Open Finance pioneer, Okra, a Nigerian fintech platform has secured a $3.5 million Seed raise recently.
The round was led by U.S-based Susa ventures, while other participants are TLcom Capital and Accenture Ventures. Okra had secured a $1 million pre-Seed round about a year ago. At that time, only TLcom Capital participated in that round.
It means that Okra’s total funding is now $4.5 million. The capital will be used to expand Okra’s data infrastructure all across Nigeria.
Okra operates the Open Finance platform and it is the digital transformation tool for businesses in Africa, enabling developers and businesses to build personalized digital services and fintech products for customers.
It has been providing its services to high-caliber financial institutions, startups, and government agencies. Over 100 digital platforms have benefited from the operations of Okra.
The company is hardly a year old but has seen API call growth of 281 percent. The company has also analyzed over 20 million transactions and analyzed over 5.5 million transaction lines in March 2021 alone.
As Fara Ashiru Jituboh, co-founder and CEO of Okra says, the company is building tools that businesses need to achieve full digital transformation. All the better for it, the company is welcoming global investors in order to scale its finance/service operations.
David Peterside, the company’s co-founder and COO said that the companies that will dominate the business landscape over the next decade are prioritizing a digital-first experience for customers now. These companies must be ready to leverage data and personalization to win market share.
Okra shares the same vision as it works with Susa. “Having Accenture Ventures join us at the Seed stage speaks volumes about our team’s ability to execute at a global scale,” he said.