# Okra

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/okra

- Industry: Financial Services
- Headquarters: Lagos, Nigeria
- Website: www.okra.ng
- Total disclosed funding: $3.5M
- Latest round: Seed (Apr 21, 2021)
- Investors on record: 3

## About

Okra, Inc. specializes in providing Open Finance APIs tailored for African businesses, giving them access to vital financial data from various banks and institutions to enhance their operational capabilities. Founded in 2020 by Aidan Hall, Benjamin Greene, David Peterside, Fara Ashiru, Joseph Bacon, Julie Pang, Lorenzo Crippa, and Nobuaki Nogamoto, Okra, Inc. is based in Lagos, Nigeria. The company operates in the financial technology space, focusing on developing innovative solutions for businesses to access and utilize financial data. Okra successfully completed a Series A funding round in March 2022, raising GBP 3 million from Praetura Ventures, which marks its total funding raised at GBP 3 million across three deals.Okra offers a suite of Open Finance APIs designed for African businesses, enabling them to access comprehensive financial data from various banks and financial institutions. Their core product offerings include APIs for authentication, transaction data, identity verification, account balance information, income verification, and payment collection. These solutions are particularly useful for businesses in sectors such as lending, personal finance, remittances, digital banking, and business finance. By integrating these APIs, companies can confidently issue loans, create personalized financial experiences for users, facilitate seamless payments, and effectively plan for future financial goals. Currently, Okra’s products are operational in Nigeria and in beta testing for new markets in Kenya and South Africa, catering to a diverse client base that includes financial institutions, fintech startups, and digital banks.Okra's revenue model centers around partnerships and B2B transactions, where businesses pay for access to its suite of financial APIs. The structure typically involves subscription-based plans that offer tiered pricing based on the volume of API calls or the range of services utilized. For instance, developers and businesses engaging with Okra's Authentication API or Identity Verification services might follow a pricing schedule that scales with their usage levels and specific needs. Additionally, revenue is generated through the collection of transaction fees associated with the Payments API, which facilitates efficient bank payment collections. These pricing plans are designed to accommodate varying business sizes and use cases, ensuring flexibility for their clients across multiple sectors within the financial landscape.In March 2022, Okra, Inc. raised GBP 3 million in Series A funding from new investor Praetura Ventures. The company plans to use this funding to speed up product development and enhance its existing services. Okra aims to expand its product offerings and penetrate new markets, specifically focusing on Kenya and South Africa, with anticipated launches in the upcoming year. This strategic expansion will support their initiative to cater to a broader client base and further establish their presence in the African financial technology ecosystem.

## Funding rounds

- Seed, Apr 21, 2021, $3.5M — TLcom Capital, Accenture Technology Ventures, Susa Ventures

## Investors

- TLcom Capital (https://capitalatlas.ai/funds/tlcom-capital) — Seed
- Accenture Technology Ventures (https://capitalatlas.ai/funds/accenture-technology-ventures) — Seed
- Susa Ventures (https://capitalatlas.ai/funds/susa-ventures) — Seed