Syarpa, a fintech startup, raises $500K in pre-seed funding.

Syarpa, a fintech startup, raises $500K in pre-seed funding.
Syarpa, a fintech startup, raises $500K in pre-seed funding.

Syarpa, a Nigeria-based fintech firm, recently closed a $500k pre-seed round led by Yolo Investments and a strategic angel investor. CrossFund and FirstFounders led the investment round. This new cash infusion will help them with their plans to expand across Europe and Africa, make fintech more accessible, and use technology to foster community growth.

In 2021, African startups raised more than $5 billion in funding from venture capitalists and angel investors, with more than $1 billion of that money going into the Nigerian startup ecosystem. As a result, it is clear that more global players are beginning to recognize the enormous potential in the African startup ecosystem.

Syarpa is a fintech company based in Nigeria that aims to shape the future of payments in Africa and around the world. They enable users to conduct international money transfers and cryptocurrency exchanges by offering fiat and cryptocurrency payment solutions in Africa and across continents. Syarpa allows its users to make international money transfers in a variety of currencies, either in cash or in cryptocurrency.

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Money transfers for Nigerians and foreigners wishing to transfer money to Nigeria are rather limited due to international monetary transfer rules, restrictions, and costs. Syarpa is addressing these issues by leveraging blockchain technology and digital currencies.

According to Adedapo Sodipo, the company’s founder and CEO, “moving funds or purchasing goods across borders is too complicated.” Because there is no comprehensive one-step solution, Nigerians must convert their local currency or crypto assets, move across platforms, and pay multiple fees. Syarpa was created to address this issue.”

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