Okra made a bold entrance into Africa’s open finance space, quickly establishing itself as a pioneering force. The Nigerian startup formed key partnerships with major financial institutions like Renmoney, Branch, Bamboo, and AIICO Insurance. By early 2020, usage of its API had surged by an impressive 175%, laying a strong foundation for regional expansion.
Backed by Big Investors
The company attracted notable early-stage funding, raising $1 million in pre-seed capital from TLcom Capital and a further $3.5 million in a seed round led by Susa Ventures. Over time, Okra’s total disclosed funding surpassed $16.5 million, pointing to the likelihood of additional, undisclosed rounds. Co-founder Fara Ashiru Jituboh steered the company forward while co-founder David Peterside exited in 2022.
Building a Pan-African Fintech Infrastructure
Okra wasn’t just another startup—it was part of a movement. Alongside companies like Nobus and Layer3, it offered naira-backed cloud infrastructure as local alternatives to global giants like AWS and Microsoft Azure.
Its emphasis on secure data exchange, consent-driven APIs, and real-time financial data positioned it as a standard-setter for open banking in Africa. Under Ashiru’s leadership, Okra became more than a fintech—it served as a critical infrastructure layer for developers creating the next generation of digital financial services on the continent.
The End Of The Road
Despite its promising trajectory, Okra’s journey came to a close. Its shutdown reflects a broader trend of consolidation and strategic pivots within Africa’s fintech ecosystem. Increasing regulatory pressures, shifting investor priorities, and tighter funding environments have reshaped the landscape for even the most ambitious startups.
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