Back to the complete issue
Tuesday, 14 June 2022

CredPal secures USD six-figure funding from Cairo Angels, eyes stepping foot into Egypt

The Cairo Angels Syndicate Fund (CASF) has invested USD six figures in Nigerian BNPL fintech startup CredPal, the VC fund said in a press release (pdf). The capital will be used to finance the company’s expansion into Egypt, Kenya, Ghana, and Cameroon.

About CredPal: Launched in 2018 by Fehintolu Olaogun (LinkedIn) and Olorunfemi Jegede (LinkedIn), the BNPL startup allows its businesses and individuals to pay for their purchases in installments either online or offline. The company has been backed by Y-Combinator and Google and currently operates in Nigeria, Kenya and Angola.

This marks CASF’s first investment in Nigeria: “We couldn’t be more proud of our investment in CredPal, which is our first investment in Nigeria … BNPL has proven to be a successful business model that is a compelling alternative to traditional forms of consumer credit, especially in emerging and frontier markets,” said CASF CEO Aly El Shalakany.

Fintech is booming in Nigeria, as we discovered during our trip to Lagos a few weeks ago.

While we were there, we met CredPal co-founder and CEO Olaogun to chat about the local fintech scene.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.