NeTPlus Advisory has secured multimillion-dollar funding from Nigeria and Ghana-focused generalist fund, Synergy Capital.
How many million dollars? We don’t know, because they didn’t say. Synergy Capital typically commits between $1 – 10 million per investment. TechCabal has reached out to the concerned parties for more detail.
According to the emailed communication we received, Netplus Advisory intends to use said multimillion dollar funding to ramp up its ecommerce and e-payments activities in Nigeria, with a view to Africa-wide expansion. The ecommerce component is Webmall, an ecommerce platform that offers webstores, payments, marketing and logistics as a service to online merchants. The e-payments side refers to a-new-about-to-be-launched-but-we-are-not-sure-if-has online payments solution called Netplus Pay that should allow integrating merchants offer their customers the option of paying by means of their internet banking portals, rather than via debit/credit card.
While Synergy Capital is no less mysterious than Netplus, we know a little about them. There was the vaunted $10 million investment which they were said to have made in financial security startup, iSec at a $100 million valuation in 2014. The $75 million fund which targets oil and gas, power, consumer goods and services, agro-allied processing, tech and telecoms, as well as non-bank financials seems to have acquired a taste for fintech.
“With this investment, the company is confident that it can establish a leading position in the strategic payment space critical to unlocking the e-commerce value chain in Nigeria”, the release said. Payments are indeed a big problem begging to be solved, and as long as Netplus Pay is not vapourware, perhaps they’ll be the one to make out like bandits in that space. All the best, and hope they don’t wind up in Jumia or Konga’s crosshairs while they’re at it.