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Tech News

OnePipe, Nigeria-based API startup raises $1million in pre-seed funding

OnePipe has announced that it raised almost USD 1 million in pre-seed investment.

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OnePipe, Nigeria-based API startup raises $1million in pre-seed funding

Nigeria-based API fintech start-up, OnePipe, announced that it raised almost $1million in pre-seed funding, in a round led by US seed-stage accelerator, Techstars, and African impact-focused VC fund, Atlantica Ventures.

Several institutional investors like Future Perfect Ventures, Raba Capital, P1 Ventures, and others also participated.

READ: 54gene raises $15 million to boost African genetic code, as venture capital hits $19.5 million

While participating with the Open Banking Nigeria group to bring awareness and drive policy around it, OnePipe created a gateway that pools APIs from multiple sources under a unified specification.

According to the start-up, this specification can be refined to fit the final standards once the awaited policies are actualized.

READ: Startups under Google Launchpad Accelerator Africa class 3 have raised N3.24 billion

Since launching in 2018, OnePipe has garnered the support and partnerships of banks and businesses including Polaris Bank, SunTrust Bank, Fidelity Bank, and others. In addition to this, seven more banks will be onboarded soon. In July 2020, it also joined US seed-stage accelerator, Techstars, alongside nine other start-ups.

READ: Startups in Facebook Accelerator Programme raise $500,000  

What they are saying

Speaking on the development, the start-up’s founder and CEO, Ope Adeoye, stated that:

  • “With this shot in the arm, we are now prepared to chase down some of the opportunities that we feel would have been further along in our journey. The vote of confidence inspires us, and now we want to double down.”

READ: Facebook buys start-up, Mapillary, to take on Apple and Google at street-level mapping

What you should know about Onepipe

  • OnePipe aggregates APIs from banks and fintechs into a standardized gateway that is easy to integrate and makes partnerships seamless.
  • The start-up makes money by taking a cut from the fees charged to clients by partner banks and other institutions that publish APIs on the network.

READ: Interswitch to launch multi-currency prepaid card with Kenya’s credit bank

Adeyemi holds a PhD in Accounting Sciences. He has worked in the Educational Sector and as an Independent Consultant.

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