Nigerian venture capital platform, Microtraction has announced a new round of investment in Nigerian fintech startup, Wallet.ng.
Disclosing the news on Twitter, Yele Bademosi said that Wallet.ng is one of three investments the firm has recently landed. The other two are CowryWise and BitkoinAfrika.
Bademosi tweeted: “Super excited to announce @microtraction‘s investment in @thewalletng. Wallet is a smart banking alternative that helps you perform financial transactions faster, manage your finances better and so much more on your mobile phone.”
Super excited to announce @microtraction's investment in @thewalletng.
Wallet is a smart banking alternative that helps you perform financial transactions faster, manage your finances better and do much more on your mobile phone. https://t.co/2ZPBaKQcPi
— YB.crypto ‘夜雷’ (@YeleBademosi) August 13, 2018
Wallet.ng was founded by John Oke and Joseph Benso-Aruna, and the startup aims to be a more accessible alternative to traditional banking. The company also wants to be a popular utility which will aid millennials in organising their personal finances.
Reacting to the news, John Oke, the CEO and co-founder tweeted: “Happy to be working with @microtraction and @YeleBademosi, Yele’s perspective and insights as a former founder and designer has been a major positive for us. We @thewalletng are grateful to be working with the whole MT army.
Happy to be working with @microtraction and @YeleBademosi, Yele's perspective and insights as a former founder and designer has been a major positive for us. We @thewalletng are grateful to be working with the whole MT army. https://t.co/kdGCNtKK7A
— John Oke (@thejohnoke) August 13, 2018
John Oke later added in a statement“The major gap in the market was poor service delivery by banks, often prioritising profit over meeting the actual needs of customers. Wallet seeks to empower everyday customers and small to medium scale businesses by providing access to loans, escrow services, and seamless subscription payments.”
