Nigeria’s Termii to launch mobile app and scale customer engagement business with new funding
Nigerian startup Termii has secured $3.65 million in new funding, bringing its total funding to over $5 million. The funds will be used to support the company's expansion plans, focusing on developing and promoting products in new markets, particularly Francophone African countries. Termii, founded in 2017, offers an API-based communication infrastructure that enables businesses, especially fintechs, to engage with customers through various channels such as SMS, voice messaging, mobile tokens, and alerts. The startup has seen significant growth, with over 10,000 businesses now relying on its platform and annual recurring revenue increasing by 30 times. Termii plans to expand its product offerings to include calls and OTP (one-time password) generation. It has also launched a mobile app called TermiiGo, which provides cross-company mobile virtual solutions and features similar to Google Authenticator and Twilio's Authy. The funding round was led by Ventures Platform, with participation from FinTech Collective and Launch Africa Ventures, among others.
Read more on TechCrunch