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Nigerian Digital Bank Yep! Raises $1.5M Pre-Seed For Its ‘Financial Super App’ Play

Mar 09, 2022•over 3 years ago

Amount Raised

$1.5 Million

Round Type

pre-seed

Description

Agency banking is big business in Nigeria and sub-Saharan Africa. It involves agents or merchants, who act as human ATMs, offering financial services such as transfers, savings and payouts to the underbanked and unbanked that rarely visit bank branches.

Company Information

Company

Yep!

About

Last year, the company said it had over 5 million customers transact more than $2 billion from its network of 100,000 merchants. The startup plans to go live across the five markets where E-Settlement is present, serving digital financial services to consumers, small business owners and merchants. The San Francisco- and Lagos-headquartered startup will also go for customers who use banks and other digital-only platforms like Kuda, Carbon and FairMoney. Currently, the company has secured a $500,000 credit facility to kick-start the provision of working capital loans to its existing merchants. The startup intends us the pre-seed investment to double its agent network to over 200,000 by the end of 2022 as part of its goal to boost financial inclusion.