CredPal
YC W19Lagos, NG · Founded 2018 · 35 employees · 7 known investors
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Credpal operates a financial platform that integrates payments, savings, credit, and investments for individuals in Africa. The company serves millions of customers seeking unified financial management tools in a single application.
Also known as Credpal
Founders & leadership· Y Combinator alumni (W19)
CredPal was founded in 2018 by Mofehintolu Olaogun.
Investors · 7
Also in the syndicate · 1
Company profile
researched Aug 2026CredPal is a Nigeria-based buy now, pay later (BNPL) company serving consumers and merchants in Africa. Through its mobile app, consumers can shop and split purchases into four interest-free instalments, pay within 30 days, or spread payments over a longer term, with repayment made by bank transfer, debit card or automatic bank deductions. The company also issues the CredPal Card for everyday spending on the same pay-in-four instalment structure, and offers rewards features including cashback, early-payment discounts and partner-merchant deals. Account onboarding uses Bank Verification Number (BVN) checks for identity verification and regulatory compliance, and the company states it applies bank-level encryption, multi-factor authentication and 24/7 transaction monitoring.
On the merchant side, CredPal for Business offers checkout financing across online, in-store and remote channels: an online checkout integration via JavaScript snippet or e-commerce platform plugins, acceptance through payment terminals or the CredPal Card for walk-in shoppers, and secure payment links for on-the-go collection. CredPal states that merchants are paid instantly while it assumes the credit and repayment risk, and offers customers either four interest-free payments or up to 12 monthly payments. The company was founded in 2018 and is headquartered in Lagos, Nigeria; it took part in Y Combinator's Winter 2019 batch.
Founding story
The company was founded in 2018 by Mofehintolu Olaogun and is based in Lagos, Nigeria.
Business model
CredPal extends point-of-sale consumer credit: shoppers receive a spending limit and repay purchases in instalments, while participating merchants are paid instantly and CredPal retains the credit and repayment risk. Consumer instalment plans are marketed as 0% interest for pay-in-4, with longer plans of up to 12 monthly payments available through merchants.
Marketed to consumers as interest-free for the pay-in-4 option, with merchant-side checkout financing (online, in-store and payment-link) as the other side of the platform; specific fee structures are not detailed.
Traction
CredPal's website reports more than 350,000 users. The company cites merchant-side outcomes of a 35% increase in basket size, 24% increase in conversion and 32% higher spend per customer. Y Combinator lists a team size of 35.
Latest developments
The most recent development recorded in the available material is the March 2022 reported $15 million debt-and-equity raise intended to scale its BNPL product across Africa; the consumer app, CredPal Card and merchant products are currently marketed on its website.
▸Full profile — market position, technology, go-to-market, geography, history
Market position
Positioned as a buy now, pay later provider for the African market, with more than 350,000 users reported on its website and participation in Y Combinator's Winter 2019 batch.
Combines a consumer BNPL app with a physical card for offline spending and multi-channel merchant acceptance (online checkout, terminals, payment links), alongside purchase protection and rewards such as cashback and early-payment discounts.
Technology
Consumer mobile applications for iOS and Android plus a merchant checkout integration delivered as a JavaScript front-end embed or e-commerce platform plugin; identity verification via BVN, and stated use of encryption, multi-factor authentication and continuous transaction monitoring.
Go-to-market
Distribution through a consumer mobile app on iOS and Android, a CredPal-branded card, and merchant acquisition via a business sign-up funnel with front-end checkout integration through a JavaScript snippet or e-commerce plugins, payment terminals and shareable payment links.
Consumers in Africa shopping across everyday and larger purchase categories, and online, in-store and mobile merchants that want to offer instalment payments at checkout.
Geography
Headquartered in Lagos, Nigeria, with a stated focus on the African market; BVN-based verification indicates Nigerian banking-sector operations.
History
CredPal was founded in 2018 and participated in Y Combinator's Winter 2019 batch. In March 2022 press coverage reported that the company had secured $15 million in debt and equity to scale its BNPL product across Africa.
Compiled by commissioned research from 5 cited public sources — announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed — not independently audited.
Competitors · 8
by search overlap
Companies competing with CredPal for the same Google search keywords, organic and paid, via search-intersection analysis.
Timeline · 3
launches, deals, and filingsCredPal markets the CredPal Card for everyday spending, allowing purchases to be repaid in four interest-free instalments, including at in-store payment terminals.
Press coverage reported that CredPal raised $15 million in a combination of debt and equity to expand its buy now, pay later product across Africa.
$15M source ↗
CredPal is listed as a Y Combinator Winter 2019 batch company in the fintech and payments categories.
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
In the news
▸Research sources · 5
primary sources listed
- CredPalcredpal.com · web
5 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does CredPal do?
- CredPal is an African buy-now-pay-later provider letting shoppers split purchases into interest-free instalments.
- Who founded CredPal?
- CredPal was founded by Mofehintolu Olaogun in 2018.
- Who are CredPal's investors?
- CredPal's investors include Acasia Ventures, Cairo Angels Syndicate Fund, First Circle, MAVA Ventures, Stacked Capital, Y Combinator.
- Where is CredPal headquartered?
- CredPal is headquartered in Lagos, NG.