Thepeer, an API-based startup creating the technology infrastructure for efficient transactions, has raised $2.1 million in seed funding led by Raba Partnership.
The funding had the participation of two African fintechs, Chipper Cash and Stitch. Other investors include Musha Ventures, Rali_cap Ventures, BYLD Ventures, Sunu, Timon Capital and Uncovered Fund.
The new raise will be instrumental in its API technology advancement for fintech and businesses while helping more customers make seamless wallet transactions.
This comes just a year after the business secured a $220,000 pre-seed investment from angel investors including the CTO of Edenlife, Prosper Otemuyiwa and the CTO of Paystack, Ezra Olubi.
Thepeer, which integrates data and finance, provide businesses with a direct way to make transactions across different digital wallets, which is a superior transaction technique.
Since its inception, Thepeer is believed to have experienced a remarkable transaction rise of 161% according to TechCrunch.
It currently offers three services including Checkout, an online shopping payment service via Thepeer; Send, an online service that permits direct and instant transactions; and Direct Charge, an online tool that enables users to fund their wallets from other businesses.
Thepeer was founded in 2021, after the co-founders, Kosisochukwu Chike Ononye and Michael Trojan Okoh, realised there was no direct way to transfer money from one wallet to another. The CEO, Ononye, had personally experienced this, and in trying to solve this problem, they found other consumer and business issues, which led to the creation of the African API-based company.
The number of African fintech companies has grown over the years; however, despite offering digital wallets to facilitate money transfers, most of these companies have fallen short in providing this service to their clients. Outside of their business, there is still a gap in mobile wallet compatibility.
We see our product as a platform powered by APIs that helps connect fintechs, consumers and businesses by offering seamless money movement. Our goal is to make it possible to connect and make payments from any wallet. We are building an operating system so that businesses can offer more services to their customers.Thepeer CEO tells TechCrunch in a report
When asked about Thepeer’s future goals, Ononye revealed to TechCrunch that the company intends to introduce new functionality, services, wallets, and the implementation of other currencies because it presently only deals with Naira wallets.
In order to service clients from various geographic locations, the firm also intends to grow its talent team for new product improvements.
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