Accenture Helps make Strategic Investment in African Fintech Startup Okra | Enterprise
4 min readNEW YORK–(Business enterprise WIRE)–Apr 21, 2021–
Accenture (NYSE: ACN) has made an expenditure, by Accenture Ventures, in Nigeria-based mostly fintech enterprise Okra, an open up finance info infrastructure startup serving the fast expanding African fiscal providers current market.
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Accenture Ventures would make financial investment in Nigeria-based fintech startup Okra (Photo: Business Wire)
Started in 2019 and centered in Lagos, Nigeria, Okra is an open up finance platform that permits builders and firms to establish individualized digital products and services and fintech items for clients.
“Okra is a soaring fintech star in the high-progress world-wide electronic monetary solutions arena, and in the African market, which is residence to the world’s most significant unbanked inhabitants, including a sizable number of underbanked shoppers and small-to-medium sized enterprises,” reported Tom Lounibos, taking care of director, Accenture Ventures. “We believe that that Okra has the likely to deal with vital problems in Africa and we’re excited to operate carefully with the crew to enable scale its solutions for maximum affect.”
In accordance to a beforehand released Accenture review, by 2025, fintech startups could seize as a lot as $78 billion, or 3.9% of the projected $2 trillion overall world wide banking payments market.
The financial investment in Okra was built as a result of Accenture Ventures’ Challenge Highlight — Accenture Ventures’ immersive engagement and financial investment method aimed at connecting rising technological know-how startups with the World wide 2000 to fill strategic innovation gaps — Okra will also have entry to Accenture’s international innovation community, and the prospect to co-innovate with Accenture software engineers, procedure architects and payments professionals.
“By enabling people today and companies in Nigeria to join their bank accounts immediately to third-occasion apps, Okra is powering the considerably-wanted connectivity layer involving monetary establishments, fintech corporations and people,” reported Fara Ashiru Jituboh, co-founder, chief executive officer and chief technologies officer of Okra. “Gaining obtain to Accenture’s world wide banking authorities, clients and technology ecosystem partners through Undertaking Highlight will contribute significantly to the good results and expansion of our business moving forward.”
Born in Nigeria and a software package engineer by the age of 11, Jituboh grew up in the U.S. and went on to review computer system science and computer software engineering at North Carolina A&T State College (an HBCU), and then held positions at JP Morgan Chase and Fidelity Investments as effectively as a couple of commence-ups prior to co-founding Okra with David Peterside, the company’s chief operating officer. Pursuing its start, the startup captivated substantial early consideration, securing $1 million in pre-seed funding from TLcom Money.
“Our investment decision in Okra is Accenture Ventures’ first expenditure in Africa – an rising market with great extensive-phrase development potential,” reported Vukani Mngxati, main government, Accenture Africa. “Across Africa, technological know-how startups are emerging, bringing new imagining and new methods to assistance address endemic challenges—from money inclusion to market access—and stimulating economic progress. Bringing Okra together with our company shoppers and ecosystem associates will raise the arrive at and impact of innovation and aid African economies accelerate development and value for all.”
For additional information on Accenture Ventures, go to https://www.accenture.com/ventures
About Accenture
Accenture is a world skilled expert services enterprise with main abilities in digital, cloud and stability. Combining unmatched knowledge and specialised techniques across more than 40 industries, we supply Approach and Consulting, Interactive, Know-how and Functions services—all powered by the world’s most significant network of Superior Technologies and Smart Operations centers. Our 537,000 people deliver on the guarantee of know-how and human ingenuity each and every working day, serving purchasers in much more than 120 nations around the world. We embrace the electrical power of alter to build price and shared good results for our clients, individuals, shareholders, associates and communities. Take a look at us at www.accenture.com.
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