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Thursday, March 23, 2023

Uzoma Dozie’s Sparkle Startup Raises $3.1m Seed Round

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Two years after fintech startup Sparkle was founded by Uzoma Dozie, the former Chief Executive Officer of defunct Diamond Bank Plc, the company has sealed a seed funding round of $3.1 million.

The round was led by a group of Nigerian investors, including the country’s leading insurer Leadway Assurance and Trium Networks. This latest funding round follows a pre-seed of $2 million which Dozie gathered from friends and family in 2019.

The company plans to put the money to good use —investing in the upgrade of its digital infrastructure and hiring top talents across essential areas to its business such as financial risk, marketing and engineering. The end goal is ultimately to scale Sparkle’s operation as soon as possible.

While commenting on the round, an excited Dozie was quoted to have said: “I’m delighted to be collaborating with a group of highly respected Nigerian businesses, investment firms and captains of industry – all of whom understand the real need for a digital-first platform such as Sparkle, to bring better access to financial services and, importantly, financial inclusion, to millions more people – for business, for personal means or both.

“Collectively, as a group of investors and business builders, we are Nigerians who are bullish about Nigeria and the opportunity the country presents in terms of building global networks and communities, all via one app. I am excited to welcome our new investors into the Sparkle tribe and will be leaning on their sector expertise and insight to build long-lasting partnerships as we scale.”

Since Sparkle was established in August 2019, it had been focused on competing with traditional banks through the provision of personalised and cheaper banking services to both individuals and businesses.

Recall that Uzoma Dozie was the CEO of Diamond Bank Plc until 2019 when the lender was acquired by Access Bank Plc.

Check out the Sparkle website HERE.

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