Grace Ashiru
Nigerian finance startup Onepipe has gotten a $4.8 million credit line from pan-African investment company TLG Capital.
The TLG Africa Growth Impact Fund (AGIF), a credit company that invests in the area south of the Sahara, has ended the investment round.00p
Onepipe is a service provider offering many alternatives, including integrated payment and reconciliation functions.Since OnePipe started up in 2018, it has raised a total of $9.2 million.
The company’s CEO, Ope Adeoye, says that the conditions of this deal will limit the use of funds to stocking small stores in the startup’s network.
The company’s CEO, Ope Adeoye, said, “We got a revolving line of credit because it was especially needed to fund inventory financing for small shops through the FMCG distributors that work with us.” We can’t use the money for anything else because of the rules.
Because there isn’t enough money, items shouldn’t be harder to get. We allow distributors to offer retailers finance for their merchandise at any point in the supply chain. The vendors can return our money once the goods have been sold, the business claimed.
Onepipe plans to use the investment made by TLG Capital to build its business and become the top provider of financial services to Nigeria’s informal sector.
Also, the funding will help the startup’s option for small firms to borrow merchandise.
