Nigerian Banking-As-A-Service Platform Maplerad Raises USD 6 Mn Seed Funding

Maplerad, a banking-as-a-service platform targeting Africa, has raised USD 6 Mn in seed funding. Valar ventures led the round with participation from Golden Palm Investments Corporation, Michael Vaughn (ex-COO, Venmo), Fintech Fund, Babs Ogundeyi (CEO, Kuda) Armyn Capital, Dunbar Capital, Strawhat Investment, Polymath Capital, Unpopular Ventures, Sean Mahsoul and MyAsiaVC.

Maplerad is a self-described all-in-one finance product that enables users to receive, hold, and make payments in multiple currencies, create virtual and physical cards, and pay bills. The company also launched a beta version of Maplerad, an infra product that allows companies to embed powerful financial features like accounts, payments, FX, and cards into their products.