CredPal has raised US$1.5-million from a large consortium of venture capital (VC) investors which included Y Combinator, GreenHouse Capital and Tangerine Life Insurance. CredPal is a Nigerian based fintech startup, with credit solutions geared towards providing seamless credit access for businesses and individuals across developing economies. The company also offers expense management solutions which enables businesses to issue credit or debit cards.
Y Combinator is global VC firm that provides seed funding for startups to get startups through the first phase to build a business impressive enough to raise money on a larger scale and typically introduces the startups to later stage investors. Y Combinator invested in well-known startups such as Doordash, Dropbox, Airbnb, GitLab, Flexport, Instacart, Coinbase, Reddit and Stripe among many others. Y Combinator has 18 companies in its portfolio that are valued at over US$1-billion and has raised over US$25-billion from investors. GreenHouse Capital is Nigerian based VC firm and Tangerine Life Insurance is a Nigerian based insurance firm that have also participated in the funding round.