Nigerian-based startup, OurPass, has closed a $1 million pre-seed round to scale their one-click checkout platform across the country.
The round was led by Tekedia Capital and angel investors from Fortune 500 companies
Founded by Samuel Eze, OurPass provides a mobile application that enables consumers to shop with one click.
The e-commerce checkout problem is a major challenge when it comes to shopping online both for users and merchants. Yearly, about 75% of shopping carts are abandoned due to how cumbersome the checkout experience can be with long forms and re-log-ins.
Eze told TechCrunch , “We built an identity layer across the web to enable consumer identity to be sent across to every single online store they go to check out from”. In essence, OurPass customers would not need to fill out any form anymore and do not have to deal with re-logging issues.
Since beta launching in May this year, OurPass claims to have conducted $500,000 in transaction value and hopes continuous growth will see it become the go-to platform for consumer checkout in Nigeria by 2023.
Most of OurPass clients are small businesses. The company plans to work with merchants on other e-commerce platforms like WooCommerce, Magento, Squarespace and Shopify in the future and social commerce platforms like WhatsApp, Facebook and Instagram.
The company recently acquired Storemia an online storefront provider. Alongside its one-click checkout, OurPass also partnered with logistics companies like MAX.ng and Gokada to offer free delivery on all orders for customers
The company plans to use this new funding to develop its technology and grow its team to up to 200 people before the end of next year.
What they are saying
Bolu Oluwagbesan, the former CEO at Storemia said: “The coming together of Storemia and OurPass is one of the most revolutionary mergers in the Nigerian tech space. Storemia is the easiest and fastest way to create e-commerce websites and OurPass is the fastest check out tool for e-commerce stores. So, the power of both leads to a super product.”I’m very excited about this, as I can’t wait to have you experience the coming together of Storemia and OurPass as one product.”