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.