Nigerian API-based company Thepeer raises $2.1 million
Tech infrastructure startup Thepeer has raised a $2.1 million seed round according to a report from TechCabal.
Thepeer, a Nigerian tech infrastructure startup that facilitates frictionless wallet transfers between businesses, was created in August 2021 as a solution to the expensive and time-consuming transfer of money across mobile wallets by Kosisochukwu Chike Ononye (CEO) and Michael Okoh (CTO).
“Today, there are nearly 600 fintechs across the continent, most of which operate siloed wallets. Our goal is to make it possible to connect and make payments from any wallet. We are building an operating system so that businesses can offer more services to their customers,” Thepeer’s CEO Ononye said in a statement.
The startup is an API-based business that enables its clients, mostly small and medium-sized enterprises and fintech, to allow their consumers to fund their accounts from other businesses, transfer money across their various wallets, and pay for products conveniently using their wallets.
The rise of fintech businesses on the continent, which can also be attributed to increased venture capital funding, has made it necessary for Thepeer to build out its infrastructure. Most of these businesses, regardless of the type of financial service they offer—payments, lending, investing, trading, or neo banking—have digital wallets.
As consumers and companies use these fintech products, they’ve found that switching from one fintech’s digital wallet to another is challenging. The founders of Thepeer decided to create Thepeer in order to address this infrastructure gap after learning about the absence of digital wallet interoperability.
Currently, about 600 fintech companies are operating segregated wallets across the continent. We want to enable connections and payment processing from any wallet. According to CEO Ononye of Thepeer, “We are developing an operating system so that businesses may provide additional services to their clients.
The Raba Partnership, which has made numerous investments in startup African infrastructure payments API firms like Flutterwave, Stitch, and BVNK, is the lead investor in this round. Rali cap Ventures, BYLD Ventures, Timon Capital, Musha Ventures, Sunu, Uncovered Fund, and other African fintechs like Chipper Cash and Stitch are among the additional investors who took part in this round.
A variety of business- and consumer-facing products from Thepeer enable smooth money transfers between companies and their clients. Customers of various businesses can fund their wallets using Direct Charge, while those who use Checkout can buy things online from any retailer that takes Thepeer.
Send, it’s most recent offering, was released three months ago and enables companies to send and receive money from one another via a dashboard. Thepeer reported that since Send’s debut, its monthly transaction volume has increased over 65 times to double-digit million dollars. The business added that it had experienced average MoM transaction growth of 161 per cent since its inception in August 2021 through Q1-22.
According to Ononye, Thepeer generates revenue by charging users 0.5 per cent (limited at $25,000) for Direct Charge and Checkout transactions and $0.01 to companies for each consumer transaction. The business added that teletherapy platform Nguvu Health and international wallet Eversend both use its technology.
It’s great how Thepeer has made it simpler for consumers to pay for therapy using the Nguvu Health app, making it possible for Africans to easily and affordably get therapy through their smartphones. Joshua Koya, co-founder and CEO of Nguvu Health, said in a statement that thanks to Thepeer’s connectivity with other fintech wallets, our users now have options for how to pay for therapy.
The founder of Raba Partnership, George Rzepecki, said in a statement that “the opportunity that Thepeer is addressing reminded us of the fragmented card and mobile money payments landscape Flutterwave recognised 6 years ago.” Thepeer is constructing a foundational API-based payments layer where fintechs may enable money movement natively from within their wallets and apps in light of the growth of consumer and B2B fintechs across Africa today.
It secured a $220,000 pre-seed round of funding from angel investors less than a year prior, including co-founder and CTO of Paystack Ezra Olubi and co-founder and CTO of Edenlife Prosper Otemuyiwa.
Thepeer will use this new cash to extend to other African nations, such as Kenya, South Africa, and Egypt, according to Ononye, who currently only operates in Nigeria.
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