Riby, a Nigerian fintech startup, has successfully secured funding from Lagos-based venture capital firm Microtraction, led by Yele Bademosi.
Riby majors in the development of software with necessary features that synergise to enable informal cooperatives, trade groups, and credit unions to have a more reasonable shot at managing their savings and investments, as well as their members.
The firm, which has funded a collection of other Nigerian fintechs, is believed to invest up to USD 65 K at the earliest stages of development. Other startups that have secured money from this firm since its launch in July last year include Accounteer, Thank U Cash, Allpro, Wallet.ng, Bitkoin Africa and CowryWise, in an order starting from the most recent.
Startup Riby is also into the provision of additional customisation, with the likes of credit scoring, loan performance monitoring, KYC and customer onboarding as the most prominent. The fintech also automates engagement channels to enterprise partners such as development finance institutions, state governments, insurance companies and banks looking to engage these cooperatives.
The narrative from the Microtraction arm of this development exposes the fintech’s potential to help cooperatives of the future automate, manage and digitise their operations. Word from Microtraction investment associate, Dayo Koleowo, according to numerous sources, divulges that the investment will do well to expand and improve Riby’s appeal to keep the attraction of members ongoing and resulted assist the members in easily acquiring costless financing from larger financial institutions, banks, and development finance agencies.
Dayo further revealed that with Riby’s more strategic collaborations with government agencies, banks, and telecoms to continue the foray down the path of economic impact upheaval on these cooperatives and raise the living standard of its members. He also expressed excitement that the venture capital firm currently basks in, having invested in Riby and bearing in sight what the future holds for the fintech.
In a post, Koleowo explained that Microtraction’s move to invest in the fintech was informed by the size of the cooperative market and the startup’s solution, Abolore’s experience as well as the traction Riby has gained since its launch two years ago.
Earlier this year Riby was one selected as one of 12 startups for the first Google Launchpad Accelerator Africa class. The startup was also part of 12 African startups selected by venture capital firm Village Capital for its Village Capital Fintech Africa 2018 program.
This development was first reported by Disrupt Africa
Featured Image: Riby CEO and Founder Salami Abolore (Penzaarville Africa via Twitter)
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