MapleRad, a Nigerian banking-as-a-service (BaaS) platform, has raised $6 million in a funding round led by Valar Ventures, a venture capital firm founded by billionaire investor Peter Thiel. MapleRad aims to provide financial institutions in Africa with a platform to offer digital financial services to their customers, including loans, savings accounts, and insurance products. The funding will be used to expand the platform's offerings and support its growth in the region. This is an example of the growing trend of BaaS, as financial institutions look to leverage technology to provide more efficient and accessible financial services to their customers.
Nigerian banking-as-a-service platform Maplerad raises $6M, led by Peter Thiel’s Valar Ventures