Hydrogen, the fintech arm of Entry Company, holding firm of Nigeria’s greatest financial institution by belongings, declared income of ₦161 million on the finish of 2023. That is the primary time Hydrogen might be posting income since its launch in 2022, in accordance with Entry Company’s full-year financial statements. 

The 2-year-old funds firm closed December 2023 with an working earnings of ₦2.08 billion. This “displays the fruits of our strategic investments and diligent efforts in constructing a sustainable and resilient enterprise mannequin,” an organization spokesperson from Hydrogen informed TechCabal through e-mail. 

Launched in 2022, the corporate totally commenced operations in 2023. 

Hydrogen has large ambitions: it desires to construct Africa’s strongest fee enterprise community. It competes with different fintech gamers comparable to GTCO’s Squad, Flutterwave, Moniepoint, Stanbic IBTC’s Zest, and Paystack. Whereas it acknowledges the saturated funds market, Hydrogen believes that its method is totally different, counting on “a mix of strategic partnerships, technological prowess, and a deep understanding of the market dynamics”.

Hydrogen affords services and products that embrace InstantPay, Cost Gateway, POS, Card, and Swap providers. The fintech hopes to serve a clientele that cuts throughout the non-public and public sectors. 

The corporate claims to have processed roughly ₦15 trillion in transactions throughout its totally different channels in 2023. It additionally launched eight funds merchandise in the identical 12 months.