The startup set to use funds to roll out more currencies, features and hire talents
The Peer, a Nigeria fintech infrastructure startup, connecting businesses’ wallets, has raised a $2.1 million seed round led by the Raba Partnership.
The news comes a year after the startup raised $220,000 in pre-seed from a handful of angel investors, including Paystack CTO Ezra Olubi and Edenlife CTO Prosper Otemuyiwa.
Participating investors in Thepeer’s seed round include RaliCap, Timon Capital, BYLD Ventures, Musha Ventures, Sunu and Uncovered Fund. African fintechs Chipper Cash and Stitch invested too.
Sharing on why they invested in the one-year-old startup, George Rzepecki, founder of Raba Partnership, said, “The opportunity that Thepeer is addressing reminded us of the fragmented card and mobile money payments landscape Flutterwave identified six years ago.
“Today, with the proliferation of consumer and B2B fintechs across Africa, Thepeer is building a foundational API-based payments layer where fintechs can enable money movement natively from within their respective wallets and apps.
We are incredibly excited to support this ambitious team building a next-generation network.”
The startup founded in 2021 by Kosisochukwu Chike Ononye (CEO) and Michael ‘Trojan’ Okoh (CTO), said its APIs provide an alternative network where fintechs and businesses can embed different sets of products into their applications and websites for easy money movement by their customers.
“Today, there are nearly 600 fintechs across the continent, most of which operate siloed wallets. Our goal is to make it possible to connect and make payments from any wallet.
We are building an operating system so that businesses can offer more services to their customers. Our focus remains on product innovation and serving our customers who operate across different geographies,” Ononye said.
According to Ononye, the startup is looking to roll out more functionalities and wallets in other currencies (currently only able to deal with Naira templates) as well as hire more talent and invest in product development.
The startup offers three main products to businesses – Direct Charge, Send, and Checkout.