Nigeria fintech API startup OnePipe has raised a $3.5 million seed round to double-down on its investment finance offering. The investment was co-led by Atlantica Ventures, an African-focused VC, Tribe Capital, and V&R Associates. Atlantica Ventures also co-led the company’s last $950,000 pre-seed round. New investors followed on with new checks, they are Saison Capital, Canaan Partners, The Fund, Two Culture Cap, and others. Existing investors such as Ingressive Capital, Techstars, Chris Adelsbach, Raba, Acquity, P1, and DFS Lab participated with a few angel investors.
Ope Adeoye (Founder and CEO) and his team started OnePipe in November 2018. Any FMCG startup can plug into a bank’s API that is managed by OnePipe and start issuing accounts to customers. This allows them to make payments off those accounts and access credit where necessary.
As shared by TechCrunch, in the past 10 months, OnePipe has processed over 6.3 million transactions valued at over $46.3 million. The numbers are attributed to more than a million individual accounts and 138 businesses ranging from FMCG, retail, lending, and agriculture.
OnePipe makes its money by taking a cut from these accounts which is then shared with its partner bank. As for loans offered through its API, OnePipe takes 1% of the loan interest from lending partners and shares it with its businesses and partner banks.