CredPal, one of Nigeria’s earliest BNPL pioneers, has raised $15 million in equity and debt to expand its consumer credit operations throughout Africa. Investment in Kenya, Egypt, Ghana, and Cameroon will help the company expand into other African markets, according to a statement from the company
CredPal plans to use the new funding to partner with Nigerian telecom operator Airtel to offer payment plans for smartphones to people with low to middle incomes as part of CredPal’s product and regional expansion.
Credit Direct, a subsidiary of First City Monument Bank (FCMB), and a few undisclosed financial institutions provided the debt funding for the project.
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One of CredPal’s current investors is Greenhouse Capital, a venture capital firm specializing in financial technology and integrated finance. CredPal raised $1.5 million in seed capital two years ago, which was utilized to establish its credit card product. Uncovered Fund, LongCommerce, First Circle Capital, and co-founder Adii Pienaar have all invested in the company.
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