Nigerian-based web-based payments company, SimplePay has closed a new round of funding from Nigeria’s Bank of Industry (“BOI”). It was also learnt that BOI Managing Director and CEO, Olaoluwa Rasheed will join the company’s board as part of the investment deal.
SimplePay executives have previously said the startup was gunning for a million dollar round, following an investment of $330,000 from SeedStars Switzerland in September 2014, as well as other private investments along the way. Parties to the transaction declined to disclose the terms of the new round, but it is believed that Simeon Ononobi, the company Founder still owns majority of the company.
The Founder also told us that the new funding will help them release their new innovative technology by hiring more engineers as well as aggressively pursue more strategic partnerships with industry leaders.
He goes on to say that the Bank of Industry is bringing more than just cash to the table. BOI is looking to participate in the future of payments in Nigeria and will likely be bringing not just industry connects but also SME access and growth potentials to SimplePay.
SimplePay is also in the market big time as they have brought in one of the founding partners at Seedstars, Benjamin Benaim, to head Products Dev. as VP and also Pierre-Alain to head Finance also as VP. We also hear that SimplePay Dev. Centre is headed by Luis Rodrigues and the hiring of great talents go on and on…
Related story: Lagos Clean-Tech Company, Arnergy, receives Funding from BOI and UNDP
Simeon also says they are looking at some wonderful talents here in Nigeria and will soon make some major announcements in due time.
Update:
The CEO says the company actually received $1million from Bank of Industry
