CredPal Raises $1.5m for Credit Cards Launch and Expansion

Nigerian consumer fintech startup, CredPal, has announced its raise $1.5 million in a recent funding round.

The investors that took part in this round include US seed-stage accelerator, Y Combinator; Lagos-based fintech investment holding company, GreenHouse Capital; Tangerine Life, a digital insurance company; and other VC firms.

Founded by Fehintolu Olaogun and Olorunfemi Jegede in 2018, CredPal started off by providing point-of-sale consumer credit to lower-to-middle class income earners in Nigeria.

That same year, the startup was able to gain recognition at Visa Everywhere Initiative for Sub-Saharan Africa. It won $25k and the Merchant Payments Challenge for allowing individuals and businesses to pay for purchases in instalments across online and offline merchants.

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March 2019 saw CredPal get accepted into the Y Combinator Winter batch alongside other African startups like Wallets Africa, Schoolable, and 54gene. They received $150k in the process.

In June this year, CredPal was also selected for the fifth edition of Google for Startups Accelerator Africa. A three-month-long programme, CredPal alongside 19 other businesses were said to have access to mentorship, funding, and PR support, among other incentives during that period.

Innovating beyond point-of-sale payments and expansion plans With this new investment round, Olaogun says CredPal has the firepower it needs to accomplish its mission. In Nigeria, using credit cards is not widely popular and with what CredPal has done so far, there’s enough market to be tapped.

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