Yep! a Lagos and San Francisco based financial app, has raised $1.5 million in a pre-seed fundraising round, even as it announced the launch of its new digital financial super app. The app, which is available on iOS and Android in Nigeria and four other Africa countries, is expected to boost financial inclusion, economic opportunities, and remittances to and within Africa.
The company, during the fundraising round led by Greenhouse Capital, promised to provide financial access to all Africans and connect them to the rest of the world.
“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,” said Olaoluwa Awojoodu, Co-founder, Yep! “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.”
He further stated that access to finance can be transformative as it unlocks opportunities among those that need it the most and has a huge impact on the wider economy.
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As part of its mission to increase financial inclusion, Yep! Says it will use its existing merchant network, PayCentre Africa, to make it easier for rural communities that would otherwise be financially excluded to enter the formal economy.
“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,” said Airende Ojeomogha, Co-founder, Yep!
Yep! is a digital financial services company that uses 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).
“We want to create a disruptive financial platform that democratises access to financial services and economic opportunities for both retail and business customers across Africa. Yep! succeeds only when our customers do,” said Garry Ottosen, co-founder, Yep!
