Nigerian API fintech startup, Okra, has raised a $3.5 seed investment barely one year after its $1 million pre-seed round. Venture capital firm, TLcom Capital — the sole funder of the previous round — participated in this round.
US-based Susa Ventures with a global consulting firm, Accenture Ventures, led the fundraising.
Other participating angel investors include Rob Solomon, GoFundMe Chairman; and Arpan Shah and Hongxia Zhong, former founding engineers at Robinhood.
The infrastructural API of okra has grown since its launch in January 2020. It currently serves over 100 digital businesses, financial institutions, government agencies, and fintech companies, including Interswitch, Access Bank, and more.
Thus, okra will use this round to scale its open finance-as-a-service operation.
Although fintech is the rave, API fintech solutions are opening a new horizon in solving challenges beyond payment, saving, and lending. They are making these services safe for users while leveraging data to customize their clients’ banking services.
Like Mono and co, okras business model is to take commissions off digital businesses that integrate the solution on their platforms for KYC confirmation, and other transactions.
As a way of staying ahead of the different regulatory challenges the Nigerian fintech scene is currently facing, David Peterside, Okra COO, told TechCrunch that the startup is actively engaging regulators. However, he mentioned that they make sure that the platform abides by relevant data protection laws.
Given its current traction and growth rate, the startup would need to expand its team to meet demand. Fara Ashiru Jituboh, Okra CEO and CTO thinks this could be a challenge, but it would be met with massive hiring.