Payhippo, a Nigerian SME lending startup has closed a USD 3 Mn seed funding round to enhance its technology capabilities to support small businesses in Nigeria with innovative solutions to unlock sources of capital for their customers.
The round was led by influential African fintech founders and financial leaders Ham Serunjogi and Maijid Moujaled, co-founders of Chipper Cash, Olugbenga Agboola, co-founder of Flutterwave; Bolaji Balogun, CEO of Chapel Hill Denham, and Hakeem Belo-Osagie, founder of Metis Capital Partners. Other angel investors include management from Paystack, Brex, and Tala, and several LPs from Payhippo’s pre-seed investors. Institutional investors include TEN13, VentureSouq, and Prodigio Capital.
Payhippo provides loans to small businesses in Africa, often neglected by banks because of their lack of credit histories, in under three hours.