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Accenture Makes Strategic Investment in African Fintech Startup Okra

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Accenture (NYSE: ACN) has made an investment, through Accenture Ventures, in Nigeria-based fintech company Okra, an open finance data infrastructure startup serving the rapidly expanding African financial services market.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210421005563/en/

Accenture Ventures makes investment in Nigeria-based fintech startup Okra (Photo: Business Wire)

Founded in 2019 and based in Lagos, Nigeria, Okra is an open finance platform that enables developers and businesses to build personalized digital services and fintech products for customers.

"Okra is a rising fintech star in the high-growth global digital financial services arena, and in the African market, which is home to the world’s largest unbanked population, including a sizable number of underbanked consumers and small-to-medium sized enterprises," said Tom Lounibos, managing director, Accenture Ventures. "We believe that Okra has the potential to address critical challenges in Africa and we’re excited to work closely with the team to help scale its solutions for maximum impact."

According to a previously released Accenture study, by 2025, fintech startups could capture as much as $78 billion, or 3.9% of the projected $2 trillion total global banking payments market.

The investment in Okra was made through Accenture Ventures’ Project Spotlight — Accenture Ventures’ immersive engagement and investment program aimed at connecting emerging technology startups with the Global 2000 to fill strategic innovation gaps — Okra will also have access to Accenture’s global innovation network, and the opportunity to co-innovate with Accenture software engineers, system architects and payments experts.

"By enabling individuals and corporations in Nigeria to connect their bank accounts directly to third-party applications, Okra is powering the much-needed connectivity layer between financial institutions, fintech companies and consumers," said Fara Ashiru Jituboh, co-founder, chief executive officer and chief technology officer of Okra. "Gaining access to Accenture’s global banking experts, clients and technology ecosystem partners through Project Spotlight will contribute greatly to the success and growth of our business moving forward."

Born in Nigeria and a software engineer by the age of 11, Jituboh grew up in the U.S. and went on to study computer science and software engineering at North Carolina A&T State University (an HBCU), and then held positions at JP Morgan Chase and Fidelity Investments as well as a few start-ups before co-founding Okra with David Peterside, the company’s chief operating officer. Following its launch, the startup attracted significant early attention, securing $1 million in pre-seed funding from TLcom Capital.

"Our investment in Okra is Accenture Ventures’ first investment in Africa – an emerging market with tremendous long-term growth potential," said Vukani Mngxati, chief executive, Accenture Africa. "Across Africa, technology startups are emerging, bringing new thinking and new solutions to help address endemic challenges—from financial inclusion to market access—and stimulating economic growth. Bringing Okra together with our enterprise clients and ecosystem partners will increase the reach and impact of innovation and help African economies accelerate progress and value for all."

For more information on Accenture Ventures, visit https://www.accenture.com/ventures

About Accenture

Accenture is a global professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and specialized skills across more than 40 industries, we offer Strategy and Consulting, Interactive, Technology and Operations services—all powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. Our 537,000 people deliver on the promise of technology and human ingenuity every day, serving clients in more than 120 countries. We embrace the power of change to create value and shared success for our clients, people, shareholders, partners and communities. Visit us at www.accenture.com.

This document makes descriptive reference to trademarks that may be owned by others. The use of such trademarks herein is not an assertion of ownership of such trademarks by Accenture and is not intended to represent or imply the existence of an association between Accenture and the lawful owners of such trademarks.

Copyright © 2021 Accenture. All rights reserved. Accenture and its logo are trademarks of Accenture.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210421005563/en/

Contacts

Hannah Unkefer
Accenture
+1 206 839 2172
hannah.m.unkefer@accenture.com