Nigerian fintech startup, OnePipe, has raised $3,500,000 seed to expand operations within Africa, bridge financial gaps and enhance the customer experience for businesses.
OnePipe raised the funds from a number of investors including African impact-focused VC Atlantica Ventures, who co-led the seed round with Tribe Capital and V&R Associates.
While new investors included Canaan Partners, Saison Capital, Norrsken (the fund of Klarna founder Niklas Adalberth), The Fund and Two Culture Cap, existing investors included Chris Adelsbach, Techstars, Ingressive Capital, Acquity, P1, Raba and DFS Lab followed on with new checks, alongside a few angel investors.
OnePipe leverages an API to enable organisations focus on building market-defining products. According to the company, its partner banks and fintechs have provided most of the underlying infrastructure needed for the creation of product as a service, enabling users to focus on customer experience and acquisition.
Founded by Ope Adeoye, OnePipe also works with non-financial institutions to launch and cross-sell an array of financial services such as credit, accounts and payments within their offerings.
The company affirms to have processed over 6,300,000 transactions worth over $46,300,000 from over 1,000,000 individual accounts and 138+ businesses, ranging from FMCG and retail to lending and agriculture.
OnePipe makes its profit by taking a percentage cut from transactions made on accounts and shares with its partner banks. For loans offered via its APIs, OnePipe takes at least 1% of the loan interest from its lending partners and also shares it with the businesses and partner banks.