Microtraction invests in two Nigerian fintech startups Wallet.ng, Allpro

One-year-old Nigerian venture capital firm  Microtraction has announced a new round of investments in two Nigerian fintech strartups – Allpro and Wallet.ng.

Launched in July of last year, early-stage investment platform Microtraction invests up to US$65,000 in startups at the very earliest stage of their development.

The fund recently announced its first two investments, having funded in Nigerian fintech startups CowryWise and Bitkoin Africa (both of whic are fintech startups) towards the end of last year. This new round of investment brings the number of startups in its portfolio to four.

Launched in 2016 by John Oke and Joseph Benson-Aruna with an aim to be an easier alternative to traditional banking, Wallet.ng is a digital payments platform that aids transactions. It allows people to send and receive money and also make payments using just their phone numbers. The platform also allows users to create virtual dollar cards to complete international transactions.

“We believe that Wallet can become truly pan-African. They are building a central hub where people spend their money and have access to other financial services which have been built on top of their infrastructure,” said Microtraction founder and managing partner Yele Bademosi.

Allpro, has built an end-to-end lending platform for schools in Nigeria. The startup underwrites risk and provides capital to schools using data gathered from its fee payment and school management software.

“What we cared about when we invested in Allpro was the product strategy and if the founders could execute on the product vision. We get excited about an opportunity when there’s an overlap between the founders’ product vision, their ability to execute on that vision and our investment thesis,” said Bademosi.

“We believe that education is one of the best investments we can make today to address some of the biggest challenges of tomorrow.”

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