The Cairo Angels Syndicate Fund (CASF), an Egyptian-based micro venture capital fund that invests in early-stage startups in the Middle East and Africa, has announced its $150-$250k investment in Nigeria’s Fintech CredPal.
Launched in 2018 by Fehintolu Olaogun and Olorunfemi Jegede, Y-Combinator and Google-backed CredPal is a financial technology company that has developed an innovative solution that allows businesses and individuals to buy anything and pay for it in instalments across online and offline merchants by providing them with instant access to credit at the point of checkout.
CredPal has over 85,000 active customers and more than 4,000 active merchants and provides a platform that allows users to set up their accounts and choose their payment plans leveraging technology to minimize risk and seamlessly connect to multiple financial institutions that offer credit for customers.
According to Aly El Shalakany, CEO of the Cairo Angels Syndicate Fund, the investment in Credpal was a strategic decision following the mind-blowing objectives of the brand and its expertise in offering unique fintech services. In his words;
“We couldn’t be more proud of our investment in CredPal, which is our first investment in Nigeria. Fehintolu and Olorunfemi have built an incredible FinTech platform that provides credit to thousands of underserved individuals and businesses in Africa and will be expanding rapidly to other key markets, including Egypt. BNPL has proven to be a successful business model that is a compelling alternative to traditional forms of consumer credit, especially in emerging and frontier markets where credit card penetration is very low and usually unavailable to the masses”
According to reports, the funding in this round will be used to expand across Africa with a focus on key markets, such as Egypt, Kenya, Ghana, and Cameroon.
Credpal has also reiterated its excitement with the investment and is looking forward to leveraging strategies to ensure the investment is a huge success.
“This support from Cairo Angels Syndicate Fund reinforces our mission to improve the quality of life of Africans through easy access to consumer credit. My co-founder and I are very pleased to have them as investment partners and can’t wait for how much we’ll achieve together” stated Fehintolu Olaogun, Co-Founder and CEO, CredPal.
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