameroon.