SunFi, the Nigerian fintech startup, has raised $2.3 million in seed funding to connect people and businesses who want solar energy access to payment plans that match their needs
An aspiring clean energy fintech startup SunFi has completed its seed funding round with $2.325 million raised from lead investors Factor[e] and SCM Capital Asset Management and other participants such as Voltron Capital, Norrsken Impact Accelerator, Ventures Platform and Sovereign Capital.
The Nigerian fintech offers an intermediary platform that connects clients (whether individuals or businesses) who want to install a solar energy solution with a network of independent installers and a curated set of energy solutions. Besides choosing the most suitable offerings depending on customers’ needs, SunFi provides flexible payment plans to make it more affordable.
SunFi CEO, Rotimi Thomas, has vast experience with energy-related projects. He’s got a college education in renewable energy and worked in several energy, gas and power projects across Nigeria and other African countries. Thomas has also previously co-founded a solar installation company Aspire. It operated under a power-as-a-service business model and helped install more than 500 solar systems for individuals and organisations. This business has morphed into SunFi as well.
The main aim of the fresh startup is to solve the electricity issues prevailing in Nigeria. Currently, the country’s households and businesses have little or no access to affordable and reliable solar technology. Meanwhile, the general nationwide electricity grid fails to serve the needs of Nigeria’s 200 million people who live in rural areas.
Therefore, SunFi wants to use its tech capabilities to recommend the best systems at the lowest cost to customers, as well as provide credit and leasing of solar systems to those who are appalled by the outright purchase prices.
We have previously reported that hydro-power BTC mining rigs have been powering an entire rural settlement in Kenya.