Swipe, a Nigerian fintech startup, has successfully raised US$500,000 in pre-seed funding. This is as it makes an effort to gain access to other credit services.
The founders launched the credit-based financial institution in 2020 to provide payment solutions, helping businesses grow and branch out via credit purchases.
Upon emergence in 2020, Swipe had partnered with Flutterwave to give to its customers card services, which Flutterwave provided. For more versatility, by the end of 2021, Swipe could begin using Mastercard services to attract a wide range of users.
In an interview with Disrupt Africa, Swipe, Temidayo Dauda stated, “Swipe’s BNPL model onboards merchants onto our platform and allows users to buy now and pay later using a Swipe Card while our CAAS model onboards organizations and companies as partners to assist with the management, funding, and tracking of field expenses incurred by employees using Swipe Cards. On the CAAS model, employees are allowed flexible access to up to 50 percent of their earned salary via Swipe Card,”
According to him, “the Nigerian economy has driven him and his team to sort for a more flexible payment system for services and products for Nigerians. He reiterated that people needed to have a flexible payment system that can spread over time and be deducted on a stated day. This, he said, was more convenient for Swipe’s targSwipe’sence.
The raised pres-seed funding will help Swipe grow and partner with Mastercard, Interswitch, and Providus Dauda mentioned that Swipe would soon be closing in on a deal with an e-commerce company for collaboration. All in a bid to access a new market and audience.
Swipe’s mission is to propagate the credit card adoption plan even beyond the shores of Nigeria, giving Africans flexible payment to merchant systems and enhancing various businesses.