Nigeria-based fintech startup, OnePipe has announced that it raised $950k in pre seed investment round. The investment was led by US seed-stage accelerator, Techstars, and African Impact-focused VC fund Atlantica Ventures. Other investors that participated in the round were Future Perfect Ventures, Raba Capital, P1 Ventures, Ingressive Capital, Sherpa Ventures Africa, Zedcrest Capital, and DFS Lab.
Launched in November 2018 by Ope Adeoye, OnePipe aggregates APIs from banks and fintechs into a standardised gateway that is easy to integrate making partnerships seamless. According to the startup, the single gateway cuts resources spent managing multiple integrations and negotiating contracts thereby creating an ecosystem of shared value.
Banks, through OnePipe’s API service, can partner with fintechs enabling revenue growth from commissions and by extending reach of transactions beyond their customer base. The infrastructure also allows banks to easily determine which partners can have access to which service and provides advanced business intelligence on partner performance.
Fintechs on the other hand are able to decide their preferred underlying provider from multiple providers and in the event of any issue with one provider, they can easily switch over without changing their integration. The platform also provides insights on all transactions, including revenue insights, cost profiles and uptime metrics.
So far, the startup has garnered support and partnerships of several banks and businesses among them SunTrust Bank, Polaris Bank, Fidelity Bank, Migo, Flutterwave, Paystack and Quickteller.
Angel investors such as Chris Adelsbach, Idris Ayo Bello, Jim Chu, Haresh Aswani, Vishal Agarwal and Folabi Esan also participated in the round.