Sparkle has secured $3.1m in seed funding to expand the reach of its mobile-first digital bank service.
The round saw funding from Leadway Assurance, Trium Networks and a number of other investors. To date, Sparkle has raised $5.1m in total funding.
Founded in 2019, Sparkle is a lifestyle and financial ecosystem that provides current accounts and savings accounts to retailers, individuals and SMEs in Nigeria. Users can open an account without the need for documentation or in-person verification.
Sparkle’s platform also has a Visa card function for users to make in-person or digital payments. So far, Sparkle has secured partnerships with Visa, Network International, PwC Nigeria and has secured a microfinance bank licence from the Central Bank of Nigeria.
Earlier this year, Sparkle launched Sparkle Business, a business platform targeted at the next-generation of SMEs in Nigeria.
According to Sparkle, it intends to use the newly raised capital to scale the platform’s talent teams across engineering, financial risk and marketing departments and invest in its automated back-end processes and digital infrastructure.
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