Microtraction, a Nigerian venture capital firm has announced a new round of investments. The one-year-old VC company has just invested in Wallet.ng a Nigerian FinTech company.
Announcing on his official twitter handle, Yele Badamosi, founder of Microtraction, shared that the Investment in Wallet.ng is one of three investments the firm has landed recently. The other investments will be announced later on, he said.
Super excited to announce @microtraction's investment in @thewalletng.
Wallet is a smart banking alternative that helps you perform financial transactions faster, manage your finances better and do much more on your mobile phone. https://t.co/2ZPBaKQcPi
— Yele Bademosi (@YeleBademosi) August 13, 2018
Launched in 2016, Wallet.ng is a digital payments platform that aids transactions. It allows people to send and receive money and also make payments using just their phone numbers. The platform also allows users to create virtual dollar cards to complete international transactions.
This is Microtraction’s third investment since the firm was created last year. Other investments include CowryWise and BitKoinAfrika. Interestingly, both startups are fintechs. And Wallet.ng now becomes its third fintech investment.
Founded by John Oke and Joseph Benson-Aruna, the Wallet.ng platform aims to be an easier alternative to traditional banking. The startup aims to be a popular utility for millenials to organise their personal finances.
“The major gap in the market was poor service delivery by banks, often prioritising profit over meeting the actual needs of customers. Wallet seeks to empower everyday customers and small to medium scale businesses by providing access to loans, escrow services and seamless subscription payments,” said John Oke.
Happy to be working with @microtraction and @YeleBademosi, Yele's perspective and insights as a former founder and designer has been a major positive for us. We @thewalletng are grateful to be working with the whole MT army. https://t.co/kdGCNtKK7A
— 🌍 (@thejohnoke) August 13, 2018
By September 2017, the startup had about 430 active users, and had processed about $80,000 after about 2,400 transactions.
Mr. Badamosi, recounted his experience when he heard about Wallet.ng. “He (John) told me of his efforts to build an alternative to conventional banking and I was impressed by the ambition of his vision as well as his progress,” says Badamosi.
He subsequently informed me that he hadn’t raised money and I encouraged him to apply for funding via our website. It was more or less a blind date in a coffee shop.
We have thrilling news for you guys!! We are adding amazing new features to Wallet that we hope will help you enjoy us more! Stay tuned for updates!! 💃🏽 #walletng #fintech #walletlovesyou pic.twitter.com/9GPt05KsMV
— Wallets Africa (@walletsafrica) August 13, 2018
Badamosi revealed that his is super excited to invest in the company. “We believe that Wallet can become truly Pan-African,” he shared.
“We believe that in the long term, Wallet-as-a-Platform… will be able to expand its customer base and serve every type of customer offering them affordable, accessible and consistently innovative financial services.”
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