The funding round was led by San Francisco-based Global
Founders Capital (GFC).
The startup provides a card-issuing API for developers and
businesses in Nigeria.
Other investors who participated in the round include Picus
Capital, LoftyInc Capital, Rallycap Ventures, Kepple Africa, Berrywood Capital,
ZedCrest and Suya Ventures.
Commenting on the development, the startup noted that the
round equally saw the participation of Several African fintech founders
including Olugbenga ‘GB’ Agboola, Ham Serunjogi and Odun Eweniyi.
The COO stated that the decision to expand is not borne out
of the need to compete with other companies but rather out of necessity. “Our
concern right now is to expand into other African countries. So we’re looking
at before the end of this year, we’ll probably be in three or four more African
countries,” he said.
According to the founders of the Kaduna-based fintech, they
came up with the idea for Sudo Africa while they were trying to issue cards for
their previous startups and encountered some difficulties.
CEO Aminu Bakori also stated that the company went to Nigerian
banks to get them to issue them cards, they got the cards but the cards not
only took a lot of time but none of them functioned because the bank wasn’t
able to provide any APIs for them to either manage the cards or even control
its usage.
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