Nigerian open finance platform Okra has completed a seed round of $3.5m led by US-based Susa Ventures and joined by consulting firm Accenture.
Accenture invested in the firm through Accenture Ventures’ Project Spotlight — Accenture Ventures’ immersive engagement and investment programme.
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The programme seeks to link emerging technology startups with the Global 2000.
The Okra investment marks Accenture Ventures’ first investment in Africa.
TLcom Capital along with some angel investors also participated in the fundraising.
Okra co-founder, CEO and chief technology officer Fara Ashiru Jituboh said: “By enabling individuals and corporations in Nigeria to connect their bank accounts directly to third-party applications, Okra is powering the much-needed connectivity layer between financial institutions, fintech companies and consumers.
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By GlobalData“Gaining access to Accenture’s global banking experts, clients and technology ecosystem partners through Project Spotlight will contribute greatly to the success and growth of our business moving forward.”
Lagos-based Okra allows developers and businesses to build tailored digital services and fintech products for customers.
The firm, set up in 2019, can now avail Accenture’s global innovation network.
It can also co-innovate with Accenture software engineers, system architects as well as payments experts.
Accenture Ventures managing director Tom Lounibos said: “Okra is a rising fintech star in the high-growth global digital financial services arena, and in the African market, which is home to the world’s largest unbanked population, including a sizable number of underbanked consumers and small-to-medium sized enterprises.”
Accenture Africa CEO Vukani Mngxati also welcomed the investment, saying that bringing Okra together with its enterprise clients and ecosystem partners will “increase the reach and impact of innovation”.
Last year, Nigerian digital banking start-up Kuda secured $25m in a Series A funding round to support its growth plan.
The round was led by US-based venture capital firm Valar Ventures. The company’s existing investors including Target Global also joined the fundraising.
