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Tag: OnePipe

  • OnePipe, Motor Africa finance Nigeria mobility entrepreneurs

    OnePipe, Motor Africa finance Nigeria mobility entrepreneurs

    Cooperation between OnePipe, a financial infrastructure provider, and Motor Africa, a mobility and IOT infrastructure startup, will make an innovative combination of credit and payment services available to Nigerian mobility entrepreneurs.

    The two platforms have created a lending-as-a-service (LaaS) offering to assist mobility entrepreneurs in obtaining an overdraft to pay for car repairs, authentic replacement parts, vehicle and personal insurance, cellphones, and cash for personal and family welfare assistance.

    The platform generates analytical data and exchanges income data, allowing registered lenders to make informed lending decisions and keep credit repayments on track.

    Read also: Vodacom, Netstar introduce in-taxi WiFi connectivity to South Africa

    OnePipe’s CEO statement

    Sylvester Chude, co-founder and chief executive officer of Envio Logistics Inc., a participant in the mobility industry, stated that collaborating with OnePipe will facilitate automatic payout settlements to vehicle proprietors and lending partners.

    “Commercial transportation is a crucial service for the growth of any economy, and the role of technology and innovation is essential for its success in Africa.”

    According to a report by AfDB, the commercial mobility market in Africa is valued at $150 billion and is anticipated to grow by 8.5% from 2018 to 2023.

    In regards to the collaboration with Motor Africa, the CEO and founder of OnePipe claim that cooperating with Motor Africa will help overcome the difficulties faced by African mobility entrepreneurs in obtaining working capital finance.

    An estimated 2,000 Vehicles have already been activated on the Motor Africa platform, a trading name of Envio Logistics Inc., and the company is now ready to give the owners of those vehicles access to credit services. These vehicle owners currently use the platform to lease their cars to verified drivers on e-hailing and local transportation services.

    This service oversees car maintenance at affiliated workshops and organizes driver payments to the vehicle owner.

    About Motor Africa

    Motor Africa, a company founded by Sylvester Chude, transforms the African mobility landscape by utilizing linked car data and vast, reliable data sources. Currently providing services in Lagos, Abuja, Ibadan, Benin, and Port Harcourt, the mobility and IOT infrastructure firm hopes to announce additional locations in the second quarter of 2023.

    Mobility entrepreneurs can register their vehicles through the Motor Africa app, which is accessible on the Google Play Store and the Apple App Store, pay a N15,000 vehicle and activation fee, and instantly receive an N600,000 credit to their overdraft wallets before the vehicle is made visible to verified drivers on the mygarage platform.

    The platform is also open to fleet operators who have previously leased cars to drivers providing various mobility services.

    In addition, Chude emphasized that Motor Africa’s goal is to make it easier for individuals and financial institutions to contribute to supporting the shortage of cars in Africa.

    The infrastructure for lending as a service uses hybrid telemetry and IOT systems. This lets lending partners make loan products with interest rates and terms for paying them back, as well as handle credit requests, automatic underwriting, cash disbursement, and collecting payments.

    The intelligent payback collection service lets people with credit send payments to a special repayment wallet via bank transfer before the due date. When subscribers don’t pay back what they owe, the system will instantly turn off the engine of the vehicle that was used as collateral and send the vehicle’s geo-location to Motor Africa recovery agents.

    The Motor Africa service is suggested for hosts who want to rent cars for e-hailing or local last-mile services, drivers who want to rent or buy cars for short periods of time, and financial institutions that offer drive-to-own services or loans.

  • OnePipe fires workers, slashes leadership pay

    OnePipe fires workers, slashes leadership pay

    The embedded finance company known as the Nigerian Fintech OnePipe, which provides businesses with the ability to integrate financial services, has terminated the employment of at least ten of its employees. 

    OnePipe advertises 48 employees on their LinkedIn page, it appears that number has been reduced to 38 at this point. 

    The provisions of the employees’ contracts stipulate that they will receive two months’ worth of severance compensation upon termination of employment. In addition, the company will reduce the remuneration of its management team. In an email sent to TechCabal, the CEO of the company, Ope Adeoye, stated that the company would be laying off staff, although he did not specify how many workers would be let go.

    According to Adeoye, the firings were triggered by circumstances related to the macroeconomic environment. In one section of his email, he stated, “Sadly, we are also not immune to the broad industry dynamics and had to say goodbye to a handful of our colleagues yesterday. We are still reeling from the effects, I am sure you can imagine how devastating that can be for any founder or manager. The leadership team and I took a pay cut, not other members of the remaining team.”

    Read also: How Mobile Apps are changing African finance sector

    Financial Account on OnePipe

    One source stated that the African firm OnePipe had a total of $829,000 in deposits with Silicon Valley Bank. OnePipe was one of the African startups that maintained accounts with the bank. 

    The decision made by regulators to protect depositors ensured that the company would not incur any financial losses; nonetheless, according to insiders within the company, the circumstance prompted a greater sense of urgency. Adeoye stated that the corporation would now concentrate on particular projects and cut back various experimental projects.

    According to a report on OnePipe’s successful funding of $3.5 million, OnePipe’s original game plan was to establish an API gateway that connected banks and fintechs under an unified standard. This move would enable the business to execute basic open banking. 

    The company’s founder and CEO, Ope Adeoye, who also describes himself as the company’s chief plumber, stated that after continuous integration with these financial institutions, it became obvious that the company needed to pivot because it wasn’t generating many demand cycles.

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    What Next for OnePipe

    OnePipe will reportedly prioritise increasing its revenue, according to sources familiar with the matter. One of the company’s products that are expanding at a rapid rate is its inventory finance proposal, which is built on the company’s core APIs. TLG has provided it with a credit line so that it can provide small businesses with inventory financing. After this, the company will attempt to extend its runway by securing another round of equity financing.

    The layoffs announced today represent the continuation of a difficult year for IT professionals all over the world. This week, Meta said that it would be laying off 10,000 people this year, and there have already been multiple layoffs on the African continent in the first three months of this year. 

    Despite the fact that the first quarter was difficult, all indications point to the probability that additional layoffs will also occur during the second quarter.