$3.5 M seed funding secured by Nigerian embedded finance startup OnePipe
OnePipe, a Nigerian fintech business, has acquired US $3.5 million in venture capital to expand its integrated finance approach.
OnePipe, which was launched in August 2019, collects APIs from banks and fintech into a standardised gateway that is easy to integrate and streamlines relationships.
In the ten months since OnePipe began collaborating with enterprises to deliver embedded financial services, the team has processed over one million individual accounts and handled over 6.3 million transactions valued at over US$46.3 million from roughly 140 organisations.
Atlantica Ventures, Tribe Capital, and V&R Associates led a US$3.5 million early fundraising round for the startup. Canaan Partners, Saison Capital, Norrsken, The Fund, and Two Culture Cap are among the new investors, while Chris Adelsbach, Techstars, Ingressive Capital, Acquity, P1, Raba, and DFS Lab are among the current investors.
OnePipe, which obtained a pre-seed round of $950,000 late last year, will utilise this new funding to develop its business by fine-tuning its product offerings, strengthening its team, and entering a few key African regions.
“As businesses offer these financial services to customers who have trusted them over the years, these businesses drive stickiness while their customers on the other hand enjoy bespoke services from an entity who has a deep and familiar understanding of their financial needs. Essentially, OnePipe’s infrastructure drives a win-win relationship for the business, their customers and the financial institutions who have chosen to join the movement,” said OnePipe’s founder Ope Adeoye.
Atlantica Ventures’ founding partner, Aniko Szigetvari, expressed her firm’s delight in assisting Adeoye and the OnePipe team in their efforts to bring embedded finance to Nigeria and the rest of Africa.
“OnePipe is deepening financial inclusion in the continent by extending financial services to currently informal, unbanked and underbanked businesses. In our view, embedded finance is the next enabler for both traditional and financial service businesses to increase customer loyalty and revenue by offering a wide range of third-party financial products and revenue streams for their customers,” she said.
