Nigerian Fintech Startup, Swipe, Raises $500,000 in Pre-Seed Funding
Startups Technology

Nigerian Fintech Startup, Swipe, Raises $500,000 in Pre-Seed Funding

To increase access to its numerous credit offerings, Nigerian fintech firm Swipe has acquired US$500,000 in pre-seed capital this year.

Swipe is a credit-focused tech company that was established in 2020. By offering credit solutions to support business growth and expansion through credit purchases, Swipe powers businesses in Africa.

Through collaboration with employers, it aims to promote the use of credit cards through its Cards as a Service (CAAS) product and to enable flexible payments at checkout counters across Africa with its BNPL product.

In 2020, Swipe and Flutterwave collaborated to offer users card services. Customers could not make purchases on websites that did not support Flutterwave’s Rave; thus, the team was forced to switch to a more flexible card service.

In December 2021, Swipe started using MasterCard services, giving users increased access to a wide range of merchants.

This year, the company forged partnerships with Interswitch and Providus MasterCard and received $500,000 in pre-seed funding to aid its growth.

Temidayo Dauda, CEO of Swipe, announced that the company was finalizing new contracts with several well-known e-commerce businesses. All of this is done to broaden acceptance and enter new markets.
He claims that the Nigerian economy has led him and his team to search for a more accommodating payment mechanism for Nigerians’ services and goods. He emphasized that individuals required a flexible payment mechanism that could be spread out over time and deducted on a predetermined day. He claimed that this was more practical for Swipe’s intended market.

Swipe’s goal is to spread the use of credit cards throughout Africa by providing merchants with flexible payment options and upgrading various industries.

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