API-based Startup Thepeer Bags $2.1M For Its Product Development
Nigerian startup Thepeer nets $2.1M in seed funding
Thepeer an African tech infrastructure connecting businesses’ wallets has gathered funding of $2.1M in a seed round led by Raba Partnership. It also witnessed participation from RaliCap, Timon Capital, BYLD Ventures, Musha Ventures, Sunu and Uncovered Fund, Chipper Cash and Stitch.
Launched in 2021 by Kosisochukwu Chike Ononye and Michael ‘Trojan’ Okoh. The startup with this fresh injection of funds wants to roll out more functionalities and wallets in other currencies. Right now, it offers three products that fintechs and businesses can integrate into their apps and websites for their customers to use.
First is The Direct Charge which allows customers of different businesses to fund their wallets from other businesses, Send enables businesses to transfer money to each other. And finally the Checkout which allows customers to pay for items online from any store that accepts payments via Thepeer.
Most of the FinTechs target businesses and consumers giving services such as neobanking payments, lending, investing and training. Such as Zwya, Dropp, and Nexta. However, Thepeer allows businesses and fintechs to embed different sets of products into their applications and websites for easy money movement by their customers.
Furthermore , Thepeer is an infrastructure with the multiple businesses integrated and claims to record an average MoM transaction of 161% since its initiation. Also today the startup stands at a monthly transaction volume of over 65X and has profits in double-digits millions of dollars. CEO Chike Ononye, while narrating their story about the startup said:
“I made a purchase from a vendor and couldn’t pay after using several apps and couldn’t move money from one wallet where I had cash to another.
He further said
“After we launched our first product [Send], we went back to the drawing board because there were things we needed to get right. In that process, we discovered more consumer and business problems.”
The startup now wants to further develop its products.