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Nigeria’s SlimTrader secures $1m investment from Interswitch
Nigeria’s SlimTrader, a turn-key ecommerce solution provider for businesses, has secured a one million dollar investment from Interswitch, an integrated digital payments and commerce company that facilitates the electronic circulation of money as well as the exchange of value between individuals and organisations on a timely and consistent basis.
The additional funding provides the clearest sign yet of the power of SlimTrader’s flagship ecommerce platform, MoBiashara as it expands into the hospitality sector. With the fund, SlimTrader will be able to ramp up operations and help more hotels expand their market reach. The investment is from Interswitch’s ePayment Growth Fund, a new US$10M fund intended to serve as a catalyst for innovation and disruptive business concepts within the African payment industry.
Jumia Nigeria’s former MD Tunde Kehinde is the first beneficiary of the fund after he secured US$850 000 in funding from Interswitch for his new venture Africa Courier Express (ACE).
Interswitch said the goal of the fund is to collaborate with entrepreneurs and startup businesses developing innovative products and services that empower Africans to participate in the emerging payment ecosystems currently transforming business on the continent.
Mitchell Elegbe, Founder and Group Managing Director of Interswitch, described SlimTrader as a dynamic and ambitious business dedicated to growing Africa’s ecommerce sector.
“This makes them an ideal candidate for investment from the Interswitch ePayment Growth Fund. At Interswitch we are committed to encouraging innovative ideas in the digital payments and commerce space in Africa and are excited to be working with SlimTrader to expand MoBiashara services into the hospitality sector,” he said.
Slim Trader’s founder and CEO, Femi Akinde said, “We remain committed to our mission of unlocking the potential in African businesses. This funding puts more hotels a click away from their own free property management system, website booking engine and channel manager; connecting them to multiple local and international online booking sites. We see this as transformational to the sub-Saharan Africa hospitality industry.”
With the new funding, SlimTrader is expected to expand to other African countries championing hospitality by bridging the gap and connecting hotels with their target audience.
