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.
The bridge round included existing investors such as Greenhouse Capital, as well as new investors such as Uncovered Fund, LongCommerce, First Circle Capital, and Adii Pienaar, co-founder and former CEO of WooCommerce. A small number of financial firms supplied the debt facility.
Additionally, the announcement coincides with the launch of a new partnership with Airtel Nigeria to promote digital inclusion by enabling low- and middle-income earners in Nigeria to access BNPL services and purchase smartphones and internet modems.
CredPal, founded in 2018 by Fehintolu Olaogun and Olorunfemi Jegede, is a consumer credit platform that enables purchasers to purchase now and pay later, while also assisting merchants in acquiring new consumers and increasing sales.
CredPal Pay acts as a point-of-sale infrastructure for BNPL, enabling payment via a credit card link, checkout plugin, QR codes, and a transaction management system. This package is revolutionizing the point-of-sale experience for both online and brick-and-mortar merchants and consumers.
“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 has over 85,000 active clients and over 4,000 retailers on board.
CredPal will use the fresh funding to expand its merchant connections by leveraging CredPal Pay, a recently launched omnichannel merchant suite that enables businesses of all sizes and industries to seamlessly BNPL.
Additionally, the funds will be used to expand the company throughout Africa, beginning in Kenya, Egypt, Ghana, and Cameroon.