The Cairo Angels Syndicate Fund (CASF), a micro venture capital fund that invests in early-stage startups in the Middle East and Africa, invests $150-250k in the FinTech startup CredPal.
Launched in 2018 by Fehintolu Olaogun and Olorunfemi Jegede, CredPal is a FinTech company that has developed an innovative solution that allows businesses and individuals to buy anything and pay for it in installments across online and offline merchants by providing them with instant access to credit at the point of checkout.
“We couldn’t be more proud of our investment in CredPal, which is our first investment in Nigeria. Fehintolu and Olorunfemi have built an incredible FinTech platform that provides credit to thousands of underserved individuals and businesses in Africa and will be expanding rapidly to other key markets, including Egypt. BNPL has proven to be a successful business model that is a compelling alternative to traditional forms of consumer credit, especially in emerging and frontier markets where credit card penetration is very low and usually unavailable to the masses,” Aly El Shalakany, CEO of the Cairo Angels Syndicate Fund, said.
The funds will be used to expand across Africa with a focus on key markets such as: Egypt, Kenya, Ghana, and Cameroon.
Credpal provides a platform that facilitates users to set up their accounts and choose their payment plans leveraging technology to minimize risk and seamlessly connect to multiple financial institutions that provide credit for customers.
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