Nigerian fintech startup, OnePipe, has secured $4.8 million in debt funding from TLG Capital to drive the company’s inventory finance solution for small businesses.
OnePipe empowers companies to integrate financial services within their value chains, by incorporating various solutions such as auto-reconciliation with every payment.
The company has three flagship solutions PaywithTransfer, Pay4me, and Benefits.
The PaywithTransfer solution is integrated with a payments service that includes virtual accounts, cards, and more. The Pay4me solution, on the other hand, offers various forms of credit for customers, including inventory finance, asset finance, and short-term cash loans.
The company hopes to use the capital raised to expand its business.
OnePipe CEO Ope Adeoye said, “Through this partnership, we’re looking to build the infrastructure to provide credit and payment services to the two-thirds of Nigerian business owners who don’t have access to effective and practical banking services.”
“TLG’s extensive experience structuring debt in Nigeria and their deep network across Africa, particularly in the venture, made them the partner of choice as we look to scale. TLG is our first debt partner and has been a powerful resource in planning our growth and balance sheet strategy,” he expounded.
In 2021, OnePipe raised $3.5m in seed funding, after another round of $950,000 pre-seed in 2020.
Even as the company raises this amount, it announced plans to lay off about 20% of its workforce to cut back on projects due to microeconomic factors. The company said affected staff members will receive two months of severance pay.
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