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African Startup Funding Tracker

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Nigeria’s CredPal Secures USD 15 Mn Funding To Scale
Nigeria’s CredPal Secures USD 15 Mn Funding To Scale

CredPal, one of the earliest pioneers of buy now, pay later in Nigeria, has closed a bridge round of USD 15 Mn in equity and debt. The latter constitutes a very large chunk of the financing and will go into expanding the startup’s consumer credit offerings across Africa. The debt financing was provided by Credit Direct, a subsidiary of First City Monument Bank (FCMB), and a few unnamed financial institutions. New investors include Uncovered Fund, LongCommerce, First Circle Capital, and Adii Pienaar, co-founder and former CEO of WooCommerce.

CredPal Pay allows businesses of all sizes and categories to accept buy now, pay later options. The platform serves as a point-of-sale infrastructure that enables BNPL through a credit payment link, checkout plugin, QR codes, and a transaction management system.