The Cairo Angels Syndicate Fund (CASF), a micro venture capital fund that invests in early-stage startups in the Middle East and Africa, has announced an investment in the Nigerian FinTech company CredPal.
The CASF funding will be used to expand CredPal’s services across Africa with a focus on key markets, namely Egypt, Kenya, Ghana, and Cameroon.
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” stated Fehintolu Olaogun, Co-Founder and CEO, CredPal.
Launched in 2018 by Fehintolu Olaogun and Olorunfemi Jegede, Y-Combinator and Google-backed CredPal is a financial technology company that has developed an innovative solution that allows businesses and individuals to buy anything and pay for it in instalments across online and offline merchants by providing them with instant access to credit at the point of checkout.
Credpal provides a platform that facilitates users to set up their accounts and choose their payment plans leveraging technology to minimize risk and seamlessly connect to multiple financial institutions that provide credit for customers.
CredPal has over 85,000 active customers and more than 4,000 active merchants. The funding in this round will be used to expand across Africa with a focus on key markets, such as Egypt, Kenya, Ghana, and Cameroon.
