Aku raises $2.25M in Seed funding

Aku, a Nigerian payments-led digital bank, completed a Seed round raising $2.25M as its latest disclosed financing, with total funding reaching approximately $4.55M. The round included participation from LoftyInc Capital (which invested as early as 2021), The Fintech Fund, Astir Ventures, Firstminute Capital, and others. An accelerator program with Visa Africa Fintech Accelerator was completed in 2024/2025.

The capital has supported product development, including mobile banking, USSD payments, debit cards, merchant POS tools, and disbursement services. Aku is positioned in Nigeria's competitive fintech market, focusing on financial inclusion for unbanked and underbanked users, particularly micro-merchants and creatives, with CBN licensing for payments.

As of 2026, the company remains active and generating revenue, with reported app downloads exceeding 10,000 and a focus on secure, fee-free core services to build user adoption.

Aku operates a digital financial services platform that enables users to send and receive money, pay bills, and access banking services through USSD, a mobile app, and cards. It turns any phone into a POS device and provides tools for merchants and creatives, including rewards on received payments, savings, and credit options. The platform emphasizes security with end-to-end encryption and no monthly or annual maintenance fees for accounts.

Primarily serving individuals, micro-merchants, SMEs, and creatives in Nigeria, Aku is licensed by the Central Bank of Nigeria as a Payment Solution Service Provider. It aims to drive financial inclusion at the base of the pyramid by offering frictionless payments and wealth-building tools without requiring users to download an app for certain services.

The business model combines consumer banking with merchant acquiring and disbursement services, generating revenue through transaction fees, card services, and value-added financial products while maintaining free core banking transactions.