Afrigather With over 100,000 downloads of its Android app, this Nigerian fintech continues the journey it started in 2018 to allow entry to numerous monetary options. Its participation in Y Combinator in 2019 enabled it to entry funding to develop its know-how and help its progress.
CredPal is a fintech answer developed by a Nigerian startup that permits customers to entry quite a lot of monetary companies by means of its cell app, together with saving, investing, and a Purchase Now, Pay Later (BNPL) possibility. Based in Lagos in 2018 by Fehintolu Olaogun and Olorunfemi Jegede, the corporate raised $15 million in March 2022 to increase its choices and help progress throughout the continent.
Discussing the funding spherical, Fehintolu Olaogun stated, “We’ve constructed out a service provider suite to cater to those that have like full-fledged e-commerce web sites to these with brick and mortar retailer and social commerce retailers. […] Our tech permits shoppers to have the ability to interface with CredPal throughout a variety of channel.“
In 2019, the fintech joined the Winter cohort of the California-based accelerator Y Combinator and has positioned itself within the Nigerian market by highlighting its BNPL providing. The aforementioned funding has facilitated the rollout of companies in a distinct segment phase of economic know-how. Customers create an account once they first log into the cell app, which is on the market on each Android and iOS platforms. They have to present private data to achieve entry to all of the monetary companies supplied by the fintech.
Along with BNPL, CredPal presents financial savings accounts, digital bank cards, and the “Credit score Builder” program. This latter service helps prospects fight a poor credit score historical past by offering entry to credit score by means of investments. It permits shoppers to reveal their potential to repay money owed on time, thereby bettering their credit score rating and securing a brighter monetary future.
Concerning the bank card, Fehintolu Olaogun talked about that it was designed to extend the attain of the BNPL service. The financial savings function permits customers to build up factors to qualify for more and more vital credit score traces. CredPal lends between 5,000 (about $4.34) and 500,000 nairas to its customers based mostly on their eligibility. They’ve between 30 and 180 days to repay the mortgage, after making a 30% down fee. Rates of interest vary from 4% to 9%.
Adoni Conrad Quenum
