Infibranches Technologies Limited has raised $2,000,000 in funding from Shell backed energy innovations company, All On.
The Nigerian-based startup, Infibranches Technologies, is a fintech and energy combined company focused on financial inclusion and energy accessibility across Sub-Saharan Africa. The company provides digital payment services to solar energy providers.
Solar Home System (SHS) distributors, mini-grid developers, and other large distribution network companies are the clientele of the company, helping them manage operations.
To achieve these, the company built two products; OmniBranches — aiding last-mile services through an active network of agents, with features including agent hierarchy management, real-time reporting and reconciliation, cashout and downline commission management. The second product is the Green Energy Plug — increasing energy access by financial inclusion through accessible APIs with features including collection, outright purchase, initial payment and downline commission management.
So far, the company affirms that OmniBranches has served over a million customers and companies can perform transactions for solar and other green energy products via the Green Energy Plug.
The company’s fintech arm involves an agent network through which finances are made available to boost the energy sector. Impacting lives across the continent, the company leverages a user-centered technology, and market expertise to accomplish its goal.
The company plans to utilise the new investment to ensure sustainable and adequately distributed energy even in the underserved regions of Nigeria.
Also, Infibranches targets a wider range of innovative expansion, product and technology development and provision of capital for businesses.
“We are particularly thrilled about this deal because it’s an innovative business model that solves the payments and collections problems that solar system distributors and mini-grid developers face across Nigeria,” said Wiebe Boer, CEO of All On.
“This partnership merges fintech and renewables in a way we haven’t seen in Nigeria before and will enable tens of thousands of new electricity connections.”
Olusola Owoyemi, CEO of Infibranches further stated:
“Through this investment, Infibranches plans to speed up customer acquisition in its current markets. This will also improve existing products like Omnibranches, which has served over a million customers and introduce new products and services to address energy distribution issues.”
Sam Parker, the CEO of Shell Foundation, said the initiative’s work with Infibranches has shown how important it is to continue addressing market barriers, enabling enterprises to more quickly expand their life-changing energy solutions to households and SMEs across Nigeria.
Infibranches Technology was founded in 2019 by Olusola Owoyemi. The company was among the startups selected for Forbes’ 1st Digital Startup Accelerator in Nigeria, 2020.
The company is supported by the Nigerian Off-Grid Market Acceleration Programme, an initiative backed by UK and USAID.