Klump has also partnered with AltSchool, an alternative tech academic institution, to provide laptop financing to its students, as well as with Betastore, a B2B retail platform, to provide inventory financing to its retail customers
Klump, a Lagos-based Buy Now Pay Later payment platform, announced the close of its $780k pre-seed round, infusing it with enough funds to launch its flagship Pay with KlumpTM product with select partners, offering BNPL solutions to customers and businesses.
London-based investment firm, Seedcamp, which has invested in companies like UiPath, Wise, and Revolut, led the funding round, with participation from MAGIC Fund, Voltron Capital, Yellowwood, Kickoff Africa, Hoaq Capital, Kesho VC, Assembly Investors, as well as several angel investors and founders, including Olugbenga “GB” Agboola, CEO of Flutterwave, Will Neale, founder of Grabyo, Michael Pennington, founder of Gumtree, founders of Helium Health, Richmond Bassey, CEO of Bamboo, Babs Ogundeyi, CEO of Kuda Bank, Abdul Hassan, CEO of Mono, Opeyemi Awoyemi, and Selma Ribica.
In Africa, many consumers do not have easy or affordable access to credit to make purchases at the point they need it (at the buying time). With a markedly low credit card penetration across the continent, a significant opportunity exists to serve this young and vibrant population. In Nigeria, for example, only around 3% of the population own a credit card, one of the lowest credit card utilisation in the world.
Klump, founded in 2021 by Celestine Omin and Olufunbi Falayi, who have combined experience building products with Konga, DealDay, Paystack, Andela, Amazon and H-E-B, is launching their end-to-end BNPL product in partnership with WhoGoHost and Gigalayer, who together are the biggest providers of domain, hosting and cloud services in Nigeria.