Credrails, a rapidly developing financial infrastructure business, has collaborated with Access Bank, a leading African bank with the largest client base, to provide the future of finance on the continent. Access Bank and Credrails will work together to create open finance rails that will vastly improve the banking experience for consumers across Africa.
Credrails is a seed-stage firm that provides the infrastructure that integrates bank, mobile money, and offline data into a single API to power the next generation of fintech solutions. Developers can use the startup’s API to create breakthrough products with open and secure access to rich data sources. Furthermore, its technologies enable cross-service interoperability, resulting in faster and cheaper money transfers across Africa and beyond.
As a result of the cooperation, developers will have access to the data and support they need to build novel finance solutions for customers.
Access Bank’s technological hub, Africa Fintech Foundry, is led by Daniel Babatola Awe, who says: “Access Bank, over the years, has positioned itself as a leader in the Financial Technology space by leveraging technology to reform business operations and drive performance.
To further harness the unending opportunities in the African Fintech ecosystem, Africa Fintech Foundry (AFF) – an initiative of Access Bank – was set up in 2017 to solve industry problems, identify and accelerate innovative startups and be recognized globally as the foremost technology hub in Africa.
“We have carefully identified and selected Credrails as our open banking partner, having raised a seed round, as the appropriate company to partner with on our journey to foster the future of finance in Africa.”
“This partnership will develop game-changing, technology-driven, financial solutions that will drive prosperity and encourage inclusivity. We believe that this will provide endless business opportunities to achieve the aforestated goal.”
In January 2022, Credrails raised $2.5 million in a seed round from Softbank, Precursor Ventures, Launch Africa, and super angels like Shefali Roy and V&R. The funds will be used to develop new product suites and expand into new markets.
“Credrails is very pleased to have this partnership with a leading African bank. We are rapidly expanding as a business, and this key partnership is further evidence of our commitment to provide Africa with the infrastructure needed to evolve fintech,” comments Clara Wanjiku Odero, Credrails CEO and Co-founder.
Credrails has access to 250 million accounts in 33 countries since its start in 2020, and it is seeking to connect all of Africa, providing fintech developers with extraordinary capabilities through a single API.