Investment and financial services firm, Emerging Africa Group, has acquired a majority stake in Fundall, one of Nigeria’s most innovative FinTech startups.
The acquisition will enable EAC to ride on growing adoption of digital technology to provide Africans with easy access to powerful and flexible banking and wealth management services typically reserved for the wealthy and ultrarich.
“We are excited by how digital technology can readily provide scale in terms of processes, distribution and access to financial services and we believe our investment in Fundall will enable us to provide everyday Africans with easy access to powerful and flexible banking and wealth management services typically reserved for the wealthy and ultrarich,” Toyin Sanni, Founder and Group chief Executive Officer at Emerging Africa said.
According to her, the acquisition supports EAC’s aspiration to be the leading catalyst to Africa’s emergence as a key global investment origin and destination.
“We are confident that our world-class expertise, innovative products and unique knowledge of the African financial services and business landscape will, combined with cutting edge technology, birth the future of finance in Africa which we believe will revolutionize financial services by giving individuals and businesses accessible control over their financial affairs,” Sanni said.
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Fundall is one of Nigeria’s most innovative FinTech startups, poised to become the “Revolut” for Africans.
The firm is building Africa’s first financial super app, to help individuals & businesses spend smartly, manage money & grow money — from living their best lives every day to planning for the future.
This investment from EAC follows Fundall’s prior capital raise in October 2020, which was directed largely into the acquisition of a Microfinance Bank, as part of steps to further strengthen its operational framework and license to surpass both regulations and customer service expectations.
Fundall plans to deploy the new funds primarily to grow its product and service offerings and to increase its online and offline visibility; this will imply a significant growth in digital transaction processing on its platform and provide instant service delivery.
Taiwo Obasan, CEO of Fundall said the company is currently leading the innovation in bundling financial services into a single and central platform for people to access personal & business finance in Africa.
“We have seen a similar reflection in the Emerging Africa Group’s strategy via its existing subsidiaries and we believe that this investment will leapfrog growth for both brands,” Obasan said.
Also, Kolapo Joseph, Founder of Fundall, said the firm’s inception has been to enable every African to spend smartly and to manage and grow wealth from a single app that is simple, smart and easier to use than its competitors and to create a truly digital bank for Africans.
“We are proud of the successes and traction achieved so far via organic channels with less than $7,000 marketing spend since our launch in October 2020, having acquired over 22,000 retail customers and 200 small businesses who have successfully processed 100,000 transactions valued in excess of $3 million,” Joseph said.
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