A Nigerian fintech organisation, Okra, announced Wednesday it has closed a $3.5 million seed round to expand its data infrastructure across the country.
Founded in 2019 by Fara Ashiru Jituboh and David Peterside, Okra’s open finance platform is a digital transformation tool for businesses in Africa and its API enables developers and businesses to build personalised digital services and fintech products for customers.
The company billed as Africa’s first API super-connector raised $1 million funding from TLcom Capital last year and now has banked a $3.5 million seed round led by the US-based Susa Ventures.
The API company said it has raised a total of $4.5 million in two funding rounds.
“We build the tools that businesses need to achieve full digital transformation and we are excited to be welcoming some highly strategic global investors as we scale our open finance as a service operation,” said Fara Ashiru Jituboh, co-founder and CEO of Okra.
“The opportunities to collaborate and grow together are significant and we are now in a strong position to continue to build and scale in Africa and global API space.”
“The companies that will dominate the business landscape over the next decade are prioritizing a digital-first experience for their customers today and will leverage data and personalization to win market share over time,” David Peterside the co-founder and COO said.
“We share the same vision on open finance in Africa and are excited to be working closely with the team at Susa.
“Having Accenture Venture join us at seed stage speaks volumes about our team’s ability to execute at a global scale,” he said.
The company said it had recorded over 150,000 live API calls noticing an average month on month API call growth of 281 per cent.
Since its launch in January last year, Okra has aggressively pushed by connecting to all banks in Nigeria and even claims to have a 99.9 per cent guaranteed uptime.
The fintech infrastructure platform has provided its services to high calibre financial institutions, government agencies and startups including Access bank, Interswitch, Carbon, uLesson and over 100 digital-first platforms.