Nigerian Fintech Startup Infibranches Secures $2m Funding Round from Shell Foundation

Nigerian Fintech Startup Infibranches Secures $2m Funding Round from Shell Foundation

Shell-backed impact investment firm All On has announced a $2m investment in fintech firm Infibranches Technologies Limited as it bid to bridge the energy distribution gap in Nigeria.

Infibranches Technologies Limited was founded in 2019 by Olusola Owoyemi. The Fintech startup is focused on providing access to digital financial services across Sub-Saharan Africa.

The startup claims to be the only company in the fintech space to have built a secure platform that serves as a single point of integration for payments and other financial services.

Infibranches also enable agent banking businesses to deliver services including cash payments and withdrawals, money transfers, utility payments, and telco payments.

Infibranches CEO Olusola Owoyemi expressed excitement while mentioning that the funding will enable the startup to bridge the digital financing gap by integrating consumers and service providers into its services.

“Through this investment, Infibranches plans to speed up customer acquisition in its current markets. 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” Owoyemi said.

Shell Foundation CEO Sam Parker said also added that the partnership shows how important addressing market barriers are.

“The initiative’s work with Infibranches has shown how important it is to continue addressing market barriers, enabling enterprises to more quickly expand their life-changing energy solutions to households and SMEs across Nigeria,” said Sam.

Infibranches plans to use the funding to accelerate its growth by funding inventory and agent acquisition, product and technology development, and working capital for business operations with particular focus in the Niger Delta part of Nigeria where it plans to distribute Solar Home Systems for households and commercial users.