Lagos-based blockchain startup, Payourse, has received a $600,000 pre-seed investment to scale its products, hire more talent and expand into new markets.
Micheal Ugwu, one of the biggest NFT collectors in Africa, Flori Ventures, Olumide Soyombo’s Voltron Capital, and Allegory Capital joined the round to help Payourse get closer to achieving its goals.
Other angel investors included co-founders of CELO; Marek Olszewski and Rene Reinsberg, Kola Aina of Ventures Platform, Angel Touch Holdings, and Oluwatobi Anisere.
Founded in September 2019 by Bashir Aminu; CEO and John Anisere; CTO, Payourse focuses on solving the problem of accessibility and adoption of the Web3 economy.
The company does this by providing the core infrastructure and tools needed to help African businesses build user-friendly crypto and Web3 products.
According to the company, there are currently over 5,000 users on Coinprofile who process millions of dollars on the platform. Payourse also affirmed that in 2021, its payment gateway has grown 15,000% across all metrics, maintaining a 150% month-on-month growth rate.
“We believe the future of finance in Africa will be defined by crypto. Our goal is to accelerate access to crypto for everyone, by giving businesses the right financial tools to build user-friendly crypto products,” Bashir said.
“I worked closely with Bashir as a Visiting Partner at Flori Ventures. I’ve spent four batches at YCombinator and rarely do I see a company with this kind of knockout performance and a founder who is willing to put in the hard work to continue to nurture it“, Holly Liu, visiting partner at Flori Ventures, said. “Bashir is capable of meeting the demands of a crazy growth startup and also ramp up fundraising”.
Olumide Soyombo, managing partner at Voltron Capital said: “We are excited to back the Payourse mission as we believe this team is a super technical team with subject matter expertise. The team is solving an important problem by providing the key infrastructure for Africans and African businesses to adopt crypto”.
Michael Ugwu, who is also one the biggest NFTs collectors in Africa, added: “The team has outstanding technical execution ability. Their customer service is so top-notch that I am always proud when referring Coinprofile to friends, family, and colleagues — knowing the team would deliver”.
“The team’s experience and understanding of the marketplace put them in good stead to quickly deploy solutions and scale opportunities. I have been an angel in several companies, however, I am very bullish on the services Payourse is rolling out. Their year-on-year growth as well as customer growth and retention are testimony to this”.
Bashir stated the team’s appreciation for the quality of investors that participated in the pre-seed round. He concluded that the new funding will help the company improve its existing use-cases and then build more with extension into new markets and acceleration of crypto adoption on the continent.