Maplerad (parent of consumer product Wirepay) offers a banking-as-a-service infrastructure that lets businesses embed accounts, payments, multi-currency wallets, virtual and physical cards, and FX into their products via APIs. The founders trace the company’s journey to 2020 when they launched Wirepay, which grew to over 50,000 users (mainly in Nigeria) before Maplerad beta-launched its infra product in August. While in stealth the platform processed millions of dollars monthly for more than 100 businesses and onboarded startups and a few banks. The company says it handles banking relationships, licensing and compliance so customers can launch financial products quickly. Maplerad plans to use new capital to acquire more customers, obtain additional licenses, expand its team and solidify its presence across Africa. The company is U.S.-based and positions itself as a global BaaS player targeting African markets.

Total raised

$6M

Funding rounds

1

Latest round

Seed

Latest activity

Oct 2022