Money talks: Nigerian Startup, Esusu raises N53.9 billion, becomes a Unicorn

Esusu Joins The League of Unicorns With a New N53.9 Billion Funding, One of Nigeria’s startup, Esusu has raised N53, 950 billion in a new funding to heighten its fintech services and reach to immigrant and minority groups as well as provision of rent reporting and data solutions for credit building.

The fund gives the startup led by a Nigerian and Indian a N415 billion ($1 billion) valuation, making it one of the very few unicorns owned by Blacks in the United States.

 

The funding which is led by a prominent VC firm, Softbak Vision Fund 2, also saw Jones Feliciano Family Office, Lauder Zinterhofer Family Office, Schusterman Foundation, SoftBank Opportunity Fund, Related Companies, and Wilshire Lane Capital participate.

 

Motley Fool Ventures, the lead investor in Esusu’s N4.1 billion Series A round last July, re-invested in the new round.

Esusu hopes to use the latest investment to grow its team and boost growth through product creativity and build the most comprehensive financial health platform in the market.

What inspires Esusu

Nigerian-American Abbey Wemimo and Indian-American Samir Goel said they founded the startup four years ago based on their experience of financial exclusion growing up in immigrant homes in the US.

The company said that establishing and improving credit scores, it is strengthening financial identities while empowering individuals, families, and communities to meet their long-term financial goals, company said in a statement, a report by Nairametrics said.

The firm has raised over $144 million, joining a group of Black-led and owned startups globally that have achieved unicorn valuation out of more than 900 companies.

The company was founded in 2018 to boost the credit scores of marginalised and impoverished groups and leverage data to bridge the racial wealth gap via rental payments by capturing on-time rental payment data of renters.

 


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