Credpal
CredPal is a Nigerian fintech offering Buy Now Pay Later, credit building, savings, and investment products through a mobile app and co-branded Mastercard card, serving over 350,000 consumers and SMB merchants across Nigeria via BNPL checkout integrations.
- Company typePrivate
- Founded2021
- HeadquartersLagos, Nigeria
- Headcount11–50
- GTM typeB2B and B2C
- OfferingServices
What Credpal does
CredPal is a Nigerian fintech company founded in 2018 and headquartered in Lagos that provides Buy Now Pay Later (BNPL) and integrated consumer financial services. The platform operates through a mobile-first iOS and Android app where consumers complete BVN-based identity verification, receive a credit line, and can shop at partner merchants with four interest-free installments, 30-day interest-free repayment, or extended plans of up to 12 months. A co-branded Mastercard debit card (physical and virtual) extends CredPal's acceptance to any merchant in the Mastercard network globally, while the CredPal Shop in-app marketplace aggregates partner brands for in-app discovery and purchase. The merchant-facing side includes plug-and-play checkout integrations for Shopify, WooCommerce, Magento, BigCommerce, Salesforce Commerce Cloud, and OpenCart, plus in-store POS terminal acceptance.
Underlying technology combines cloud-based credit scoring with bank verification (BVN), credit bureau reporting, and merchant settlement APIs. The product suite extends beyond BNPL into Credit Builder (which reports payment history to bureaus and can improve scores by up to 50 points), Savings and Investment products (up to 8% p.a. on Naira savings and up to 29% p.a. on investment portfolios), Purchase Protection, and a Rewards Program with cashback and merchant deals. All financial services are offered through Dawakin Kudu Microfinance Bank Ltd, fully licensed and regulated by the Central Bank of Nigeria.
CredPal generates revenue primarily through merchant transaction fees on BNPL transactions and CredPal Card purchases, supplemented by late payment fees, interest on extended repayment plans, and savings/investment product revenue. The company reports over 350,000 users and lists partner merchants including Taeillo, SLOT, Jamara, Revenes, Ogabassey, and Casper, with a flagship distribution partnership on Jumia Nigeria launched in May 2024. CredPal has raised approximately $18.5M+ in total disclosed funding including a $15M bridge round in March 2022, with backing from Y Combinator, The Cairo Angels, GreenHouse Capital, Tangerine Life, and Credit Direct. The company positions itself as 'Africa's financial command center' integrating payments, savings, credit, and investments, and competes in an African BNPL market projected to grow from $4.48B in 2024 to $10.63B by 2030 at a 14.8% CAGR.
Credpal firmographics
Firmographics- Name
- Credpal
- Legal name
- Dawakin Kudu Microfinance Bank Ltd
- Website
- https://credpal.com
- Company type
- Private
- Founded year
- 2021
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- CredPal is a Nigerian fintech offering Buy Now Pay Later, credit building, savings, and investment products through a mobile app and co-branded Mastercard card, serving over 350,000 consumers and SMB merchants across Nigeria via BNPL checkout integrations.
- Ownership category
- akta.pro rank
Credpal industry classification
Industry- Product category
- Buy Now Pay Later
- NAICS
- Nondepository Credit Intermediation (5222), Sales Financing (522220)
- SIC
- Personal Credit Institutions (6141), Finance Services (6199)
- akta.pro primary industry
- BNPL Consumer Apps & Wallets (Discovery, Management) (FSAGAIAG)
- akta.pro secondary industries
- BNPL Card / Virtual Card Programs (FSAKACAC), Merchant-Integrated BNPL (Checkout POS Financing) (FSAGAIAA), BNPL for High-Ticket / Longer-Term Installments (FSAKACAN), Buy Now, Pay Later (BNPL) Platforms (BPAMAFAG)
Keywords
Where Credpal is headquartered
LocationHeadquarters
- HQ city
- Lagos
- HQ country
- Nigeria
- HQ region
- Africa
Offices1 record
Markets served
Credpal business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure
Revenue model
- Merchant Transaction Fees: CredPal charges merchants a transaction fee (take rate) whenever a customer uses CredPal Pay-in-4 or the CredPal Card at checkout. This is the primary revenue stream, with settlements to merchants processed instantly (for card payments) or on T+1 basis (for wallet loans).
- Late Payment Fees: When customers miss payments on their BNPL installments or credit balances, CredPal applies late payment fees. This provides a secondary revenue stream and acts as a behavioral incentive for timely repayment.
- Interest on Extended Repayment Plans: While Pay-in-4 is interest-free, CredPal offers extended repayment plans of up to 12 monthly installments where interest may apply, generating interest income on longer-tenure credit facilities.
- Rewards & Cashback: CredPal offers cashback rewards, early payment discounts, and exclusive deals from partner stores, which drive engagement and repeat usage while creating value for merchant partners through increased conversion.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Pay-in-4: 4 interest-free installments |
| Transaction based/ take rate | Pay-as-you-go | 30-Day Pay Later: Full repayment in 30 days |
| Hybrid | Monthly | Extended Repayment: Up to 12 monthly installments |
| Subscription | Monthly | Naira Savings: Up to 8% p.a. |
| Subscription | Monthly | Investment Portfolio: Up to 29% p.a. |
Go-to-market motion2 records
Distribution channels6 records
Marketing channels8 records
Credpal product offering
Product offeringCore offering
CredPal is a Nigerian fintech offering a Buy Now Pay Later (BNPL) platform that enables consumers to purchase goods from online and offline merchants and pay in 4 interest-free installments, within 30 days, or over extended plans of up to 12 months. The platform also includes a Mastercard-enabled spending card, credit builder tool, savings and investment products, and a merchant-facing business platform for checkout integration, all delivered through a mobile app and operated under Dawakin Kudu Microfinance Bank Ltd, licensed by the Central Bank of Nigeria.
Product overview
CredPal is a Nigerian fintech company operating as a Buy Now Pay Later (BNPL) platform with a multi-product architecture. The core product is CredPal Pay Later, enabling interest-free installment payments at checkout. This is supported by the CredPal Card (a Mastercard-enabled spending card), a Shop marketplace for partner discovery, and a Business platform for merchant integrations. Additional financial tools include Credit Builder (for credit score improvement), Savings/Investment (with up to 29% p.a. returns), and a Rewards Program. The company offers both consumer-facing and merchant-facing solutions, licensed and regulated by Nigeria's Central Bank via Dawakin Kudu Microfinance Bank Ltd.
Differentiator
Problem solved
Functional benefit
Products and services
- CredPal Pay Later (Buy Now Pay Later) Core BNPL service enabling consumers to split purchases into 4 interest-free installments or repay within 30 days across online and offline partner merchants, providing instant credit access at checkout.
- CredPal Card A physical and virtual Mastercard debit card that provides a flexible spending limit, enabling users to pay in four interest-free installments at any merchant accepting Mastercard globally.
- CredPal Shop (Marketplace) A marketplace within the CredPal app that connects users to partner brands and merchants, enabling real-time product discovery, cashback rewards, and exclusive deals using in-app credit.
- Credit Builder A secured credit program that reports monthly payment history to credit bureaus, helping users improve credit scores by up to 50 points through structured savings-backed lending.
- Savings & Investment Savings and investment products offering up to 8% p.a. on Naira savings and up to 29% p.a. on investment portfolios, with dollar-denominated options for inflation protection.
- CredPal Business (Merchant Services) A merchant-facing platform enabling businesses to accept CredPal BNPL payments through online checkout plugins, in-store terminals, or mobile payment links, with instant settlement, fraud protection, and integration with major e-commerce platforms.
Quantifiable outcome
- 350,000+ users on the platform
- +6 more outcomes
Companies that use Credpal
Customer profileNamed customers6 records
Segments3 records
Ideal customer profiles2 records
Credpal technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration7 records
Feature7 records
Credpal partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered core and minor.
- Jumia NigeriacoreJumia Nigeria launched BNPL services in May 2024 partnering with Easybuy and CredPal, enabling Jumia's e-commerce customers to use CredPal's installment payment solution at checkout on the Jumia platform. This is a flagship partnership for CredPal's e-commerce distribution.
- MastercardcoreCredPal issues a co-branded Mastercard debit card, enabling CredPal users to access their credit line at any merchant accepting Mastercard globally (online and in-store). This partnership provides the physical payment infrastructure for CredPal's card product.
- TaeillominorTaeillo, a Nigerian furniture brand, is listed as a trusted CredPal merchant partner, offering CredPal Pay-in-4 at checkout for furniture purchases.
- SLOTminorSLOT, a Nigerian electronics and accessories retailer, partners with CredPal for in-store and online BNPL payments across its branch and e-commerce network.
- JamaraminorJamara is listed as a CredPal partner merchant, integrated for flexible payment acceptance.
- RevenesminorRevenes is a CredPal partner merchant using Pay-in-4 for online sales.
- OgabasseyminorOgabassey is a CredPal partner merchant integrated for flexible payment checkout.
- CasperminorCasper is a CredPal partner merchant using BNPL for mattress and home goods purchases.
Scale indicators5 records
Recent moves5 records
Expansion highlights5 records
Credpal competitors and assessment
Company assessmentDirect peers
- Easybuy: Nigerian BNPL platform offering installment payments at retail and online checkout; directly comparable as the other Jumia Nigeria BNPL launch partner and the closest head-to-head BNPL competitor in CredPal's home market.
- Payflex: South African BNPL platform offering interest-free installments at online and in-store checkout; directly comparable as one of the named anchor African BNPL players competing for the same consumer credit use case.
- Lipa Later: East African BNPL platform operating in Kenya, Uganda and other markets; directly comparable as a named African BNPL anchor player offering point-of-sale installment credit to consumers.
- valU: Egyptian BNPL and consumer finance platform by EFG Hermes offering installment payments and merchant checkout financing; directly comparable as a named African BNPL anchor player serving thin-file consumers in an emerging market.
Broad incumbents
- Klarna: Global BNPL incumbent with Pay-in-4 and longer-term installment products; comparable as the benchmark BNPL operating model CredPal's Pay-in-4 product mirrors, though Klarna serves developed markets at much larger scale.
- Afterpay (Block): Global Pay-in-4 BNPL incumbent now owned by Block; comparable as a reference point for the merchant-integrated Pay-in-4 model CredPal sells to its SMB and e-commerce partners.
Emerging players
- Carbon (formerly Paylater): Nigerian digital lending platform offering consumer credit and BNPL-style products; comparable as a Nigerian fintech competing for the same underbanked consumer credit wallet, though more lending-focused than pure checkout BNPL.
- FairMoney: Nigerian and emerging-market digital bank offering personal loans, savings and increasingly payment/BNPL features; comparable as a Nigerian fintech building a super-app that overlaps CredPal's credit + savings product bundle.
- Piggyvest: Nigerian savings and investment platform offering target savings, investments and fixed-income products; comparable as the leading Nigerian savings/investment app that competes directly with CredPal's Savings and Wealth Plan modules.
Others
- Mono: Nigerian fintech infrastructure provider for bank-data connectivity and account verification; comparable as an enabling technology layer that complements BNPL underwriting in Nigeria, rather than a direct consumer competitor.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Credpal social profiles
Digital presenceCredpal compliance and trust
Trust signalCompliance1 record
Credpal financial estimates
Financial estimateRevenue estimate
Valuation estimate
Credpal leadership team
Management profileNumber of profiles
Profiles2 records
Credpal funding detail
Funding detailFunding overview
Funding rounds13 records
Investors18 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Credpal M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Credpal
What does Credpal do?
CredPal is a Nigerian fintech offering a Buy Now Pay Later (BNPL) platform that enables consumers to purchase goods from online and offline merchants and pay in 4 interest-free installments, within 30 days, or over extended plans of up to 12 months. The platform also includes a Mastercard-enabled spending card, credit builder tool, savings and investment products, and a merchant-facing business platform for checkout integration, all delivered through a mobile app and operated under Dawakin Kudu Microfinance Bank Ltd, licensed by the Central Bank of Nigeria.
Is Credpal a public or private company?
Credpal is a private company. It is classified as venture growth investor backed and is currently operating.
When was Credpal founded?
Credpal was founded in 2021. It employs 11 to 50 people.
Where is Credpal based?
Credpal is headquartered in Lagos, Nigeria, in the Africa region.
How does Credpal make money?
Four revenue lines are on record. Merchant Transaction Fees are the primary driver. The others are late Payment Fees, interest on Extended Repayment Plans and rewards & Cashback.
Who are Credpal's main competitors?
Direct peers on record are Easybuy, Payflex, Lipa Later and valU. Broad incumbents are Klarna and Afterpay (Block). Emerging players are Carbon (formerly Paylater), FairMoney and Piggyvest. Mono is listed as an others.
Does Credpal have an API?
No public API is recorded for Credpal.
What industry is Credpal in?
Credpal's product category is Buy Now Pay Later. Its primary akta.pro industry code is FSAGAIAG, BNPL Consumer Apps & Wallets (Discovery, Management), with a secondary code of FSAKACAC, BNPL Card / Virtual Card Programs. Its NAICS code is 5222 and its SIC code is 6141.