Fast-growing Nigeria-based fintech startup, Infibranches Technologies Limited has closed a $2M Pre-Seed funding from All On – an impact investment company backed by oil and gas giant, Shell.
The fund will be deployed into providing energy solutions to communities around Nigeria thus, bridging the energy distribution gap in underserved rural and peri-urban areas in Nigeria.
How Do Infibranches Operate?
Founded by Olusola Owoyemi in 2019, Infibranches is a startup that aims to procure digital financial services for service providers in the energy sector and is currently the only company in the fintech space that has built a secure platform that serves as a single point of integration for payments, and other financial services for service providers in the Nigeria renewable energy sector.
Infibranches helps companies with large distribution networks through its flagship products – OmniBranches and Green Energy Plug, particularly Solar Home System (SHS) distributors, and mini-grid developers, manage their operations.
In his speech, Owoyemi said he is enthusiastic about the potential of this deal to fill the gap by connecting consumers and service providers seamlessly, illustrating the interconnected nature of financial inclusion and poverty reduction. He also added “Through this investment, Infibranches plans to speed up customer acquisition in its current markets. This will also improve existing products like OmniBranches, which has served over a million customers and introduce new products and services to address energy distribution issues.”
With the new funding, Infibranches hopes to scale its talent acquisition, product, and technology development as the growth of Infibranches will be triggered by financing inventory, agent acquisition, product, and technology development as well as providing working capital.
Infibranches plans to distribute Solar Home Systems for households and commercial users across Nigeria with a special focus in the Niger Delta.
The startup enjoys support from The Nigerian Off-Grid Market Acceleration Programme, a not-for-profit initiative backed by Shell Foundation, USAID, and UK Aid, to develop a single payment integration solution for the Nigerian SHS sector that helps payment
collection through a network of agents across the payment value chain.
What the CEOs have to say
The CEO, Shell Foundation, Sam Parker said, “The initiative’s work with Infibranches has shown how important it is to continue addressing market barriers, enabling enterprises to more quickly expand their life-changing energy solutions to households
and SMEs across Nigeria.”
According to All On CEO, Dr. Wiebe Boer, “We are particularly thrilled about this deal because it’s an innovative business model that solves the payments and collection problems that Solar Home System distributors and mini-grid developers face across Nigeria before and will enable tens of thousands of new electricity connections.”