PayHippo just announced a $3 million seed funding as it continues to bridge the financing gap for small businesses in Africa. The round was led by top African fintech founders and financial players such as Ham Serunjogi and Maijid Moujaled. Other investors that participated are Olugbenga “GB” Agboola, (Flutterwave), Bolaji Balogun, (Chapel Hill Denham), and Hakeem Belo-Osagie, (Metis Capital Partners). Angel investors include the management from Paystack, Brex, and Tala and LPs from Payhippo’s preseed investors. Institutional investors that participated are TEN13, VentureSouq, and Prodigio Capital.
PayHippo was founded in August 2019 by Zach Bijesse, Chioma Okotcha, and Uche Nnadi. This offers small businesses credit access in less than three hours including instant financing where business owners can make growth-based investments. The Nigeria lending startup also participated in the Y Combinator Summer 2021 cohort.
The Nigeria lending startup offers short-term working capital loans averaging $1300 allowing them to use a principal amount during its tenor. The money will go towards running its businesses entirely. The entire loan is then repaid at the end of the loan period. To date, PayHippo has disbursed over 5000 loans to small businesses across Nigeria. In September 2021, the lending startup earned $64,000 in revenue from a $900k disbursal.