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Prospa Inc | Company profile, Business Model, and Operations

Recieved Funding?
yes
Type of Funding
Venture capital, Equity capital, Seed funding
Number of Funding Phases
2
Business Type
Private Company

All you need to know about Prospa Inc

About Prospa Inc

Frederik Obasi, Chioma Ugo, and Rodney Jackson-Cole launched Prospa Inc in October 2019 with the goal of assisting micro and small businesses in combining all of the components of their business administration—such as banking, personnel management, inventory and invoicing, and workforce management—into a single vehicle.

Prospa Inc is more than a bank, it’s your business partner. Providing all the tools you need to start, grow and scale your business, to prosperity and beyond.

Open a business bank account in 5 minutes and discover an incredibly fast and easy way to manage your business finances. Thousands of Nigerian business owners, freelancers, startups and growing companies use Prospa. Packed with features to put your finance operations on autopilot and give you time to focus on growing and succeeding.

Your account comes with:

  • Bank account number in your business name
  • Corporate debit cards
  • Access to instant loans
  • Point of sale
  • Receive transfers from all Nigerian banks
  • Send transfers to all Nigerian banks
  • Create sub-accounts
  • Auto-Split your funds across sub-accounts
  • Manage your customers
  • Send invoices
  • Pay bills
  • Buy airtime
  • Add team members
  • Download your statement
  • Add and manage additional businesses
  • Extra tools & features to keep your business on autopilot
  • Integrate with existing software
  • Transparent and easy to understand fees

Prospa Account is provided by GoodNews Microfinance Bank Ltd. It is licensed by the Central Bank of Nigeria. All deposits are insured by the Nigerian Deposit Insurance Corporation (NDIC). Card is issued by Zenith Bank under license by respective.

Our Mission

Prospa Inc's mission is to empower Nigerian entrepreneurs by providing comprehensive financial tools and services to help them build financial prosperity. They aim to support their members by offering a fully operational bank account in just five minutes, along with additional business tools such as invoicing, inventory management, customer management, and e-commerce platforms.

Our Vision

The vision of Prospa Inc is to create an operating system for Nigerian entrepreneurs that goes beyond traditional banking. They aspire to build a platform that addresses all aspects of running a business, helping entrepreneurs start, grow, and scale their ventures successfully.

Core Values at Prospa Inc

  1. Championship Team: Championship teams do what it takes to win. No excuses. Champions demand the best from themselves, make their teammates better and lead with humility.
  2. Go One More: Going one more means celebrating success but not dwelling. It means asking tough questions like, how can this be better? or what does the next level look like? People who go one more do it because it’s who they are.
  3. Move Faster: At Prospa we move faster because we understand the speed of our success is linked to the speed in which we make decisions, run experiments, fail, learn, iterate and improve.
  4. Be Humble: No one is bigger than the team or greater than the mission.
  5. Deliver, Always Awesome: Delivering awesome is the evolution of delivering. It's going above and beyond to deliver even more than expected. At Prospa we deliver, awesome always; in product, in experience and internally as a team.
  6. Courageous: Prospa is a great place for people who want to stand up and be counted. It takes courage to change the status quo. It takes courage to tell a teammate to step it up, to admit being wrong and to try again after failing.
  7. Be Member Centric: Our members are the heartbeat of our community. We put our members first, remembering the trust they have in us and the responsibility we have to serve them.

Services

Prospa Inc offers services such as current accounts, cards, loans, cash deposits, POS systems, commerce tools, and instant support.

Business Model

According to Techcrunch, Prospa Inc. has secured significant investment from a variety of sources. Their largest funding round to date is a $3.8 million pre-seed round, which is notable as the largest of its kind in Nigeria and Sub-Saharan Africa. This round included participation from notable venture capital firms such as Global Founders Capital and Liquid 2 Ventures.

Additionally, the investment also saw contributions from prominent individual investors like Immad Akhund of Mercury, Karim Atiyeh of Ramp, and executives from companies like Teachable, Square, Facebook, and Nubank.

Related Topics


Industry

Rodney Jackson-Cole
Frederik Obasi

Prospa Inc
Business Model

The Company major services and product include: Bank account, Cards, Loans, Payments and Commerce.

The Company was Founded
The Company was established on
October 1, 2019
HeadQuarters
The Company has its Operational Headquarters at Lagos, Nigeria
Industry
The Company is contributing to the development of the Industry Banking, Finance, FinTech
Staff Strength since Inception
The Company prides in her team member of about 1 - 50 active members

Prospa Inc Business Model

The Company major services and product include: Bank account, Cards, Loans, Payments and Commerce.

yes
Have they recieved Funding from VCs
yes
Have they recieved Funding from VCs
yes
How many number of Funding rounds?
.8 Milliion
Company Net worth as of 2023

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