Yep, Nigeria’s financial super-app! As it launches its solution across five African countries, Yep has raised US$1.5 million in pre-seed financing.
It was founded last year by Olaoluwa Awodu, Airende Ojeomogha and Garry Ottosen and is based in Lagos and San Francisco. Yep! this app is a financial super-app that uses technology to offer seamless financial solutions and services to Africans.
Yep! are its core offerings. Yep! MSMEs, traders, and businesses are welcome. The startup has raised US$1.5 million in a pre-seed funding round led by Greenhouse Capital as it launches its app on iOS and Android in five African countries – Nigeria, Niger, Togo, Ivory Coast, and Burkina Faso.
Yep! Yes! The company has ambitious growth goals of increasing its existing network of around 100,000 merchants to more then 200,000 by 2022. The company’s founders are currently in talks with international credit agencies to raise its debt facility to US$10,000,000 by the end of the year.
“We have secured a US$500,000 credit facility that will enable us to kick-start the provision of working capital loans to our existing merchants as we expand across the continent. As we strive to deliver on our promise of bringing financial access to all Africans and connecting Africans to the world, increasing Yep!’s lending capacity will be a key catalyst in pulling more customers and merchants into our ecosystem. Access to finance can be transformative – it unlocks opportunities among those that need it the most and has a huge impact on the wider economy,” Awojoodu said.
Yep! was founded to increase financial inclusion as part of its mission. Yep! will make use of its existing merchant network PayCentre Africa to help rural communities gain access to the formal economy. The company’s services enable entrepreneurs, small business owners, students, MSMEs, and merchants to gain safe and easy access to financial solutions digitally.
In 2021 alone, over five million customers transacted more than US$2 billion through the company’s growing network of merchants. Yep! was created to close the loop and bank these customers. Yep! was granted a Nigerian microfinance bank license, which allowed the company to open accounts for customers, merchants, and businesses in just seconds.
The company is seeking partnerships with US banks and service companies to increase its products and services to US customers. It will also build on existing remittance flows to Africa via the diaspora as well as migrants from the region.
“We are excited to support Olaoluwa, Airende and Garry as they make financial services accessible to consumers and businesses both on the continent, as well as in the diaspora. The founders are seasoned operators and we were impressed by the vision, the team and the speed of execution,” said Ruby Nimkar, partner at Greenhouse Capital.