Syarpa, a finance startup based in Nigeria, just raised $500k in a pre-seed round led by Yolo Investments and a strategic angel investor. CrossFund and FirstFounders lead the funding round. This additional funding will support their aspirations to expand across Europe and Africa, increase access to fintech, and use technology to drive community progress.
African startups raised over $5 billion in funding from venture capitalists and angel investors in 2021, with over $1 billion of that funding going into the Nigerian startup ecosystem. As a result, it is clear that more global firms are beginning to recognize the enormous potential of the African startup ecosystem.
Syarpa is a fintech firm located in Nigeria that intends to shape the future of payments in Africa and throughout the world. They facilitate international money transfers and cryptocurrency exchanges by offering fiat and cryptocurrency payment solutions throughout Africa and across continents. Syarpa enables customers to send and receive money internationally in a variety of currencies via cash or cryptocurrency transfers.
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Due to the rules, restrictions, and expenses associated with international money transfers, money transfers for Nigerians and foreigners wishing to send money to Nigeria are very limited. Syarpa is resolving these issues by leveraging blockchain technology and digital money.
According to Adedapo Sodipo, the company’s founder and CEO, “Transferring money or products across borders is just too hard. Because there is no comprehensive one-step solution for Nigerians, they must change their local money or crypto assets, transfer between platforms, and pay multiple fees. Syarpa was created to address this issue.”
The startup has facilitated over $4 million in transactions since debut, with a workforce of 18 digital payment solution professionals, a user base of over 2,000 users, and a total revenue of roughly $50,000.
Why should I use Syarpa?
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Syarpa hopes to use this new infusion of funds to grow its fiat and cryptocurrency solutions across Africa, as well as its international currency offers across Europe. Given Syarpa’s value proposition and track record thus far, it’s worth a go.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh