Nigerian energy financial technology startup that provides people access to solar energy and payment plans SunFi, has raised $2.324 million in seed funding.
The seed round was led by Nairobi-based factor (e), SCM Capital asset management, and other participation from investors such as Sovereign capital, Voltron Capital, Ventures platform, and Norrsken impact accelerator.
Speaking on the seed fund raised, SunFi CEO Rotimi Thomas revealed that the investment will help the startup expand its operations and enhance its capacity to adjust clients on the best systems to purchase at the most affordable prices.
With this funding, SunFi also hopes to improve its Fintech features over the following 12 to 18 months, convert more than 4,000 consumers, and expand its existing 29-person workforce.
“This investment seeks to aid SunFi to grow its operations and improve upon its capabilities to suggest the best systems with the lowest costs to customers, typical of every rational customer wanting to be offered the best quality in exchange for a small quantity fee or charge associated with acquiring the facility,” he added.
Founded in 2021, with its headquarters in Lagos, SunFi builds energy financial technology that optimizes and matches the right clean energy solution to meet customers’ needs. From payment plans to installation support and maintenance, the startup got its customers covered.
It also offers a buy-now-pay-later (BNPL) payment option for solar providers, which ultimately benefits end consumers. By filling the credit gap, the startup wants to eliminate the need for solar providers to seek credit from financial institutions.
Investors King understands that SunFi does not manufacture or install solar panels, rather it gives small solar businesses expert advice on choosing the best manufacturers in the market.
After it launched a demo version of its app in November 2021, the demand for solar systems surged to over 200%. SunFi has also partnered with Arnergy Solar, the largest solar installer in Nigeria, to expand access to more consumers.