Nigerian based one-click checkout platform OurPass raises $1M pre-seed
Nigeria’s one-click checkout platform OurPass has raised $1Million during its pre-seed round to help it scale its business across the country.
The West Africa e-commerce market is still heavily reliant on cash on delivery, according to a recent survey conducted by Jumia. As of 2019, 70% of Nigerians said they prefer cash on delivery options to make online payments.
But for those who do try to buy online – yearly, about 75% of shopping carts are abandoned because of how difficult the checkout experience can be with long forms and re-log-ins.
Ourpass, however, aims to shake up the industry and introduce Nigerians to a quick and easier way of buying goods.
The start-up provides a mobile application that allows consumers to shop with just one click.
The first time consumers sign up on the OurPass platform, they enter their names, email, and shipping addresses. It then creates an identity for each customer, which is passed across every online store they shop.
CEO Samuel Eze said: “I watched my mother struggle to shop online where I saw her set up multiple accounts on different platforms while going through a rigorous checkout process.
“In many cases, she ended up dropping the card and moving on to a different online store. Seeing the same pattern happen with other friends and family, I had to dive into it and found that it was actually a major headache for consumers and online retailers,” he told TechCrunch.
Since beta launching in May this year, OurPass claims to have conducted $500,000 in transaction value and hopes continuous growth will see it become the go-to platform for consumer checkout in Nigeria by 2023.
The company’s pre-seed round was led by Tekedia Capital and angel investors from several Fortune 500 companies.