CREDPAL: Building A Buy Now Pay Later Solution For Nigeria

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NAME OF STARTUP: CredPal

FOUNDED IN (Year): 2018

FOUNDER’S NAME: Fehintolu Olaogun

THE IDEA: What is the problem being solved by your startup / business?:

We are driving a lending ecosystem geared towards credit inclusion, increasing consumers’ purchasing power, and improving the standard of living of Nigerians.

THE FOUNDER’S STORY: When and how did you come up with the idea for the business?:

Fehintolu Olaogun, CEO & Co-founder Fehintolu is a high-risk entrepreneur with over 13 years experience in results-driven leadership, designing and creating best-in-class business solutions that bring about progressive and far-reaching changes in any entrepreneurial ecosystem.

In 2018, Fehintolu became co-founder and CEO of CredPal, a fintech startup that offers consumer credit through credit cards and loans to Nigerians. Before CredPal, Fehintolu cofounded Exolve Technologies, a first-rate technology corporation that continues to provide superior enterprise solutions to governments and establishments across Africa.

He also founded Tutor NG, a robust online tutoring system that provided tools and resources for engaging and teaching learners anytime and anywhere, transforming any environment into a learning space.

Fehintolu holds a master’s degree in Information Technology from the University of Lagos and a Bachelor’s degree in Electronics/Electrical Engineering from Obafemi Awolowo University. Olorunfemi Jegede, COO & Co-founder Olorunfemi has a degree in Computer Science and over 9 years’ proven record in product management across retail, digital media, education, and finance.

At CredPal, he enables the development and integration of the company’s innovations in the market. Previously, Olorunfemi worked at Exolve Technologies as a C-level technology product manager and executive with a successful record of delivering cutting-edge technology to corporations and users. In 2017, he left Exolve Technologies to co-found CredPal with Fehintolu Olaogun.

WHO IS THE CUSTOMER: What is the typical profile of your target customer? Where would they be located?:

Doctors, Bankers, Developers, Managers, B & C Level Executives, Executives, Freelancers. Basically, working professionals.

LESSONS TO SHARE: What 3 key lessons from your startup journey you’d like to share with aspiring entrepreneurs?:

CredPal is a financial technology company transforming the consumer credit industry in Nigeria with its consumer financing services.

Through its credit cards and point-of-sale financing, (popularly known as BNPL) to businesses and individuals, millions of middle and lower-class consumers can access credit for their everyday needs and large ticket purchases.

HQ City: Yaba, Lagos, Nigeria.

Website URL: https://credpal.com/

Number of Employees: 1-5