CredPal, one of the earliest pioneers of buy now, pay later in Nigeria, has closed a bridge round of USD 15 Mn in equity and debt. The latter constitutes a very large chunk of the financing and will go into expanding the startup’s consumer credit offerings across Africa.
The debt financing was provided by Credit Direct, a subsidiary of First City Monument Bank (FCMB), and a few unnamed financial institutions. New investors include Uncovered Fund, LongCommerce, First Circle Capital, and Adii Pienaar, co-founder and former CEO of WooCommerce.
CredPal Pay allows businesses of all sizes and categories to accept buy now, pay later options. The platform serves as a point-of-sale infrastructure that enables BNPL through a credit payment link, checkout plugin, QR codes, and a transaction management system.