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Prospa, An App to Boost Microenterprise Development in Africa

Prospa, An App to Boost Microenterprise Development in Africa

Founded in 2019 by Frederik Obasi, Chioma Ugo, and Rodney Jackson-Cole, Prospa provides banking and software services for microenterprises, allowing users to open a fully operational bank account in five minutes and also offering access to a suite of tools such as invoicing, inventory management, employee payroll, an e-commerce platform, and an analytics dashboard.

The startup already has thousands of users who pay a monthly subscription fee and is growing its user base by 35% month over month. Users have so far sent 360,000 invoices and recorded 20,000 unique inventory items on the platform each month.

Prospa participated in the Y Combinator accelerator earlier this year, and the $125,000 deposited there is part of this $3.8 million round, which the startup admits is the largest amount of funding raised by a Nigerian startup.

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The round was backed by venture funds Global Founders Capital (GFC) and Liquid 2 Ventures.

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