Okra, a Nigeria fintech startup has raised $1 million pre-seed funding from TLcom Capital to create a product that generates revenue from both payment startups and established financial institutions.
OKra received the money from TLcom Capital‘s $71 million Africa focused VC firm.
Founded in June 2019 by Nigerians Fara Ashiru Jituboh and David Peterside, the fintech start is building the industry’s “super-connector” by creating a secure portal and process to exchange financial information back and forth between customer, applications, and banks.
“We’re building a super-connector API that allows individuals to connect their bank accounts directly to third party applications. And that’s their African bank accounts starting in the largest market in Africa, Nigeria,” said Ashiru Jituboh.
Okra offers several paid packages for those types of integrations and opens up the code to developers for its five product categories: authorization, balance, transactions, identity, and accounts.
Okra has already created a diverse client list that includes online payments startup Carbon, insurer Axa Mansard, online bank Branch, and Nigerian digital lender Renmoney.
