Nigerian fintech Okra launches cloud services for African startups

STARTUP VENTURE CAPITALJuly 10, 2024 at 11:53 AM UTC

TLDR

Okra, a Nigerian fintech company with $16.5 million funding, expands operations into cloud infrastructure, backed by TLcom.
Okra shifts focus from providing APIs for banks to offering cost-effective cloud services as local startups seek to reduce costs.
The new cloud infrastructure aims to support businesses in hosting data and running workloads efficiently in response to economic challenges.

Nigerian fintech company Okra, which has raised $16.5 million in funding so far, is expanding its operations into cloud infrastructure.

Backed by TLcom, Okra aims to offer a cost-effective and reliable alternative to foreign cloud providers like AWS and Azure. This expansion is timely as local startups are looking to cut costs amid rising inflation and high interest rates.

Okra's latest move marks a shift from its original focus on providing APIs for banks and financial service providers to access customer data. With its new cloud infrastructure, Okra aims to support businesses in hosting data and running workloads efficiently.

Key Takeaways

This expansion places Okra among a growing group of local cloud service providers in Nigeria, including Nobus Cloud Services, MainOne Cloud, Web4Africa, Galaxy Backbone, and Layer3 Cloud. These companies are rising to meet the demands of startups, large businesses, and government agencies seeking reliable cloud solutions. Okra initially focused on open finance, providing APIs that enabled third-party financial service providers to responsibly access bank information. However, this focus faced challenges due to a relatively small market and significant competition. By moving into cloud infrastructure, Okra aims to diversify its offerings and better meet the evolving needs of the local tech ecosystem.

Okra

TLcom

Fintech

Open Finance

APIs

AWS

Azure

Cloud Computing

Digital Infrastructure

Digital Economy

Fintech Infrastructure