Syarpa, a Nigerian fintech startup, just raised $500k in a pre-seed round led by Yolo Investments and a strategic angel investor. CrossFund and FirstFounders led the funding round.
This new funding will help them expand across Europe and Africa, make fintech more accessible, and use technology to promote community growth.
“Moving funds or purchasing goods across borders is too complicated. People in Nigeria need to convert their local currency or crypto assets, move across platforms, and pay several fees because there is no comprehensive one-step solution. Syarpa is built to solve this problem,” said founder and CEO Adedapo Sodipo
African startups raised more than $5 billion in investment from venture capitalists and angel investors in 2021, with over $1 billion of that money going to the Nigerian startup ecosystem. As a result, it’s clear that more global actors are beginning to recognize the African startup ecosystem’s huge potential.
Syarpa is a fintech firm established in Nigeria that intends to shape the future of payments in Africa and beyond. They enable users carry out international money transfers and crypto exchanges by providing fiat and crypto payment solutions in Africa and across continents. Syarpa offers its users the option to perform international money transfers with multiple currencies, either through cash or crypto transfers.
Money transfers for Nigerians and foreigners wishing to send money to Nigeria are limited due to international monetary transfer rules, restrictions, and charges. Syarpa is addressing these issues by utilizing blockchain technology and digital currencies.
They have processed transactions of over $4 million since launch, with a team of 18 digital payment solution experts, a user base of over 2,000 users, and total revenue at around $50k .