Nigeria-based neobank Sparkle has announced the close of a $3.1-million seed round to scale its operations in Nigeria, TechCrunch reported. This follows the closing of a friends and family pre-seed round of $2 million within the past year.
The latest investment was made by an all-Nigerian cast led by Leadway Assurance Limited, Trium Network and several anonymous UHWIs.
The company opted for local investors, as they provide the needed experience and market that Sparkle needs to scale in Nigeria.
“Collectively, as a group of investors and business builders, we are Nigerians who are bullish about Nigeria and the opportunity the country presents in terms of building global networks and communities, all via one app,” Sparkle CEO and Co-Founder Uzoma Dozie said.
Sparkle is a leading Nigerian digital microfinance bank that leverages technology and data to help customers meet their potential by democratizing access to valuable solutions for their business and personal needs.
The neobank, which Dozie co-founded and launched in 2019, and has been licensed to operate as a microfinance bank by the Central Bank of Nigeria.
Dozie is the former CEO of Diamond Bank, one of Nigeria’s leading commercial banks that became Access Bank after a merger and acquisition process.
Sparkle strives to meet customer needs by providing financial, lifestyle and business support services to customers.
“We don’t see our customers from accounts, payments, deposits or credit perspectives, but from how we can help them do what they want to do at any particular time,” Dozie said.