Klump launches to bring Buy Now Pay Later to Nigeria

This post is by Natasha Lytton from Seedcamp

From left, Olufunbi Falayi, Co-founder and Chief Product Officer, Klump; Celestine Omin, Co-founder and CEO, Klump

Welcome to the Seedcamp Nation Klump, marking our second investment in Africa and businesses out to democratise access to financial services in the continent. With the e-commerce market in Nigeria projected to grow to $311 billion by 2024, we are excited to lead Klumps’ $780k pre-seed round to bring Buy Now Pay Later to Nigeria in a way that enables merchants to thrive while focussing on responsible lending for consumers.

Founded in 2021 by friends Celestine Omin and Olufunbi Falayi, Klump is a Buy Now Pay Later (BNPL) technology company with a mission to enhance the online checkout payment page and in-store sales with innovative and customer-friendly products, starting with their flagship product – Pay with Klump. The founding team has deep experience across the payments sector at the likes of Konga, Andela, Paystack, Amazon Payments (Consumer Payment) and H-E-B (Wallet Payment).

As the adoption of BNPL continues to grow globally, Klump’s vision is to become the preferred alternative online checkout and in-store payment processing company, offering flexible payment solutions to customers and merchants for products and services. With their proprietary credit eligibility and fraud detection engine, Klump is able to make an informed credit decision on a customer in less than 3 minutes, compared to the industry norm in Nigeria which stands at two to three days, with a goal to further reduce the decision time to less than a minute.

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