VeendHQ is excited to announce yet another milestone this quarter. The startup has raised a $330,000 pre-seed fund, backed by Magic Fund, The Oak Capital, Future Africa, Berrywood Capital and other angel investors.
This is an excellent opportunity for VeendHQ to expand its operation and scale significantly. This fund will take the business a step closer to actualising its goal of building an embedded finance infrastructure for Africa. “We will integrate with more ecosystems and financial institutions and build products to create wealth and drive prosperity for the average African consumer,” the startup said in a statement.
According to Temi Awogboro, Lead General Partner, Africa at MAGIC Fund, “African SMEs are grossly underfunded, with more than 50% of Africans lacking access to credit. VeendHQ is solving this problem by providing easy and fast access to credit, leveraging a credit infrastructure platform that automates lending processes for lenders and connects them to borrowers through various origination channels. We believe the VeendHQ team is on track to build a highly scalable product and position itself as a market leader in embedded finance on the continent.”
Olukayode Olusanya, General Partner at Oak Capital, comments, “The problem VeendHQ is solving is huge. Many Africans and African businesses today have zero to low access to credit. The team at VeendHQ are making economic prosperity accessible to everyone on the continent with the digital lending infrastructure they have built, enabling the unbanked to access credit at competitive prices. We are excited to see the progress that VeendHQ is making and how they are changing the credit landscape in Africa. At The Oak Capital, our goal is to back founders that have developed unique technology and technology-enabled solutions that truly solve African problems, creating long-term impact in the mass African market.”
“Our core mission at Berrywood Capital is to invest in the next generation of early-stage, African-led, technology-focused solutions, and VeendHQ’s business closely aligns with this. Starting with infrastructure that drives automated lending, the company is poised to deliver enterprise financial solutions and individual wealth creation on the continent in the next decade. We are excited to be with them on this journey,” said Berrywood Capital.
“VeendHQ is at the forefront of innovative financial solutions and has been on a smooth sail since its creation in 2021. This would not have been possible without the amazing team at VeendHQ, our partners, financial institutions and investors whose support and trust have fueled this vision. As we journey into another phase, our goal remains to democratise access to finance through technology-enabled finance products,” said Olufemi Olanipekun, VeendHQ CEO.
VeendHQ is an embedded finance technology company. We enable micro-lenders, banks and merchants to embed credit into various ecosystems profitably easily and at scale.
About Magic Fund
MAGIC Fund is a global venture capital fund run by founders that invests in early-stage technology startups. They believe founders with prior startup experience are the ideal investors, particularly for early-stage businesses. They are a fund of micro-funds led by repeat founders with deep knowledge in specific industries and locations, with a particular emphasis on fintech, healthcare, B2B SaaS, and emerging markets (Africa, LATAM, SE Asia).