3 years ago

Maplerad Raises $6M Seed Round to Expand Banking-as-a-Service Platform in Africa

  • Nigerian Banking-as-a-Service (BaaS) platform Maplerad has raised $6 million in its Seed round, led by Valar Ventures, the VC firm founded by Peter Thiel

  • Other investors in the round include Golden Palm Investments Corporation, The Fintech Fund, ARMYN Capital, Dunbar Capital, Strawhat Investment, Polymath Capital, Unpopular Ventures, and MyAsiaVC

  • Maplerad's journey started in 2020 when the founders launched its first product, Wirepay, which offered cross-border payment solutions in fiat and cryptocurrency

  • The company has since shifted into a self-described all-in-one finance product that enables users to receive, hold, and make payments in multiple currencies, create virtual and physical cards, and pay bills

  • The investment will be used to expand Maplerad's infrastructure and provide businesses with the financial tools they need to scale across Africa and globally.

      • ProblemFinancial Services

      "Many businesses in Africa struggle to launch financial products due to the lack of reliable and affordable banking infrastructure. They face challenges with banking relationships, compliance, licensing, and the high cost of building and maintaining a financial technology stack."

      Solution

      "Maplerad provides a Banking-as-a-Service (BaaS) platform that handles the complexities of financial infrastructure for businesses. Through their APIs, businesses can access pre-built banking services, streamline compliance, and launch financial products quickly and cost-effectively."

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