Thursday, October 21, 2021
Home Startups A Nigerian fintech startup serving solar providers secures $2m funding

A Nigerian fintech startup serving solar providers secures $2m funding

Infibranches Technologies Limited, a Nigerian startup that provides digital payment services to solar energy providers, on Monday said it has secured a $2 million funding from All On, an impact investment company backed by oil major Shell.

Through its flagship products – OmniBranches and Green Energy Plug – Infibranches helps companies with large distribution networks, particularly Solar Home System (SHS) distributors and mini-grid developers, manage their operations.

OmniBranches’ features include agent hierarchy management, commission tracking, transaction records, transaction analytics, and profile management. 

According to Infibranches CEO, Olusola Owoyemi, the company has served over a million customers and has processed over $120 million in transactions. It makes revenues through revenue sharing on every successful transaction, as agreed with its partners.

Green Energy Plug meanwhile is a single point of integration for payments and other financial services for service providers in the Nigerian renewable energy sector. Through the platform, companies can receive payments for solar and other green energy products.

Infibranches’ single payment integration solution for solar providers helps facilitate payment collection through agent networks across the country while taking energy and financial access to the last mile. The All On investment is meant to aid the company’s mission to bridge the energy distribution gap in underserved rural and peri-urban areas of Nigeria. 

All On’s funding will, “trigger the next phase of Infibranches’ growth” by financing inventory, agent acquisition, product and technology development as well as providing working capital, a joint statement released by both companies said. Infibranches plans to distribute Solar Home Systems for households and commercial users across Nigeria with a special focus in the Niger Delta.

“We are particularly thrilled about this deal because it’s an innovative business model that solves the payments and collections problems that solar system distributors and mini-grid developers face across Nigeria,” said Dr. Wiebe Boer, chief executive, All On. “This partnership merges fintech and renewables in a way we haven’t seen in Nigeria before and will enable tens of thousands of new electricity connections.”

Owoyemi adds that the company will speed up its customer acquisition in current markets, improve existing products like Omnibranches, and introduce new products and services to address energy distribution issues.

In 2018, Shell Foundation, USAID, and UK Aid launched the Nigerian Off-Grid Market Acceleration Programme (NoMAP), a not-for-profit initiative tasked with tackling market barriers limiting the growth of the off-grid sector, where several companiesare working to extend access to the millions of Nigerians still without energy.

With the investment, NoMAP will be working with Infibranches to tackle energy distribution challenges, in addition to broader off-grid market challenges in Nigeria.

“The initiative’s work with Infibranches has shown how important it is to continue addressing market barriers, enabling enterprises to more quickly expand their life-changing energy solutions to households and SMEs across Nigeria,” Sam Parker, chief executive of Shell Foundation, said.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Amazon’s New Household Robot Can Learn Your Family’s Habits

Amazon has revealed a new camera-equipped home robot that can patrol homes and investigate activity on your...

MTN Announces 5G Roll Out Date in Ghana

The Ghanaian arm of the largest telecom company in Africa has announced its intentions to launch and make operational...

China plans to deploy digital satellite TVs in 200 Togolese villages

The Chinese government plans to distribute digital satellite television and reception kits in 200 villages across Togo. China’s deputy...

Led by Softbank, Andela raises $200m at $1.5 billion valuation

Andela, a global engineering talent outsourcing company, has secured $200 million at a $1.5 billion valuation in a...

Recent Comments

Obunseh patrick chukwuma. on Vote: Africa Corporate Brands Awards, 2020
Egbe Anyalewechi Malvin on Vote: Africa Corporate Brands Awards, 2020
Egbe Anyalewechi Malvin on Vote: Africa Corporate Brands Awards, 2020