Nigerian fintech startup, Thepeer, has raised a $2.1 million seed round less than a year after launch, bringing the company’s total funding to $2.32 million.
The round was led by Raba Partnership and included participation from investors such as Rallycap, BYLD, Timon Capital, Musha Ventures, Sunu, Uncovered Fund, Chipper Cash and Stitch.
Thepeer is tackling the challenge which exists among fintechs who provide digital wallets to their customers “but do not have a direct way to use that store of value across different apps and merchants.”
To solve this problem, Thepeer offers three products that can be integrated into the applications or websites of fintech companies and businesses, to be leveraged by their customers. These products include Direct Charge, where these customers can fund their wallets from other businesses; Send — allows the customers to send money instantly; and Checkout — customers pay for items online from any store accepting payment via Thepeer.
The startup has been able to gain the trust of partners such as GetEquity, Nguvuhealth, Bitsika, Chipper Cash, Eversend, Paga and many others. Thepeer fixes its eyes on more integrations with thriving businesses in coming weeks.
Thepeer affirms to have recorded average month-on-month transaction growth of 161% since inception. Following the launch of its Send product, where users can send and receive money and is introducing transactions in other currencies aside from the Nigerian naira, the startup’s monthly transaction volume has grown over 65x and is processing millions of dollars in double digits.
Kosisochukwu Chike Ononye and Micheal Trojan Okoh founded the company due to personal encounters with finding direct ways to transfer value between customers of different walletable businesses and not getting it. Today, the idea of solving this problem has birthed another thriving African fintech company.