Thepeer, an African tech infrastructure firm connecting businesses’ wallets, has secured a $2.1 million seed funding led by The Raba Partnership.
Ralil cap Ventures, BYLD Ventures, Timon Capital, Musha Ventures, Sunu, Uncovered Fund, and other African fintechs like Chipper Cash and Stitch are among the additional investors who took part in this round.
Thepeer was established in August 2021 as a solution to the expensive and difficult transfer of money across mobile wallets by Kosisochukwu Chike Ononye (CEO) and Michael Okoh (CTO).
Thepeer is an API-based business that enables its clients—mostly small and medium-sized enterprises and fintechs—to permit their own consumers to fund their accounts from other businesses, transfer money across their various wallets, and pay for products conveniently using their wallets.
Currently, there are about 600 fintech companies operating segregated wallets across the continent. We want to enable connections and payment processing from any wallet. According to CEO Ononye of Thepeer, “We are developing an operating system so that businesses may provide additional services to their clients.
According to the firm, it has experienced average MoM transaction growth of 161 percent since its start in August 2021 through Q1-22.
Thepeer, which only currently operates in Nigeria, will use the most recent funding to expand to other African nations like Kenya, South Africa, and Egypt.