We just raised $2.1m in seed round funding 🎉

A personal note from Chike.

    Chike Ononye's image
Chike Ononye
Jun 22, 2022 • 2 min read
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A little over a year ago (with the help of heavy rainfall), I was able to convince Michael 'Trojan' Okoh (Co-founder & CTO) that we did not need to go to Tarkwa bay to think of our new idea (because I was scared to enter a boat 🙈) so we ended up spending the day at his house figuring things out. Prior to this, I had experienced multiple issues trying to get a vendor sorted and I was lamenting to him about this; there was no direct way to transfer value between customers of different walletable businesses. This problem was the backbone on which Thepeer was born.

What was just an idea then has evolved into a host of products for businesses and their customers and less than a year after we launched, I’m pleased to announce that we’ve raised a $2.1m seed round led by Raba Partnership with participation from Rallycap, BYLD, Timon Capital, Musha Ventures, Sunu, and Uncovered Fund as well as leading African fintechs Chipper Cash and Stitch and bringing our total funding to $2.32m.

Today, there are almost 600 fintechs across the continent. Many of these businesses provide digital wallets to their customers but do not have a direct way to use that store of value across different apps and merchants. This is the problem we are solving here at Thepeer.

We offer three products that fintechs and businesses can integrate into their applications or websites for their customers to use — Direct Charge allows customers of different businesses to fund their wallets from other businesses; Send allows customers of businesses to send money to each other instantly, and Checkout allows customers to pay for items online from any store that accepts payment via Thepeer.

Today, customers of businesses such as GetEquity, Nguvuhealth, and more can fund their accounts from Eversend, and customers of Bitsika, Chipper Cash, Eversend and Paga can shop online from Buyfood-powered restaurants — Blackbell, Sabor Lagos, Suya and Sides, Bernadines, Nifries, Ohuru by HSE, Street13 and HSE Gourmet; as well as Smiley Africa and pay from their wallets during Checkout. Over the coming weeks/months, we will be announcing more integrations with some of your favorite businesses.

Since we went live in August 2021 through the first quarter of 2022, we have recorded an average MoM transaction growth of 161%. A few months ago, we launched Send on the dashboard for businesses to be able to send and receive money from each in seconds, as well as a new currency balance — USD. Today, our monthly transaction volume has grown over 65X and we are processing double-digit millions of dollars.

Trojan and I are forever grateful to our customers, investors, partners and the amazing people at Thepeer for coming on board this journey with us. We do not take this for granted.

We are currently making additions to the team. If you are interested in joining us, please apply here.

Kind regards,

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