(Ecofin Agency) - Nigerian fintech InfiBranches has secured a pre-seed financing to pursue its expansion strategy. The company raised $2 million in a deal led by All On, an investment firm backed by oil and gas giant Shell.
The money will be used to deliver financial services and solar systems to underserved rural and remote areas. “Through this investment, Infibranches plans to speed up customer acquisition in its current markets. This will also improve existing products like Omnibranches, which has served over a million customers and introduced new products and services to address energy distribution issues,” said Olusola Owoyemi, MD of InfiBranches.
InfiBranches plans to strengthen its technology, develop new products and strengthen its cash flow to support its solar home system distribution activity to businesses and individuals. It claims to be the leading company in Nigeria that has built a secure platform that serves as an integration point for payments and other financial services for renewable energy providers across the country.
Wiebe Boer, MD of All On, presents the deal with InfiBranches as "an innovative business model" because it “merges fintech and renewables in a way we haven’t seen in Nigeria before and will enable tens of thousands of new electricity connections”.