By Dipo Olowookere
Some days after obtaining the new digital sub-broker license issued by Nigeria’s Securities and Exchange Commission (SEC), Chaka Technologies, a leading digital investment platform, has secured $1.5 million in pre-seed funding to deepen capital markets and power digital investments for businesses in Africa.
Business Post learned that Chaka aims to use the funds to enable borderless investments across Africa and deliver digital investments solutions for African businesses.
It will also be used towards the expansion of the fintech’s footprints in West Africa, especially in Ghana and others, to reach more retail investors and attract more foreign players to African capital markets.
Since its launch in 2019, Chaka has levelled the barriers of entry for borderless investments in Nigeria by providing customers with compliant access to the capital market.
Chaka’s bouquet of products includes a stock trading app for retail investors, Chaka SDK which enables asset managers and financial institutions to offer digital investments to their customers; and Chaka for Business which enables direct business onboarding and provides powerful trading tools for institutional investors.
The huge potentials of this company inspired Breyer Capital, premier global venture capital and private equity firm focused on catalysing growth in high-impact tech companies like Spotify and Facebook, to lead this funding round.
Other participants in the round were 4DX Ventures, Golden Palm Investments, Future Africa, Seedstars, and Musha Ventures.
“This is indeed a significant milestone for us at Chaka. We see digital investments as an opportunity to boost economic transformation in Africa, and our goal is to use this funding to bring this vision to life.
“With this capital, we will focus on our goals to build a roster of formidable partners and accelerate our expansion to other markets within Africa.
“This investment also enables us to hire top talent and integrate more advanced functionalities into our investment and wealth management solutions for businesses,” the co-founder/CEO of Chaka, Mr Tosin Osibodu, said.
“Our mission remains the same and we are excited to be backed by VCs like Breyer Capital that trust us and are extremely optimistic of the possibilities that exist for Chaka and Africa,” he added.
On his part, the CEO of Breyer Capital, Mr Jim Breyer, said, “We are proud to combine efforts with a company that is levelling the investment playing field for Nigerians (and Africans at large).
“We’re confident in the value Chaka provides through its digital tools, and we look forward to playing our part in supporting Chaka’s team on their mission to drive borderless investments in Africa.”