NIGERIA – Nigerian digital escrow service Vesicash has raised an undisclosed amount of funding from Ingressive Capital to help it grow its customer base and secure key partnerships.

The startup provides a digital escrow service which helps providing payment security for those involved in online marketplace transactions.

Vesicash was built to prevent digital fraud and disputes by providing payment security for all parties involved in P2P or marketplace transaction.

According to tech publication Disrupt Africa, the startup raised US$100,000 in pre-seed funding in November 2018 and has now raised a larger round from Ingressive Capital. Aside from the funding, the VC firm will also assist Vesicash with things like go-to-market strategy, sales, marketing and securing partners.

“To succeed in this market, you need the backing of strong local partners like Ingressive Capital. Having them on board gives Vesicash the necessary boost in taking the necessary steps for achieving our vision, and opens up the door of unending possibilities as founders of the company,” Ibrahim Oladele, Vesicash co-founder and chief executive officer (CEO), said.

“The investment will help us focus on our mission of empowering Nigerians through a secure, safe and transparent way of carrying out digital transactions without the fear of being defrauded.”

Built originally for marketplace and social commerce platforms, Vesicash has seen a significant volume of the transactions it has processed so far come from the services sector. Currently operating only in Nigeria, it has plans to secure strategic partnerships to offer its payment security solution to other countries within West Africa and Africa as a whole.

Veiscash was founded in 2018 by Ibrahim Oladele, Ehiaghe Aigiomawu and Oluwatomisin Adeshiyan. The startup began operations in March last year.

The startup’s CEO and co-founder Ibrahim Oladele said that the deal was concluded.

“We started with our money and ran the company for a few months before we got an angel investment. We spent between US$15 000 and US$20 000 of our (own) personal money,” he added.

The startup was part of the last Greenhouse accelerator cohort and HiiL justice entrepreneurship accelerator at the Hague, in The Netherlands.

“Our plans for 2020 are focused on bringing our value closer to consumers through corporate partnerships and creating better products experience for the consumers, thereby setting the company on the path to growth and stability,” said Oladele.