Nigerian fintech firm VeendHQ has secured $330k pre-seed funding to expand its operations. Magic Fund, The Oak Capital, Future Africa, Berrywood Capital and other angel investors participated in this funding.
Founded in 2021 by Olufemi Olanipekun, VeendHQ fintech enables micro-lenders, banks and merchants to embed credit into various ecosystems profitably easily and at scale.
According to a statement from the company, this funding will take it a step closer to actualising its goal of building an embedded finance infrastructure for Africa. The fintech says it will integrate with more ecosystems and financial institutions and build products to create wealth and drive prosperity for the average African consumer.
”VeendHQ is at the forefront of innovative financial solutions and has been on a smooth sail since its creation in 2021. This would not have been possible without the amazing team at VeendHQ, our partners, financial institutions and investors whose support and trust have fueled this vision. As we journey into another phase, our goal remains to democratise access to finance through technology-enabled finance products.” Olufemi who is also the CEO said.
Temi Awogboro, Lead General Partner, Africa at MAGIC Fund says African SMEs are grossly under-funded, with more than 50% of Africans lacking access to credit. ”VeendHQ is solving this problem by providing easy and fast access to credit, leveraging a credit infrastructure platform that automates lending processes for lenders and connects them to borrowers through various origination channels. We believe the VeendHQ team is on track to build a highly scalable product and position itself as a market leader in embedded finance on the continent.”
Olukayode Olusanya, General Partner at Oak Capital added ”The problem VeendHQ is solving is huge. Many Africans and African businesses today have zero to low access to credit. The team at VeendHQ are making economic prosperity accessible to everyone on the continent with the digital lending infrastructure they have built, enabling the unbanked to access credit at competitive prices.”
”We are excited to see the progress that VeendHQ is making and how they are changing the credit landscape in Africa,” he added.