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Sudo Africa, a fintech that provides a card-issuing API for developers and businesses in Nigeria, has raised USD 3.7 Mn in pre-seed funding. San Francisco-based Global Founders Capital (GFC) led the round. Participating VCs include Picus Capital, LoftyInc Capital, Rallycap Ventures, Kepple Africa, Berrywood Capital, ZedCrest, and Suya Ventures. Several African fintech founders such as Olugbenga ‘GB’ Agboola, Ham Serunjogi, and Odun Eweniyi are investors in the company too.
The company charges interchange fees when its issued cards are used to make a web or POS transaction and takes authorization fees when spending and location-based controls are made. According to the company’s CEO, Sudo collects card production and personalization fees cheaper than incumbents.