The Cairo Angels Syndicate Fund (CASF), a micro-venture capital fund that invests in early-stage firms in the Middle East and Africa, has provided investment to the Nigerian “buy now, pay later” (BNPL) startup CredPal.
CredPal is a consumer credit platform that was introduced in 2018 by Fehintolu Olaogun and Olorunfemi Jegede. It enables customers to buy now and pay later and aids businesses in attracting new clients in order to boost sales.
CredPal, which is supported by Y Combinator and Google and has over 4,000 onboarded merchants and 85,000 active consumers, revealed in March that it has acquired US$15 million in investment to develop its consumer credit solutions in Nigeria and across Africa. The CSAF has since agreed to make more investments in it.
“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,” said Olaogun.
Since its founding, Cairo Angels has been one of the most active early-stage investors in startups and high-growth firms in the Middle East and Africa, having invested in 31 companies spanning 18 different sectors. Cairo Angels was the first organized network of angel investors in Egypt.
With a specific focus on Egypt, the United Arab Emirates (UAE), Saudi Arabia, Nigeria, Kenya, and South Africa, its syndicate fund is a micro-venture capital fund that invests in post-seed and pre-Series A firms. This year, investments in Finclusion Group, FlexPay, and Nawah-Scientific have been disclosed.
“We couldn’t be prouder 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,” said Aly El Shalakany, CEO of the Cairo Angels Syndicate Fund.
