Okra Raises $3.5m To Improve Data Infrastructure

Fintech company, Okra has raised $3.5 million in a round led by Susa Ventures, a US-based capital firm.

Okra’s existing investors -TLcom Capital, and newly-joined Accenture Ventures also participated in the round, bringing the Open Finance pioneer’s total seed funding to $4.5 million.

Also among the seed investors are Rob Solomon, the Chairman at GoFundMe, who is also a former Partner at Accel, and Accenture, a global professional services company with leading capabilities in digital, cloud and security.

In a statement addressed to the investing public, Okra explained that the seed will be used to fund its data infrastructure across Nigeria.

Commenting on the new fund raising, Fara Ashiru Jituboh, Okra co-founder and CEO/CTO, was quoted as saying that “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 operations. The opportunities to collaborate and grow together are significant and we are now in a strong position to continue to build and scale in the African, and global API space.”

Also Read: https://arbiterz.com/massive-african-infrastructure-projects-often-hurt-rather-than-help-local-people/

On his part, David Peterside, Okra co-founder and COO added: “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 & personalization to win market share over time. We share the same vision on Open Finance in Africa and are excited to be working closely with the team at Susa. Having Accenture Ventures  join us at Seed stage speaks volumes about our team’s ability to execute at a global scale.”

Enabling Digital First Financial Services

Founded by Fara Ashiru Jituboh and David Peterside in January 2020, Okra’s Open Finance platform is the digital transformation tool for businesses in Africa and its API enables developers and businesses to build personalized digital services and fintech products for customers.

Since launch, the fintech infrastructure company has provided its services to high calibre financial institutions, startups, and government agencies including Interswitch, Access Bank, uLesson, Aella App (YC W17) and over a 100 digital-first platforms.

Also Read: https://arbiterz.com/africa-focused-digital-bank-secures-2-million-for-expansion/

In just under a year from launch, the fintech infrastructure company has seen an average month-on-month API call growth of 281%. In addition, the company has analyzed 20M+ transactions. In March 2021, Okra has analyzed over 5.5M transaction lines.

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