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HomeTraditional FinanceEconomyTermii: Nigerian CaaS Startup Raises $3.65M for African Expansion

Termii: Nigerian CaaS Startup Raises $3.65M for African Expansion

The Expansion Strategy: Focus on Francophone African Countries

Nigerian communications-as-a-service (CaaS) startup, Termii, recently secured $3.65 million in new financing, pushing its total funding to over $5 million. The CEO, Gbolade Emmanuel, announced that this latest funding round will primarily fuel the company’s expansion efforts, as well as the development and promotion of both new and existing products in untapped markets.

Termii, founded by Gbolade Emmanuel and Ayomide Awe in 2019, aims to address the growing demand for exceptional communication channels among African businesses. While previously planning to expand into North African countries, the startup has shifted its focus to Francophone African countries. The Ivory Coast will serve as the initial target for expansion.

Empowering Businesses Through API-Based Communication Infrastructure

Termii’s API-based communication infrastructure provides businesses, especially fintechs, with a wide range of channels to engage with customers. These channels include SMS, voice messaging, mobile tokens, alerts, and a two-way support system. By offering such diverse communication options, Termii facilitates seamless and effective customer interactions.

The Purpose of Funding: Driving Expansion and Customer Engagement

The recent funding secured by Termii serves a specific purpose of driving the company’s expansion and scaling its customer engagement business. CEO Gbolade Emmanuel emphasized that these funds are not intended for operational activities but are strategically allocated to power the company’s growth initiatives.

The primary objective of this funding is to support the development and promotion of both existing and new products in new markets. Termii aims to enhance its offerings beyond regular messaging services by expanding its product portfolio to include call services and one-time password (OTP) generation. These additions are expected to increase transaction numbers and further strengthen customer engagement capabilities.

Introducing TermiiGo: Africa’s First Cross-Company Mobile Virtual Solution

To facilitate its expansion plans, Termii recently launched the TermiiGo mobile app. Positioning itself as Africa’s first cross-company mobile virtual solution, TermiiGo incorporates features similar to popular apps like Google Authenticator, Twilio’s Authy, and WhatsApp. With direct-to-mobile notifications, SMS messaging, time-based OTPs, and local and international calling for enterprise businesses, TermiiGo offers comprehensive communication solutions.

TermiiGo leverages the mobile virtual network operator (MVNO) model to provide global eSIM activation across Africa. This innovative approach further strengthens Termii’s commitment to delivering efficient and reliable communication services to businesses across the continent.

Catering to the Needs of Financial Services Customers

Termii recognizes the specific requirements of its financial services customers, who rely on one-time verification systems across multiple communication channels, including SMS, calls, emails, and WhatsApp. By offering these diverse options and improving delivery rates, Termii aims to enhance customer experiences and expand its market presence.

Previous Funding Success and Steady Growth

In 2021, Termii secured $1.4 million in seed funding and has already established partnerships with over 500 fintech companies, which constitute 89% of its customer base. Prominent clients include Chipper, Paystack, Moniepoint, and Piggyvest, among others.

Furthermore, Termii’s APIs are utilized by more than 1,000 businesses and developers. Over time, the company has experienced significant growth, with more than 10,000 businesses now relying on its API and no-code campaign dashboard for monthly SMS and voice message termination. CEO Emmanuel reported a 30x increase in annual recurring revenue and a surge in message transactions on the platform, reaching 400 million.

A Promising Future: Leading the Communications Platform-as-a-Service Market in Africa

With the recent funding, Termii is well-positioned to expand its operations, enhance customer engagement, and solidify its position as a leading communications platform-as-a-service provider in the African market. By leveraging innovative technologies and focusing on the unique communication needs of businesses, Termii is paving the way for improved connectivity and seamless customer interactions in the region.

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