Fintech Startup, Syarpa Raises $500K in Pre-Seed Funding

Nigerian fintech startup, Syarpa has closed a US$500,000 pre-seed round of funding to help it expand across Europe and Africa.

Syarpa, the Nigeria-based fintech company, has just closed a $500k pre-seed round funded by Yolo Investments and a strategic angel investor.

The investment round was led by CrossFund and FirstFounders. This fresh inflow of cash will aid their plans of expanding across Europe and Africa, making fintech more accessible, and using technology to foster community growth.

In 2021, African Startups raised over $5 billion in funding from VCs and angel investors, and over $1 billion of these funds came into the Nigerian startup ecosystem.  With this, it is obvious that more global players are starting to see huge potential in the African startup ecosystem.

Syarpa is a Nigeria-based fintech company that aims to build the future of payments in Africa and around the world. They enable users carry out international money transfers and crypto exchanges by providing fiat and crypto payment solutions in Africa and across continents. Syarpa offers its users the option to perform international money transfers with multiple currencies, either through cash or crypto transfers.

Between international monetary transfer rules, restrictions and costs, money transfers for Nigerians and foreigners wanting to transfer money to Nigeria are rather limited. What Syarpa is doing is leveraging blockchain technology and digital currencies to solve these problems.

Syarpa CEO Adedapo Sodipo

According to its founder and CEO, Adedapo Sodipo, “moving funds or purchasing goods across borders is too complicated. People in Nigeria need to convert their local currency or crypto assets, move across platforms, and pay several fees because there is no comprehensive one-step solution. Syarpa is built to solve this problem.”

With a team of 18 digital payment solution experts, a user base of over 2,000 users, and total revenue at around $50k, they have facilitated transactions worth over $4 million since launch.

Syarpa hopes to use this new infusion of funds to grow its fiat and cryptocurrency solutions across Africa, as well as its international currency offers across Europe. Given Syarpa’s value proposition and track record thus far, it’s worth a go.

April 22, 2022