Seed funding secured by Kenyan open finance infrastructure startup Credrails
Credrails, a Kenyan open financial infrastructure startup, has acquired an unknown amount of initial money to help it link Africa to its API.
Credrails, which launched in 2020, is creating Africa’s open financial rails by linking bank, mobile money, and offline data into a single API, which it then exposes to other businesses to construct a range of use cases including loan analytics, KYC, and KYB.
This API links every African country, making it simple and quick for developers to create for Africa. The company already has a physical presence in Nigeria and access to 250 million accounts across 33 countries. Its objective is to link all of Africa, which has been aided by an unknown amount of initial investment received last month. SoftBank, Unicorn Growth, Samos Ventures, and Precursor are among the investors.
“The future of financial services rests on developers’ ability to build revolutionary products whilst rapidly improving existing offerings. Credrails enables these with open and robust access to rich data sources. Credrails solutions also promote interoperability across services, leading to faster and more affordable movement of money around Africa and beyond,” Clara Odero, the startup’s CEO and co-founder, told Disrupt Africa.
“Credrails exists to make it easier to access the entire African market, versus the top four or five markets on the continent, by connecting each country’s financial services into a single API.”
Credrails has grown 400% month over a month since its inception in August 2020, and by the end of 2022, it expects to be operating in five markets.
“We are getting a lot of requests from customers as well from across markets, and we are using that to plan our growth,” Odero said.
