Credrails, a Kenyan open financial infrastructure startup, has acquired an undisclosed amount of initial money to help it link Africa to its API.
Credrails, which launched in 2020, is creating Africa’s open finance rails by linking bank, mobile money, and offline data into a single API, which it then exposes to other businesses to construct a variety of use cases like loan analytics, KYC, and KYB.
This API links every African country, making it simple and quick for developers to build for Africa. The company already has a physical presence in Nigeria and access to 250 million accounts across 33 countries. Its goal is to connect all of Africa, which has been aided by an undisclosed amount of initial investment received last month. SoftBank, Unicorn Growth, Samos Ventures, and Precursor are among the investors.
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“The ability of developers to create novel solutions while swiftly upgrading existing offers is critical to the future of financial services. Credrails provides them with open and secure access to a variety of rich data sources. Credrails products also promote cross-service interoperability, resulting in faster and more affordable money transfers across Africa and beyond “The startup’s CEO and co-founder, Clara Odero, said.
“Credrails connects each country’s financial services into a single API to make it easier to access the whole African market, rather than just the top four or five markets on the continent.”
Credrails has grown 400% month over month since its inception in August 2020, and by the end of 2022, it expects to be active in five markets.
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“We’re getting a lot of requests from customers across markets,” Odero said, “and we’re using it to plan our expansion.”
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer