{"id":1038,"date":"2021-10-14T16:10:38","date_gmt":"2021-10-14T15:10:38","guid":{"rendered":"https:\/\/ancstockinvestments.com\/blog\/?p=1038"},"modified":"2021-10-14T16:10:43","modified_gmt":"2021-10-14T15:10:43","slug":"nigerian-fintech-sparkle-raises-3-1-million-scale-operations","status":"publish","type":"post","link":"https:\/\/ancstockinvestments.com\/blog\/2021\/10\/14\/nigerian-fintech-sparkle-raises-3-1-million-scale-operations\/","title":{"rendered":"Nigerian Fintech, Sparkle, Raises $3.1 Million to Scale Operations"},"content":{"rendered":"\n<p>Sparkle, a mobile-first digital bank that provides financial, lifestyle, and business support services to Nigerians across the globe, has raised an oversubscribed seed round of $3.1 million (N1.3 billion) from an all-Nigerian group of investors. The round was led by Leadway Assurance with participation from Trium Networks, and a number of Nigerian HNIs.&nbsp;<\/p>\n\n\n\n<p>This follows a previous friends and family pre-seed round totaling $2 million (N857 million), bringing Sparkle\u2019s total funding to $5.1 million (N2.1 billion).&nbsp;<\/p>\n\n\n\n<p><a href=\"https:\/\/sparkle.ng\/\" target=\"_blank\" rel=\"noreferrer noopener\">Sparkle<\/a> will use the new investment to scale its talent teams across engineering, financial risk, and marketing departments and investing in its automated back-end processes and digital infrastructure.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Sparkle: building on borderless transactions<\/strong><\/h2>\n\n\n\n<p>Since <a rel=\"noreferrer noopener\" href=\"https:\/\/www.afrohustler.com\/uzoma-dozie-launches-sparkle-retail-sector\/\" target=\"_blank\">launching in 2019<\/a>, Sparkle has developed a digital-first tribe of users who have access to features such as savings, bill payments, airtime\/cable\/utility\/transport top-ups, the ability to request or send funds, split bills, review spending breakdowns, and more, all via the Sparkle app (available on the <a rel=\"noreferrer noopener\" href=\"https:\/\/apps.apple.com\/us\/app\/sparkle-lifestyle-finance\/id1475491602\" target=\"_blank\">App Store<\/a> and <a rel=\"noreferrer noopener\" href=\"https:\/\/play.google.com\/store\/apps\/details?id=ng.sparkle.Sparkle_android.prod\" target=\"_blank\">Google Play<\/a>).\u00a0<\/p>\n\n\n\n<h5 class=\"wp-block-heading\">Also Read: <a href=\"https:\/\/ancstockinvestments.com\/blog\/2021\/08\/09\/moove-raises-23-million-help-drivers-own-cars-africa\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Moove Raises $23 Million to Help Drivers Own Cars in Africa (opens in a new tab)\">Moove Raises $23 Million to Help Drivers Own Cars in Africa<\/a><\/h5>\n\n\n\n<p>Sparkle has seen triple-digit growth between 2020\/21 and will now continue its focus of connecting Nigerians and the global Nigerian Diaspora by building a different type of financial services platform that is more than just banking, but a means of improving the financial lifestyle of its users, allowing for borderless transactions.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" data-src=\"http:\/\/www.afrohustler.com\/wp-content\/uploads\/2021\/10\/Sparkle-Fundraise-594x650.png\" alt=\"Sparkle Raises $3.1 Million Seed Round from an All-Nigerian Group of Investors\" class=\"wp-image-37476 lazyload\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 594px; --smush-placeholder-aspect-ratio: 594\/650;\" \/><\/figure>\n\n\n\n<p>In April 2021, Sparkle launched its business platform, <a href=\"https:\/\/sparkle.ng\/business\/\" target=\"_blank\" rel=\"noreferrer noopener\">Sparkle Business<\/a>, targeted at the new generation of digital-first MSMEs and SMEs in Nigeria, with features such as Inventory and Invoice Management, a Payment Gateway Service, Tax Advisory\/Calculations, and Payroll\/Employee Management. <\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" data-src=\"http:\/\/www.afrohustler.com\/wp-content\/uploads\/2021\/10\/sparkle-business-26a3dc594d94ab4c0624d5594faacebd-495x650.png\" alt=\"\" class=\"wp-image-37479 lazyload\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 495px; --smush-placeholder-aspect-ratio: 495\/650;\" \/><\/figure>\n\n\n\n<p>Sparkle Business is the only Nigerian business account where no documentation is required to open an account &#8211; to register individuals require a personal Sparkle account, Tax Identification Number (TIN), and an email address connected to their TIN.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Speaking on the round, which is made up in its entirety by Nigerian investors, Uzoma Dozie, Sparkle Founder and CEO, says, <em>\u201cI\u2019m delighted to be collaborating with a group of highly respected Nigerian businesses, investment firms and captains of industry &#8211; all of whom understand the real need for a digital-first platform such as Sparkle, to bring better access to financial services and, importantly, financial inclusion, to millions more people &#8211; for business, for personal means or both.<\/em>\u201d<\/p>\n\n\n\n<figure class=\"wp-block-image alignnone size-medium wp-image-37477\"><img decoding=\"async\" data-src=\"http:\/\/www.afrohustler.com\/wp-content\/uploads\/2021\/10\/Uzoma-Dozie-Sparkle-640x650.jpeg\" alt=\"Sparkle Raises $3.1 Million Seed Round from an All-Nigerian Group of Investors\" class=\"wp-image-37477 lazyload\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 640px; --smush-placeholder-aspect-ratio: 640\/650;\" \/><figcaption>Uzoma Dozie, Sparkle Founder &amp; CEO<\/figcaption><\/figure>\n\n\n\n<p>Sparkle users can open an account in less than five minutes via a smartphone, without the need for documentation or in-person\/banking hall verification. The platform also has a Visa card function for users to make in-person or digital payments. The platform has also <a href=\"https:\/\/www.afrohustler.com\/sparkle-launches-virtual-physical-payment-cards-visa-partnership\/\" target=\"_blank\" rel=\"noreferrer noopener\">secured partnerships with Visa<\/a>, Network International, PriceWaterHouse Cooper Nigeria and secured a Microfinance Bank license from the Central Bank of Nigeria (CBN).&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Democratizing access to valuable solutions<\/strong><\/h2>\n\n\n\n<p>Sparkle\u2019s mission, according to Uzoma, is to <em>\u201chelp Nigerians fulfil their potential by democratizing access to valuable solutions for their business and personal needs.\u201d<\/em>&nbsp;<\/p>\n\n\n\n<p>Nigeria\u2019s massive youth population increasingly live, work, and play beyond physical borders. Sparkle, according to Uzoma, <em>\u201cbuilds with them in mind; Whether we are building services for individuals or businesses, we&#8217;re fully focussed on creating a connected tribe of Sparklers.\u201d<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sparkle, founded by an ex-CEO of a former Nigerian incumbent bank, has raised an oversubscribed seed round of $3.1 million to scale its operations.<\/p>\n","protected":false},"author":3,"featured_media":1039,"comment_status":"open","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"content-type":"","inline_featured_image":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5,4],"tags":[174,212,213,14],"series":[],"ppma_author":[463],"class_list":["post-1038","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-startup","tag-fintech","tag-sparkle","tag-sparkle-business","tag-startup"],"yoast_head":"<!-- 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