Nigerian Startup CrowdForce Raises USD 3.6 Mn Pre-Series A Round

Nigerian startup CrowdForce, a Y Combinator-backed agency banking platform, has raised a USD 3.6 Mn pre-Series A funding round to increase its PayForce agent network three-fold this year to deepen its financial service offerings to underserved Nigerian communities. 

The round, which is split between equity and debt, was led by Aruwa Capital Management with participation from HAVAÍC and AAIC. CrowdForce will use the capital to expand its team, geographical operations, and marketing to increase its agent network. 

The startup has developed a financial services distribution platform that can turn any merchant into a mobile bank branch within minutes. The platform uses data analytics to build financial service products that truly tackle financial inclusion. Its PayForce product is a PoS-enabled system providing ATM services, transfer, and bill payments.