Nigerian money transfer startup, Aboki Africa, which aims to simplify the currency exchange process, has announced it closed its pre-seed funding round to help it expand its team and scale its product.
The investment was led by Mono CEO Abdul Hassan, with capital also coming from Niche Capital Limited, Ingressive Capital and other unnamed strategic investors.
Launched by Idorenyin Obong and Femi Aghedo in July of this year after a year of piloting, Aboki Africa allows users to open a virtual global bank account for free to receive and make foreign payments or convert currencies, all in one place.
Femi Aghedo speaking on the funding expressed satisfaction on the accomplishments of the startup so far.
“We built Aboki Africa out of necessity. I have had personal experiences with the pain points we are trying to alleviate. People who work and do business remotely should not have to jump through hoops to receive payments. We are fixing that.
“We are proud of the team that we have built and how far we have come. It is remarkable to see how much we have accomplished with a small, passionate team, and we’re excited that we have the best partners backing us,” said Aghedo.
Uwem Uwemakpan, VP for fund operations at Ingressive Capital, said Nigeria boasted of a large population of creative and talented young people who are looking for and engaging in legitimate activities to earn their wages in foreign currency.
“Ingressive’s investment in Aboki Africa further cements our belief that technology will help us lift African out of poverty and create numerous opportunities for the youths as well as freelancers, importers and exporters, traders, and manufacturers to easily exchange forex as well as seamlessly create foreign accounts to collect payments,” he said.