In a major funding boost, Nigerian communications-as-a-service startup Termii has successfully raised $3.65 million, bringing its total funding to slightly over $5 million. The latest funding round, led by prominent investors Fintech Collective and Ventures Platform, signifies Termii's ambitious plans for expansion into new markets.
Termii, co-founded by Gbolade Emmanuel and Ayomide Awe in 2019, aims to revolutionize communication channels for African businesses. The startup's primary focus for expansion lies in Francophone African countries, with the Ivory Coast set as its initial target market. This strategic shift from its previously planned North African expansion demonstrates Termii's commitment to tapping into emerging markets with substantial growth potential.
At the heart of Termii's success is its API-based communication infrastructure, which enables businesses, particularly fintechs, to engage customers through a diverse range of channels. From SMS and voice messaging to mobile tokens, alerts, and a robust two-way support system, Termii offers an exceptional suite of communication solutions.
The recent funding secured by Termii serves a specific purpose: to drive the company's expansion initiatives and support the development and promotion of both existing and new products. With growing interest in its offerings from big tech and financial service providers as well as small enterprises, Termii plans to extend its services to more countries, including those in the U.K., in phases.
To propel its expansion efforts, Termii has introduced the groundbreaking TermiiGo mobile app, positioned as Africa's first cross-company mobile virtual solution. Resembling popular apps such as Google Authenticator, Twilio's Authy, and WhatsApp, TermiiGo offers direct-to-mobile notifications, SMS messaging, time-based OTPs, and local and international calling for enterprise businesses. Leveraging the mobile virtual network operator (MVNO) model, TermiiGo enables global eSIM activation across Africa.
CEO Gbolade Emmanuel emphasized that the funding is primarily dedicated to supporting Termii's growth initiatives rather than operational activities. The company aims to broaden its product portfolio beyond regular messaging services, incorporating call services and one-time password (OTP) generation. By doing so, Termii anticipates increased transaction numbers and enhanced customer engagement capabilities.
Termii's remarkable growth trajectory is evident from its existing client base, which includes over 500 fintechs, constituting 89% of its customers. Renowned names such as Chipper, Paystack, Moniepoint, and Piggyvest rely on Termii's services. Furthermore, Termii's APIs are utilized by more than 1,000 businesses and developers. The platform's monthly SMS and voice message termination currently serve over 10,000 businesses, with annual recurring revenue soaring by 30x and message transactions reaching an astonishing 400 million.
With this recent funding injection, Termii is poised to expand its operations, bolster customer engagement, and solidify its standing as a leading communications platform-as-a-service provider in the African market. By strategically targeting Francophone African countries and embracing emerging markets, Termii is well-positioned to capitalize on the continent's rapidly growing communication needs.
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