The Cairo Angels Syndicate Fund, a micro-venture capital fund that invests in early-stage startups in Africa and the Middle East, announced its investment in CredPal is an inTech company.
Fehintolu Olaogun, Olorunfemi Jegede and Olorunfemi Jegede launched Y-Combinator in 2018. CredPal, a financial technology company backed by Google, is a financial technology company. It offers a unique solution that allows individuals and businesses to purchase anything online and pay in installments across offline and online merchants. Credit at checkout gives them instant access to credit.
Credpal is a platform that allows users to create accounts and select their payment plans. It uses technology to minimize risk, connect seamlessly to financial institutions that offer credit to customers, and leverage technology to minimize risk.
CredPal currently has more than 85,000 active users and over 4,000 active merchants. The funds raised in this round will go towards expanding across Africa with a special focus on key markets such as Egypt and Ghana.
“This support from Cairo Angels Syndicate Fund reinforces our mission to improve the quality of life of Africans through easy access to consumer credit. My co-founder and I are very pleased to have them as investment partners and can’t wait for how much we’ll achieve together” stated Fehintolu Olaogun, Co-Founder and CEO, CredPal.
“We couldn’t be more proud of our investment in CredPal, which is our first investment in Nigeria. Fehintolu & Olorunfemi have created an amazing FinTech platform that provides credit for thousands of African businesses and individuals. They will continue to expand rapidly to other key markets such as Egypt.
“BNPL has proven to be a successful business model that is a compelling alternative to traditional forms of consumer credit, especially in emerging and frontier markets where credit card penetration is very low and usually unavailable to the masses,” said Aly El Shalakany, CEO of the Cairo Angels Syndicate Fund.