Nigerian digital commerce startup, OurPass has closed a $1 million pre-seed round to scale their one-click checkout platform across the country.
The round was led by Tekedia Capital and angel investors from Fortune 500 companies. This round will enable OurPass to hire more talent and further develop its technology.
Founded by Samuel Eze, OurPass provides a mobile application that enables consumers to shop with one click, thereby reducing abandoned carts and increasing sales for merchants.
Globally, about 75% of online shopping carts are abandoned due to tedious checkout processes, which usually entails long forms and re-logins. This checkout problem is a big challenge to both merchants and users. OurPass has built a one-click solution that solves this problem and makes it easier for users to check out.
“We built an identity layer across the web to enable consumer identity to be sent across to every single online store they go to check out from,” CEO, Samuel Eze told TechCrunch in a chat.
Once users log on to the OurPass platform, they would not need to fill out any form anymore and do not have to deal with re-logging issues.
“OurPass is entirely consumer-facing and invests heavily in its users’ privacy and data security. We don’t act as the merchants’ customers database, we just try to inject consumers faster and easier than they ever have, thereby increasing sales. Merchants, on the other hand, just need to sign up on our web platform, provide their KYC and install the OurPass checkout button for consumers to shop from them in one click,” Eze concluded.
Since beta launching in May this year, OurPass claims to have conducted $500,000 in transaction value and hopes continuous growth will see it become the go-to platform for consumer checkout in Nigeria by 2023.
Most of OurPass clients are small businesses. The company plans to work with merchants on other e-commerce platforms like WooCommerce, Magento, Squarespace and Shopify in the future and social commerce platforms like WhatsApp, Facebook and Instagram.
In addition, the company recently acquired Storemia, an e-commerce solutions platform, helping to take small businesses online by providing a faster and easier way for business owners to create online stores. The acquisition will help OurPass reach out to more small online businesses and shoppers. Alongside its one-click checkout, OurPass also partnered with logistics companies like MAX.ng and Gokada to offer free delivery on all orders for customers.