Nigerian Fintech Startup Sparkle secures $3.1M Seed Round
Nigerian Fintech startup providing financial, lifestyle, and business support services to Nigerians across the globe Sparkle, has raised $3.1m in a seed funding round.
The funding came from an all-Nigerian group of investors including Leadway Assurance, Trium Networks, and several Nigerian HNIs, bringing Sparkle’s total funding to $5.1m.
Sparkle was launched in 2019 by Uzoma Dozie to improve the financial lifestyle of its users, allowing for borderless transactions.
helping individuals access easier savings, make payments, and manage their finances effectively.
Sparkle has since developed its range of services, allowing its users access to features such as savings, bill and airtime payments, the ability to request or send funds, split bills, and review spending breakdowns via its app.
Sparkle, which recently launched its business platform, Sparkle Business, targeted at the new generation of digital-first MSMEs and SMEs in Nigeria, with features such as Inventory and Invoice Management, a Payment Gateway Service, Tax Advisory/Calculations and Payroll/Employee Management, is the only Nigerian business account where no documentation is required to open an account.
Uzoma Dozie, Sparkle Founder and CEO expressed excitement on the round while saying that the startup is about creating a smooth customer experience for its users.
“I’m delighted to be collaborating with a group of highly respected Nigerian businesses, investment firms, and captains of industry – all of whom understand the real need for a digital-first platform such as Sparkle, to bring better access to financial services and, importantly, financial inclusion, to millions of more people – for business, for personal means or both.
“Collectively, as a group of investors and business builders, we are Nigerians who are bullish about Nigeria and the opportunity the country presents in terms of building global networks and communities, all via one app.
“I am excited to welcome our new investors into the Sparkle tribe and will be leaning on their sector. The future is about platforms, and connected platforms, to create a seamless customer experience and, as we say, helping our users do what they want to do.
Sparkle’s mission is to help Nigerians fulfill their potential by democratizing access to valuable solutions for their business and personal needs.
Nigeria has a massive youth population who increasingly live, work and play beyond physical borders – we build with them in mind; Whether we are building services for individuals or businesses, we’re fully focused on creating a connected tribe of Sparklers,” said Dozie.
Sparkle intends to use the fund to scale its talent teams across engineering, financial risk, and marketing departments and investing in its automated back-end processes and digital infrastructure.