Nigerian fintech startup SpacePointe has raised US$1.2 million in funding from multiple investors to launch in-store business management and point of sale (PoS) applications into the market.
On the back of the US$1.2 million funding round, the company has now launched CommercePointe and PointePay into the Nigerian market, and is focusing on pushing these products out to as many customers as possible.
CommercePointe has integrated the in-store business management and PoS application with a marketplace platform working off the same inventory. Chief executive officer (CEO) Sayu Abend told Disrupt Africa this is the first platform of its kind to be designed for the informal sector in emerging markets, enabling them to service the omni-channel consumer.
“On the one hand, their products are showcased and sold online with multiple types of online payment options available. On the other hand, they are showcased in their stores and sold using multiple types of payments,” she said.
SpacePointe has also rolled out PointePay, a mobile application with multiple payment options acceptance options, including cash, e-wallet, and debit or credit card. It allows retailers to manage product and inventory, as well as employees and customers, while also offering value added service such as the ability to sell wireless top-up and perform mobile wallet loads.
“Digitising the informal merchant is not just about putting point of sale systems in their hands. SpacePointe now utilises a combination of technology and key business partnerships to overcome the barriers to entry,” Abend said.
She said the new products were not centered around a card reader because not everyone needs or can afford such as device. Instead, SpacePointe is offering merchants a multi-point of service system where they can sell online via a marketplace, manage the business using PointePay, and sell value added services. It is also affordable.
“No other platform in Africa has pushed a platform like this for less than US$7 up front and US$3 per month. Taking the informal sector cashless is not about some hardware. It is about financial and technological inclusion, affordability and accessibility,” Abend said.
“SpacePointe accomplishes this through inclusion-inspired innovation and key partnerships. That’s pretty special and time will reveal the impact of strategy for the informal sector.”