Prospa Technology Limited
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| Company type | Private |
|---|---|
| Industry | Financial technology |
| Founded | 2019 |
| Founders | Frederik Obasi, Chioma Ugo, Rodney Jackson-Cole |
| Headquarters | Lagos, Nigeria |
Key people | Frederik Obasi (CEO) |
| Services | Business banking for MSMEs |
| Website | getprospa.com |
Prospa Technology Limited is a Nigerian financial technology company that provides business banking and management solutions for micro, small, and medium-sized enterprises (MSMEs). Founded in 2019, the company offers a mobile-first platform that integrates core financial services with tools such as invoicing, inventory tracking, and staff payroll.[1][2]
History
[edit]Prospa was founded in Lagos, Nigeria, in 2019 by Frederik Obasi, Chioma Ugo, and Rodney Jackson-Cole. The company was established to address the lack of integrated digital financial tools for African entrepreneurs and small business owners. In 2021, Prospa was one of ten African startups selected to participate in Y Combinator's Winter 2021 accelerator cohort.[1]
Funding
[edit]In September 2021, Prospa raised US$3.8 million in a pre-seed funding round. The investment was led by Global Founders Capital and Liquid 2 Ventures, with participation from angel investors including Immad Akhund (CEO of Mercury), Karim Atiyeh (CTO of Ramp), and Ankur Nagpal (founder of Teachable). It was reported as one of the largest pre-seed rounds for a Nigerian fintech at the time.[1][3]
Products and Services
[edit]Prospa's mobile-first platform is designed for Nigerian MSMEs and offers:
- Business account creation and management
- Payment processing
- Invoicing and billing tools
- Inventory tracking
- Payroll and staff expense management
The company describes its solution as a combination of banking and business tools delivered through a digital interface to support entrepreneurs.[1][2]
Challenges
[edit]In 2024, Prospa faced public scrutiny due to delayed withdrawal processing and platform downtime. Users reported being unable to access funds for extended periods, prompting media coverage and user complaints. The company attributed the incidents to third-party service disruptions and stated it was implementing corrective measures.[4][5]
References
[edit]- ^ a b c d Kene-Okafor, Tage (8 September 2021). "Nigeria's Prospa gets $3.8M pre-seed to offer small businesses banking and software services". TechCrunch. Retrieved 1 June 2025.
- ^ a b "Prospa sets out to serve global diaspora of African entrepreneurs". Fintech Futures. October 2020. Retrieved 1 June 2025.
- ^ Ladipo, Ebunoluwa (9 September 2021). "Nigeria startup Prospa raises $3.8M to accelerate banking and software services". BusinessDay NG. Retrieved 1 June 2025.
- ^ Ogunjimi, Alexander (13 June 2024). "YC-backed Prospa experiences withdrawal delays, sparking user complaints". TechCabal. Retrieved 1 June 2025.
- ^ Ashiru, Grace (15 June 2024). "Prospa Faces Withdrawal Issues Again, Halting Transactions for the Second Time in Five Months". Tech in Africa. Retrieved 1 June 2025.
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