Nigerian startup, Jamborow has reportedly raised $400,000 from its shareholders to expand its blockchain-based B2B fintech platform.
The investment will help the startup to launch in Nigeria and offer its financial services to the unbanked.
The company founded by Moses Onitilo, John Kamara, and Olusegun George in 2018, is set to close a seed funding round in coming weeks to launch into new markets, the publication said.
The $400,000 investment will help Jamborow to offer its financial services to the unbanked in Nigeria.
Techmoran quoted Onitilo as saying that the startup had conducted “extensive” research by travelling to various parts of the continent.
It said the startup is working with all the major players in the financial ecosystem such as banks, SME lenders, co-operatives, traditional savings groups, microfinance institutions, and others, to serve the growing informal sector.