The Cairo Angels Announces Investment in Nigerian Fintech CredPal for Pan-African Expansion
The Cairo Angels Syndicate Fund (CASF), a micro venture capital fund based in Cairo that invests in early-stage firms in the Middle East and Africa, has announced an investment in CredPal, a Nigerian FinTech firm.
CredPal will use the CASF money to extend its services across Africa, with an emphasis on key areas such as Egypt, Kenya, Ghana, and Cameroon.
Our objective to improve the quality of life of Africans through easy access to consumer credit is strengthened by this assistance from Cairo Angels Syndicate Fund. My co-founder and I are thrilled to have them as investing partners, and we can’t wait to see what we can do together,” Fehintolu Olaogun, CredPal’s Co-Founder and CEO, said.
CredPal, a Y-Combinator and Google-backed financial technology company founded by Fehintolu Olaogun and Olorunfemi Jegede in 2018, is a financial technology company that has developed an innovative solution that allows businesses and individuals to buy anything and pay for it in installments across online and offline merchants by providing them with instant access to credit at the point of checkout.
Credpal is a platform that allows users to set up accounts and establish payment plans while utilizing technology to reduce risk and connect to a variety of financial institutions that offer credit to customers.
Over 85,000 active customers and over 4,000 active retailers use CredPal. This round of funding will be utilized to expand throughout Africa, with a focus on key markets including Egypt, Kenya, Ghana, and Cameroon.
“We are really pleased with our investment in CredPal, which is our first in Nigeria. Fehintolu and Olorunfemi have created a fantastic FinTech platform that gives credit to thousands of underserved individuals and businesses across Africa, and it is fast growing to other critical markets, including Egypt. “BNPL has proven to be a successful business model that is a compelling alternative to traditional forms of consumer credit, particularly in emerging and frontier markets where credit card penetration is low and credit cards are typically unavailable to the masses,” said Aly El Shalakany, CEO of the Cairo Angels Syndicate Fund.
