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Nigerian Financial super-app Yep! has secured $1.5 million in a pre-seed funding round led by Greenhouse Capital. The company is also launching a new digital financial super app in five African countries namely: Nigeria, Niger, Togo, Ivory Coast, and Burkina Faso.

Yep! deploys technology to deliver unconventional and intuitive financial services and solutions that fills the gap left by existing banking models which fail to serve Africa’s unbanked, underserved and micro, small, and medium enterprises (MSMEs).

Commenting on the funding, Olaoluwa Awojoodu, Yep! The co-Founder said: “We have secured a $500,000 credit facility that will enable us to kick-start the provision of working capital loans to our existing merchants as we expand across the continent. As we strive to deliver on our promise of bringing financial access to all Africans and connecting Africans to the world, increasing Yep!’s lending capacity will be a key catalyst in pulling more customers and merchants into our ecosystem. Access to finance can be transformative – it unlocks opportunities among those that need it the most and has a huge impact on the wider economy.”

The company is doubling up its efforts as it sets eyes on increasing the width of its existing network from about 100,000 to over 2000 by the end of 2022. The company is also in talks with international technical partners in the financial domain to scale up the super app’s debt facility to $10 million by the end of this year as the company scales its lending operations.

Yep! is also on the mission to enhance financial inclusion by leveraging the existing merchant network, PayCentre Africa, to ease entry into the formal economy for rural communities, who would otherwise be financially excluded. The company’s services enable entrepreneurs, small business owners, students, MSMEs, and merchants to gain safe and easy access to financial solutions digitally.

Last year, the company processed transactions initiated by 5 million customers, transactions worth above $2 billion through the company’s growing network of merchants. In an attempt to close the loop, bank these customers; Yep! secured a microfinance bank (MFB) license in Nigeria, enabling the company to set up accounts for customers, businesses, and merchants, in a matter of seconds.

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Looking forward the firm wants to partner with leading U.S. banks and service providers to expand its products to customers in the U.S., building on remittance flows to Africa from the diaspora and migrants from the region. Product lines across the Atlantic will include low-cost and freely accessible remittances to African countries, free checking and saving accounts, and a credit card to start.

Airende Ojeomogha, Co-founder, Yep! said: “The informal sector is the backbone of economic activity in Africa and accounts for over 80% of jobs in cities across the continent. However, populations and businesses in this segment often do not have the necessary tools to grow and scale – due to restricted access to financial services that enhance growth, such as savings and credit facilities. With our network of around 100,000 merchants spread across West Africa, we get to hear from millions of customers and businesses, so we know our customers’ challenges. This strengthens our ability to build and provide the right products that eradicate their pain points and respond to evolving needs.”

Garry Ottosen, Co-founder, Yep!, said: “We want to create a disruptive financial platform that democratizes access to financial services and economic opportunities for both retail and business customers across Africa. Yep! succeeds only when our customers do.”

Greenhouse Capital led the $1.5 million investment round, adding the firm to its portfolio of pioneering companies in Africa, including Y.C. companies Flutterwave, Credpal, and Helium health.

Ruby Nimkar, Partner at Greenhouse Capital stated why they invested in Yep! saying“We are excited to support Olaoluwa, Airende, and Garry as they make financial services accessible to consumers and businesses both on the continent, as well as in the diaspora. The founders are seasoned operators and we were impressed by the vision, the team, and the speed of execution.”

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Shirleen
Shirleen is a tech writer with over 3 years of experience in the industry. She has a passion for writing about complex technical topics in a way that is easy to understand. She is also an expert in SEO. She is a highly skilled and experienced tech writer who is passionate about her work. She is also a great team player and is always willing to go the extra mile to get the job done.

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