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Nigeria’s Credpal Secures $15M In Debt And Equity To Scale Its Bnpl Product Across Africa

Mar 29, 2022•over 3 years ago

Amount Raised

$15 Million

PaymentsFinancial ServicesOtherSoftwareCommerce And Shopping

Description

The adoption of buy now, pay later (BNPL) in Nigeria as a payment option both online and at the point of sale is expected to record a CAGR of 20% from 2021 to 2028, per this report.

Company Information

Company

Cred Pal

About

Olaogun said in instances where consumers pay back before two months, they might not pay any interest — which is covered by fees the company charges merchants. The platform serves as a point-of-sale infrastructure that enables BNPL through a credit payment link, checkout plugin, QR codes, and a transaction management system. Nigeria’s ThankUCash secures $5.3M to build infrastructure for cash back, deals and BNPL servicesAs CredPal looks to expand both product-wise and geographically, the company said part of the new investment will also help it secure a partnership with telecom operator Airtel Nigeria to allow low to middle-income earners to purchase smartphones in instalments. Speaking of merchants, CredPal has 20,000 merchant sign ups; however, it has onboarded over 4,000 with only 600 being monthly active merchants. But becoming a market leader in Nigeria or Africa isn’t CredPal’s for the taking.

Funding Insights

Based on industry data
Tech investment trends
83% of B2B companies plan digital investments, with 79% prioritizing customer experience tech