Monday, May 23, 2022
HomeFintechNigerian fintech Syarpa raises $500K pre-seed

Nigerian fintech Syarpa raises $500K pre-seed

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.

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.

Why use Syarpa? 

Syarpa is passionate about fostering financial growth by creating solutions that make cross-border transactions as easy as a click. 

At Syarpa, our customers can be sure of: 

●       Fast and secure transfer processing time

●       Cheaper fees

●       Crypto integration

●       Simple and efficient user experience

Syarpa also offers its users the opportunity to sync their other crypto wallets to the Syarpa platform for easier transfers.

The future of crypto

The world has come a long way since the creation of the first digital currency in 2008. Despite its slow adoption, bitcoin is now an attractive asset to many, acting as an alternative to traditional fiat trade and investment. At the time of writing this, one BTC is a little over $43,000, which is amazing considering the fact it was worth only about $7,000 at the start of 2020.

In many parts of the world, cryptocurrencies are being used to make payments and transfer large amounts of money across continents. They have become the go-to payment option for many because they make the transfer of funds quick, secure, and cheaper than traditional options.

While it might be difficult to pin down the exact timeline for when global adoption of digital currencies will happen, several significant developments suggest that it may happen sooner than many of us think. For example, in September 2021, El Salvador became the first country to make bitcoin an official currency alongside the US dollar. Moreover, Nigel Green of deVere Group says it’s likely that three more countries will follow in El Salvador’s footsteps.

Another development worthy of note is the fact that several governments are building their own digital currencies called Central Bank Digital Currencies (CBDCs). Although many countries plan to launch theirs within the next decade, countries like The Bahamas and Nigeria have already launched their own CBDCs.

Following these recent developments and other big crypto projects on the horizon, it is no longer a question of if but when global adoption of cryptocurrency will happen. The final question then becomes: How are you positioning yourself for the inevitable shift that cryptocurrencies will cause in the near future? 

With this new influx of cash, Syarpa is hoping to expand its fiat and crypto solutions across the African continent and also expand its international currency offerings across Europe. Considering Syarpa’s value proposition and impressive record so far, it is worth a try.

Interested in Syarpa? Click here to sign up.

Read also: Nigeria’s Kudi, Africa’s Financial Technology Company, Changes Name to Nomba

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