Nigerian fintech Vesicash has raised an undisclosed amount of investment from Lagos-based investor Ingressive Capital.
The startup provides a digital escrow service which helps providing payment security for those involved in online marketplace transactions.
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Tech publication Disrupt Africa reported yesterday in an article that the startup raised $100 000 in pre-seed funding in 2018, and has now raised a larger round from Ingressive Capital.
The publication said the new investment will help the startup to grow its customer base and secure key partnerships.
The latest investment raised by Vesicash follows a $100k round from Ingressive Capital in 2018
Veiscash was founded in 2018 by Ibrahim Oladele, Ehiaghe Aigiomawu and Oluwatomisin Adeshiyan. The startup began operations in March last year.
The startup’s CEO and co-founder Ibrahim Oladele told Ventureburn in an email today that the deal was concluded “a few weeks ago”.
While he said the startup is generating revenue, he declined to provide revenue figures.
“We started with our money and ran the company for a few months before we got an angel investment. We spent between $15 000 and $20 000 of our (own) personal money,” he said
The startup was part of the last Greenhouse accelerator cohort and HiiL justice entrepreneurship accelerator at the Hague, in The Netherlands.
Said Oladele “Our plans for 2020 are focused on bringing our value closer to consumers through corporate partnerships and creating better products experience for the consumers, thereby setting the company on the path to growth and stability”.
Featured image: Vesicash via Facebook