Credpal
Credpal is a financial platform designed to ease consumer credit purchase across various online and offline businesses. The platform offers transparent services that enable users to set up their account and choose their preferred payment plan. Credpal leverages technology to minimize risks and seamlessly connect to multiple financial institutions providing credit to customers. They also enable easy access and facilitate retail businesses to provide on-demand credit for consumers. Securing a Credpal credit card means having a financial companion to get you through unplanned and crucial moments.
As an innovative solutions company, Credpal allows individuals and businesses to buy anything and pay with instant access to credit at the point of checkout. The company’s specialities span financial technology, retail, consumer financing, credit, loans, startup, technology, Saas and credit scoring.
Founded in 2017 by Fehintolu Olaogun and Olorunfemi Jegede, Credpal provides innovative solutions across businesses that are solving the tiredness of complex loan approval processes which have hindered hundreds of thousands from achieving their business goals. It gives the opportunity for consumers to purchase goods of their choice across online and offline merchants while paying for them in fixed monthly instalments.
The financial startup platform facilitates instant access to consumer credit for both offline and offline purchases by providing credit at the point-of-sale and also on credit cards. This is done by building consumer credit infrastructure that connects directly into merchants’ point-of-sale and also financial institutions for risk underwriting in real-time.
To further foster excellent service delivery, the company has signed a partnership deal with other companies like Visa, Konga, Pointek and Zenith Bank.
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The startup is a graduate from the Silicon Valley-based Y Combinator accelerator and also participated in the Google Launchpad programme in 2020. Recently in December, Credpal raised $1.5 million funding round as it launched its range of credit cards to expand its product and geographic reach. The investors include Y Combinator and GreenHouse Capital, a fintech investment holding company, as well as a digital insurance company, Tangerine Life.
So far, over 500 merchants are already signed up and more than 40,000 purchases have been financed. Credpal also helps financial institutions grow their lending portfolio through its point-of-sale financing. The company has financier partnerships with reputable financial institutions, with a total lending portfolio of over US$50 million.
Credpal is building the American Express of Africa, with the goal to make credit mainstream across Africa obtainable in the United States and other advanced economies. The company sees itself mainstreaming credit cards for the average employed Nigerian.
With the recent funding, Credpal is working on ways to educate Nigerians on credit cards, the value of owning one and the benefits that come with it. Their vision is to see that working professionals are eased from the concerns of dealing with their financial needs and to structure a world where everyone is rewarded with a Credpal card that suits their needs.
To learn more, visit credpal.com