Vesicash, a fast-rising Nigerian start-up that specializes in protecting the payments and remittances platforms of many online-based transactions that involve a company with a customer, customer to customer, or company to company, has secured funding, though the amount is undisclosed, from Ingressive Capital to help its increase its customer base and strengthen its partnerships with key stakeholders or shareholders.
With the recent developments happening in Africa, it is no doubt that many start-ups have evolved and Africans are leaving no stone unturned to succeed in different businesses. Some start-ups are developing varieties of solutions aimed at increasing access to payments and remittances services, but, surprisingly, only a few start-ups focus on the security aspect. One of the companies that do justice to the security of online transactions is Vesicash.
To be candid, we have experienced or have heard of someone who was defrauded on online transaction platforms. It is safe to say that there are millions of cases of people who did not receive value due in transactions and people being scammed when they engage in digital businesses. Vesicash, a digital escrow platform, was developed to forestall these issues of digital fraud and disputes by providing payment security for all parties involved in P2P or marketplace transactions.
The CEO and Co-founder of Vesicash, Ibrahim Oladele, said, “The problem with using debit and credit cards and bank transfers to make a payment for a transaction remains the fact that it doesn’t prevent you from being defrauded. It doesn’t provide the much-needed assurance that the person making payment for a transaction will receive value for their money. Cash, on the other hand, has its inherent security risks, as well as its limitations in the case of high-value transactions.”
He further explained what Vesicash is up to in solving the above problems, “That’s where we come in. Vesicash is the trust component that ensures that the parties involved in a transaction can do so with the knowledge that their interests are protected and that the other party will hold up their end of the deal, allowing transactions to be carried out confidently and with peace of mind for both parties.”
In November 2018, Vesicash raised US$100,000 in pre-seed funding and has now raised another massive round from Ingressive Capital. Besides, the VC firm will also support Vesicash with knowledge such as the go-to-market strategy, sales, marketing, and ways of securing partners. Although Vesicash operates only in Nigeria at present, with this funding, it aims to offer its payment security solution to other African countries.
Moreover, Oladele sheds more light on how this massive funding from Ingressive Capital will help Vesicash. In his words, “The investment will help us focus on our mission of empowering Nigerians through a secure, safe and transparent way of carrying out digital transactions without the fear of being defrauded. To succeed in this market, you need the backing of strong local partners like Ingressive Capital. Having them on board gives Vesicash the necessary boost in taking the necessary steps for achieving our vision, and opens up the door of unending possibilities as founders of the company.”