The Nigerian Fintech startup, Okra has secured a $1 million pre-seed investment from TLCom Capital three months after its launch,
Okra is an API which allows clients to retrieve real-time financial information from a bank account to any web or mobile app. The startup says its API is for developers but still promises simplicity.
One of its promises is that “with a few lines of code, you can implement any of our 5 products in a matter of hours.”
It is a bold promise that has now attracted the interest and funding from TLCom Capital. The $1m pre-seed funding represents TLCom Capital’s first investment in fintech space.
Andreata Muforo, a partner at TLCom believes Okra’s technology will provide a platform for more African fintech solutions.
TLCom’s investment is a continuation of activity in Nigeria’s fintech space in the last two years. Many players in the space have focused on payments and lending and have raised millions to match their ambitions.
Although fintech, Okra is a service like Plaid, and will not directly compete with startups like OPay and Carbon. Instead, it will allow businesses and consumers to interact with their bank accounts using its product.
Okra’s co-founder and COO, David Peterside says their product will help banks and other fintechs.