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Lagos, Nigeria

Open Date 2020/11/30 12:00:AM
Investor Memo is building the Brex of Africa for both businesses and consumers. We enable individuals and businesses to have access to the cheapest, most affordable, most flexible and most convenient credit by making it interest-free.

Unfair Advantage, Problem & Competition 
We are capable and have been able to find a way to offer credit and credit cards at no interest rate across Africa which comprises up to a billion people by placing focus on transaction fees. 

We offer these African businesses and individuals, ability to
1.  Get credit on an interest free basis unlike competitors (Carbon, Aella credit, Banks) who

2.  charge high and ridiculous interest rates .
3.  Make payments on credit across multiple channels 
4.  Access credit within seconds unlike our competitors (Carbon, Aella, Branch) that require users to provide certain documents. With us, every process is automated. 
5.  Accept payments on credit through our merchant solution which none of our competitors have been able to do
6.  Make savings and get interest on the savings at better rates than what our competitors (Piggyvest, Carbon) offer 
7.  Keep a digital wallet for transactions 
8.  Receive and transfer money making use of just the username 

We currently offer the cheapest, most affordable and most accessible credit facilities in the industry through the following features;

Credit Cards - a tool that allows businesses and individuals to make payments online and offline on POS machines.
Credit reporting system - A unique solution that enables us to determine the eligibility for credit, for users to build credit rating and have a comprehensive report available to each business or individual 
Switch - That enables us to process transactions done on any of our merchants’ platforms.

Market Opportunity 
We play in a $36B Market that keeps growing with a revenue volume of over $530 million annually. Lending is one of the fastest growing sector in Africa and we have the advantage with our unique credit solutions. Our focus is mostly on individuals and businesses with average incomes in order to limit the risk of lending. We have processed over $200k in revenue within the last 6 months.

1.  Temidayo Dauda (COO, PM & Co-Founder); A lawyer turned software engineer with vast experience in commercial legal practice and in advising startups that have raised VC funding while also representing multinationals in commercial disputes.

2.  Odofin Timothy (CTO & Co-Founder); A computer science with over 12 years software development experience and a member of the team that built banking solutions for UBA (one of the largest banks in the world), a member of the team that built solutions for NIBBS (government agency that builds APIs for banks) and also built solutions for IKEDC (Ikeja electricity distribution company) that has been used to process over $5M transactions.

3.  Bernard Taiwo (CEO & Co-Founder); Company secretary of Mainstreet Bank Capital Limited, a reputable investment bank in Nigeria.

Investor Updates

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