Digital Bank, Fundall raises $150,000 in pre-seed funding

Fundall has garnered a lot of traction in the months since its launch and is proceeding to expand its services.

As the Fintech industry continues to rethink how Nigerians manage money and transact business, Fundall—one of its latest startups and direct challenger to "digital banks" like Kuda and Alat—has announced a pre-seed investment of $150,000 (One Hundred and Fifty Thousand Dollars) led by Black Knight Capital, a pre-seed and seed stage angel investment outfit.

While in beta, the digital bank served 10,000 members with about ₦200 million in deposits.

With this investment, Fundall will acquire a Microfinance Bank, as part of steps to further strengthen its operational framework and license to surpass both regulations and customer service expectations. Also, it plans to deepen the distribution of its Personal Banking product (launched earlier in October 2020) and build a stronger road-to-market path for its Corporate/SME Banking service, currently in development stage and ready for market later in November 2020.

According to the CEO, Taiwo Obasan, Fundall is highly invested in continuously building not only for today, but for its envisioned future of helping millions of Nigerians manage their money, build wealth and grow their businesses.

Fundall prides itself as a personal financial partner that provides a fully automated banking experience that is customized to the lifestyle of each user—powered by Artificial intelligence and Behavioural Economics. By replacing lots of processes, complexities and bureaucracy with machine learning, gamified experience and relatable user journey, Fundall promises zero paperwork, richer financial experience and low fees to increase access to premium personalized financial services.

On fulfilling its ambitious slogan, “Your bank. In deed”, the platform boasts of a range of smart features that provide solutions to common problems people ever wished they had a way around like being able to schedule daily reminders sent to debtors, send money to people even when you cannot access their account details, automate a percentage savings every time you spend, and many more.

Fundall has been received with raving reactions and as it continues to gain adoption by individuals and businesses. It is only a matter of time before it raises another round of funds and expands its offering and reach.

Read on Fundall's journey, so far.

Cover photo featuring Taiwo Obasan, CEO of Fundall.