This was a result of the decision to combine both worlds of banking and business management tools for entrepreneurs and micro businesses. “At Prospa, we believe that successful small businesses can foster prosperity for Nigerians everywhere. Our goal is to power every Nigerian entrepreneur so that they achieve scale. This is the opportune moment: we’re seeing a huge demand for our service,” said Frederik Obasi, Prospa Co-Founder, CEO.
The investors in the round include VCs like Global Founders Capital and Liquid 2 Ventures. Founders of global fintech like Mercury’s Immad Akhund, Karim Atiyeh of Ramp, and executives from Teachable, Square, Facebook, and Nubank also participated in the round.
Launched in 2019 by Frederik Obasi, Chioma Ugo, and Rodney Jackson-Cole, Prospa is a technology company building the operating system for African entrepreneurs and businesses.
“The Prospa team is building a world class product that is tailored to the needs of Nigeria’s entrepreneurs. They have executed brilliantly and we are happy to partner with Prospa on their journey to become the operating systems for Nigeria’s entrepreneurs and micro-businesses,” said Don Stalter, GFC Head of North America.
Prospa has been providing banking and software services for micro-businesses, allowing users to open a fully operational bank account quickly. Aside from providing banking services, Prospa also offers access to invoicing tools, inventory management, employee and vendor management, an e-commerce platform, and payroll features.
Prospa already has thousands of users who pay a monthly subscription fee and is growing its user base by 35 percent monthly. Since the company’s inception, users have sent 360,000 invoices and logged 20,000 unique inventory items monthly on the platform.
The company plans to use its new capital to hire more talent and also double down and expand with acquisition strategies to get more customers.