Shell-backed firm invests $2m in Nigerian fintech startup to power rural areas
Summary
Through its flagship products – OmniBranches and Green Energy Plug – Infibranches helps companies with large distribution networks, particularly Solar Home System (SHS) distributors and mini-grid developers, manage their operations. All On’s funding will, “trigger the next phase of Infibranches’ growth” by financing inventory, agent acquisition, product and technology development as well as providing working capital, a joint statement released by both companies said. Infibranches plans to distribute Solar Home Systems for households and commercial users across Nigeria with a special focus in the Niger Delta. “We are particularly thrilled about this deal because it’s an innovative business model that solves the payments and collections problems that solar system distributors and mini-grid developers face across Nigeria,” said Dr. Wiebe Boer, chief executive, All On. “The initiative’s work with Infibranches has shown how important it is to continue addressing market barriers, enabling enterprises to more quickly expand their life-changing energy solutions to households and SMEs across Nigeria,” Sam Parker, chief executive of Shell Foundation, said.
Funding
Classifications
AskAI Classifications
LabelsLinked Companies
