Infibranches, a company on a mission to bridge the energy distribution gap in underserved rural and peri-urban areas of Nigeria, has secured a $2 million investment from All On, an impact investment company backed by oil major Shell.
The funding will be directed towards financing inventory and agent acquisition, product and technology development, and providing working capital.
Commenting on the latest investment, Dr. Wiebe Boer, chief executive, All On, said, "We are particularly thrilled about this deal because it's an innovative business model that solves the payments and collections problems that solar system distributors and mini-grid developers face across Nigeria. This partnership merges fintech and renewables in a way we haven't seen in Nigeria before and will enable tens of thousands of new electricity connections."
"Through this investment, Infibranches plans to speed up customer acquisition in its current markets. This will also improve existing products like Omnibranches, which has served over a million customers, and introduce new products and services to address energy distribution issues", CEO Olusola Owoyemi said.
As reported by TechCabal, Infibranches provides digital payment services to solar energy providers and is currently the only company in the fintech space that has built a secure platform that serves as a single point of integration for payments and other financial services for service providers in the Nigerian renewable energy sector,
Through its flagship products – OmniBranches and Green Energy, Infibranches helps companies plug with large distribution networks, Solar Home System (SHS) distributors, and mini-grid developers manage their operations.
OmniBranches has served over a million customers. Its features include agent hierarchy management, commission tracking, transaction records, transaction analytics, and profile management, Infibranches CEO Olusola Owoyemi said.
Infibranches' second product Green Energy Plug, on the other hand, is a single point of integration for payments and other financial services for service providers in the Nigerian renewable energy sector. Through the platform, companies can receive payments for solar and other green energy products.
Nigeria in focus
GDP: $432.294 billion in 2020 compared to $448.12 billion in 2019
Population: 206,139,587 in 2020 compared to 200,963,03 in 2019
GDP per capita: $2,097 in 2020 compared to $2,229 in 2019