Sudo Africa, a fintech company in Nigeria that offers a card-issuing API to developers and enterprises, has acquired $3.7 million in pre-seed capital.
Global Founders Capital (GFC), based in San Francisco, led the financing. Picus Capital, LoftyInc Capital, Rallycap Ventures, Kepple Africa, Berrywood Capital, ZedCrest, and Suya Ventures are among the investors.
Several African fintech entrepreneurs, like Olugbenga ‘GB’ Agboola, Ham Serunjogi, and Odun Eweniyi, are also investors.
Card-issuing API (pioneered by the likes of Rapyd, Ayden, and even Stripe worldwide) is gradually attracting the attention of investors who believe it’s the next big thing in a sector that has drawn the most VC funds in Africa, similar to many other API-led fintechs.
Sudo Africa’s founders, Aminu Bakori and Kabir Shittu, told TechCrunch that the opportunity to build Sudo came from a problem they encountered while trying to issue cards at their previous startup: a mobile wallet system that allowed users to aggregate existing financial institutions into a single platform and conduct transactions.
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