CredPal, a Nigerian fintech startup has secured a $1.5 million investment from Y Combinator, GreenHouse Capital, an unnamed digital insurance company, and other VC firms.
Credpal is 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.
It was founded by Fehintolu Olaogun and Olorunfemi Jegede in 2018.
The investment will be used to drive the adoption of credit cards in Nigeria first and across Africa.
Speaking to TechPoint in the investment, the CEO of CredPal Fehintolu Olaogun said: “We’re building the American Express of Africa. And our goal is to make credit cards mainstream across Africa as is obtainable in the United States and other advanced economies.
“With this funding, the growing market demand for consumer credit, and our recent product launch to solve these needs, we know that we’re on the right track.”