Nigerian fintech startup Riby, which has developed software that enables informal cooperatives, trade groups or credit unions to better manage their members, savings and investments, has secured an undisclosed amount of funding from early-stage investment fund Microtraction.
Riby, which has raised the funding to assist the next stage of its growth trajectory, has built a cloud-based core banking application for cooperatives that digitises their operations.
It also provides additional customisation such as KYC, customer onboarding, agent management tools, data analytics, loan performance monitoring, credit scoring and automation of engagement channels to enterprise partners like banks, insurance companies, state governments and development finance institutions that seek to engage these cooperatives.
Microtraction invests up to US$65,000 in startups at the very earliest stage of their development, and has recently backed a host of Nigerian fintech startups, namely CowryWise, Bitkoin Africa, Wallet.ng, Allpro, Thank U Cash and Accounteer.
“Riby’s future lies in the ability of the team to keep helping cooperatives automate, manage and digitise their operations. This will expand and improve their appeal to keep attracting members and ultimately helping these members get better access to cheap financing from larger financial institutions, banks and development finance agencies,” said Microtraction investment associate Dayo Koleowo.
“Also, considering they now have more strategic partnerships with banks, telecoms and government agencies to further increase the economic impact on these cooperatives and improve the lives of their members, we are simply excited about what the future holds for the company.”
You can read Disrupt Africa’s full interview with Microtraction founder and managing partner Yele Bademosi as part of our Meet the Investor series here.