FinTech: Nigerian Fintech Startup Infibranches Raises $2M
Infibranches provides digital payment services to solar energy providers.
Nigerian startup Infibranches Technologies has received funding of $2 million from All On, an impact investing organization backed by Shell (NYSE: RDS.A). Infibranches will use the funds for customer acquisition, improvement of its product lineup and for introduction of new products and services to address energy distribution issues. (TechCabal)
Infibranches has built Green Energy Plus, a platform, the only one of its kind, that provides payments and financial services to players in the Nigerian renewable energy sector. Through its Omnibranches product the startup supports agent banking businesses, enabling them to provide services such as cash payments and withdrawals, money transfers, utility and telco payments.
“Through this investment, Infibranches plans to speed up customer acquisition in its current markets,” said Olusola Owoyemi, Infibranches CEO. “This will also improve existing products like Omnibranches, which has served over a million customers, and introduce new products and services to address energy distribution issues.”
The investment will also finance inventory and agent acquisition, product and technology development, and provide working capital for business operations towards the company’s distribution of Solar Home Systems for households and commercial users across Nigeria with a special focus in the Niger Delta.
“It’s an innovative business model that solves the payments and collections problems that Solar Home System distributors and minigrid developers face across Nigeria,” said Dr. Wiebe Boer, All On CEO. “This partnership merges fintech and renewables in a way we haven’t seen in Nigeria before and will enable tens of thousands of new electricity connections.”
Infibranches has been supported by the Nigerian Off-Grid Market Acceleration Programme, a not-for-profit initiative backed by UK charity Shell Foundation, USAID, and UK aid. The objective for Infibranches is to develop an integrated payment solution for the Nigerian Solar Home Sector (SHS) that can function through an agent network.
The Omnibranches product has already served over a million customers.
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