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Fintech
Technology Report
Nigeria · West Africa
Innovation, digital society, platforms and future economy
Okra, Africa’s first Fintech outfit co-founded by Farah Ashiru Jituboh and David Peterside has raised pre-seed funding of $1m from an array of venture Capitalists.
Okra Application Programming Interface has raised a total amount of $1m pre-seed investment from various investment firms like TLcom Capital, Nairobi and London-based Venture Capital firms in other to expand and speed up operations.
Okra is the first API designed in Africa to assist companies to achieve certain intermediate milestones by connecting their customers’ accounts to any Web Apps or Mobile Apps for quick retrieval of real-time financial information.
They are building Africa’s coalesce banking Application Programming interface (API) with a secure portal and process for quick financial exchange information between customers, applications and all financial sectors to mollify and grow Fintech in Africa.
Okra App was created to generate revenues from both payment start-ups and the established financial sectors to soothe, speed up the transaction, and create transparency within the Fintech space. It also seeks to boost and stabilize the continent’s economies irrespective of the challenges.
For financial innovation to function properly, and infrastructure must be provided which is data and this will open doors to another level of restyling African’s largest market according to Okra.
Fara, the co-founder stated that the firm plan to extend this opportunity to other African Market hubs though she wasn’t sure when such privilege will kick off across the continent.
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They choose Nigeria, being a densely populated region, allowing Okra to build up their financial system as they discovered that majority of the citizen are underbanked.
Okra is construed to be the motherboard of the 21st century as they give room to the expandable financial system.
Essentially, how far African Fintech sectors can grow is intrinsically tied to the success of infrastructure like Okra.
Fara Ashiru Jituboh from fidelity investments and canvas and co-founder David Peterside also from UCML Capital and Fashion Maps founded Okra on June 1st 2019.
Okra is the first Fintech that TLcom’s invested in, and as part of the deal, Andreatta Muforo, a partner at TLcom will join Okra Board and Ido Sum, partner at VC firm as the board Observer.
Fara Ashiru Jituboh has knowledge over 20 programming languages and she has worked with many companies before establishing her own in Fintech Outfit.
Andreatta Muforo said “She leads by example and we have seen her and David build a really exciting business, in a little under a year. We’re excited to help them grow further”
