Nigerian Fintech Startup FrontEdge Raises $10 Million to Facilitate Cross-border Trades For African SMEs
FrontEdge, a Nigerian fintech focused on enabling the growth of African cross-border trade, has raised $10 million in a seed round, comprising both debt and equity, with over 70% of the funding derived from the debt component, to facilitate trade for African exporters.
TLG Capital led the fundraising round as well as participation from other investors which include, digital freight forwarder, and Flexport.
Lead investor, TLG Capital, expressed confidence in FrontEdge’s mission to empower African SMEs and enhance their participation in global trade. The company further disclosed that FrontEdge is strategically placed to tackle an important problem that must be solved for African traders to effectively engage in global trade.
FrontEdge aims to provide SME exporters and importers with working capital and innovative software tools. Also with the fund raised, the startup plans to expand its team, extend its financing product to multiple African countries, and introduce additional products to diversify revenue streams.
Speaking on FrontEdge’s mission, Founder Moni Alli, said,
“SMEs are the cornerstone of our economies and the export market presents a significant opportunity for small and medium-sized African businesses. However, from Lagos to Mombasa, business owners are constrained by an inability to finance their exports as well as a lack of support at every stage of the export process. FrontEdge was founded to address both challenges through a seamless technology platform tailored to cross-border traders”.
Founded in 2021 by Moni Alli, FrontEdge provides SME exporters and importers with the working capital and software tools needed to facilitate their cross-border and international transactions.
The fintech startup is committed to facilitating trade in sustainably produced goods of the highest quality from reputable traders across Africa with a focus on delivering social dividends.
Notably, the company holds all the necessary payment licenses required for its operations. FrontEdge Payment and FX products are licensed with PSSP and FCA-regulated partners in the UK and Nigeria.
The startup commitment to adhering to industry regulations and licensing requirements reflects its dedication to providing a safe and trusted platform for international trade.
Also, security is at the core of the platform. It employs advanced security measures to protect users data and financial transactions.
The startup systems are designed with robust encryption, multi-factor authentication, and regular security audits to safeguard users information.
