Sudo Africa has raised $3.7 million pre-seed to build its card-issuing API for developers and businesses in Nigeria.
The pre-seed round was led by Global Founders Capital (GFC) with participation from Picus Capital, LoftyInc Capital, Rallycap Ventures, Kepple Africa, Berrywood Capital, ZedCrest and Suya Ventures.
The Kaduna-based API fintech startup offers programmable cards and making them affordable to all types of businesses regardless of their size or revenue level. It enables businesses to build unique features with an open application programming interface (API) and a readily available sandbox environment.
In 2020, Aminu Bakori and Kabir Shittu co-founded the company from following their frustration from the card issuance challenges faced at a previous startup. The recognition that other founders experienced the same problem deepened their conviction to launch the service.
Traditionally, issuing debit cards is a very expensive, slow, and inflexible process reserved as a privilege for only large companies. This means that smaller businesses and startups would not usually have access to this, but things are about to change.
With Sudo, any small business can start issuing cards to its staff and customers for different purposes including, but not limited to loyalty programs for customers, management services for corporate expenses, buy now and pay later schemes for retailers, digital wallets for virtual banks, amongst other use cases.
According to Sudo Africa, the new funding will be used to expand into new markets in Africa and also restructure its current team. Sudo Africa is currently the only player in this space that offers its virtual and physical cards service solely in Nigeria.