Infibranches Receives A $2 Million Investment From Shell To Diversify Its Energy Products
Infibranches, a Nigerian fintech, receives a $2 million investment from Shell to diversify its energy products
Infibranches Technologies Limited, a Nigerian fintech startup, has raised $2 million in funding from All On, an investment company backed by oil and gas behemoth Shell, according to the company. The funds will be used to provide energy solutions to communities all over Nigeria, according to the organization.
Infibranches is a startup founded in 2019 by Olusola Owoyemi with the goal of providing digital financial services to service providers in the energy sector. Forbes and Global Startup Ecosystem selected it as a finalist for Nigeria's First Resilience Digital Startup Accelerator Program, which will take place in the fall.
OmniBranches and the Green Energy Plug are two of Infibranches' flagship products that assist companies with large distribution networks, particularly Solar Home System (SHS) distributors and mini-grid developers, in managing their operations.
Approximately one million customers have been served by OmniBranches, according to the CEO of Infibranches, Olusola Owoyemi. In response to the funding, he expressed his excitement, stating that it would be used to combat poverty and promote financial inclusion.
With this investment, Infibranches hopes to accelerate customer acquisition in its current markets,” says the company. According to the CEO, this will also improve existing products such as Omnibranches, which has served over a million customers, as well as introduce new products and services to address energy distribution issues in the future.
The Nigerian Off-Grid Market Acceleration Programme, a not-for-profit initiative supported by the United Kingdom and the United States Agency for International Development, provides assistance to Infibranches.
The fintech has developed a payment system that aids in the collection of payments from providers of solar home systems and mini-grid developers through a network of agents spread across Nigeria, according to the company. This includes financial institutions such as banks and mobile money agents located throughout the payment value chain.
With the new funding, Infibranches hopes to expand its talent acquisition, product and technology development, as well as its product and technology development. Furthermore, it wishes to provide capital for the operation of the business.
During a press conference to announce the investment, the CEO of the Shell Foundation, Sam Parker, stated that Infibranches has demonstrated how critical it is to continue addressing market barriers, allowing enterprises to more quickly expand their life-changing energy solutions to households and SMEs across Nigeria.
All On CEO, Wiebe Boer, stated that the company is thrilled with the investment because of Infibranches' "innovative business model," which he claims solves a slew of problems.
“We are particularly excited about this agreement because it represents an innovative business model that addresses the payment and collection issues that Solar Home System distributors and mini-grid developers across Nigeria are experiencing. It is the first time in Nigeria that fintech and renewables have been brought together in this way, and it will enable tens of thousands of new electricity connections,” says the CEO.
