Ourpass transits from one-click checkout services into business banking
By Olivia Nnorom
Nigerian digital commerce startup, Ourpass, has rebranded its one-click checkout services into a global neobank for businesses as part of its mission to revolutionise commerce in Nigeria.
The company, in a statement said that it was providing businesses with access to banking, payment and business management tools to enable them start, grow and scale their businesses,irrespective of size and location.
Following the development, OurPass’ new business banking path will enable merchants to create a free business bank account to separate business and personal accounts. Businesses can also use OurPass to access business loans without collateral, generate payment links via email and SMS, and get paid instantly.
Samuel Eze, OurPass CEO/founder, who confirmed the company’s restructuring on LinkedIn, explained that the diversification was motivated by its ambition to provide end-to-end solutions for businesses beyond offering a niche service.
“OurPass launched in 2021 after raising a $1m pre-seed led by Tekedia Capital with a goal of helping businesses increase their sales conversion rates by eliminating long entry forms at checkout using its one-click checkout solution.
“However, as the business observed the market and conversed with its customers, it recognised that beyond offering a niche service, it could provide end-to-end solutions that helped entrepreneurs grow every aspect of their business,” Eze said.
Speaking further on the rebranding, the OurPass CEO noted that the post-COVID market reality necessitated a new direction for the startup to satisfy its customers.
He explained that when the company finished plans to start scaling their products, it was already post-COVID, and the dynamics of the market had changed, noting further that businesses deviated from needing a one-click checkout solution.
Eze further disclosed that the company’s optimised payment tools, such as POS terminals, QR codes, and instant transfers, will enable businesses to receive and make payments seamlessly.
“In addition, OurPass provides a quick invoicing tool to keep businesses organised and help them get paid on time, and is building out its inventory, storefront, and digital tag systems,” he added.
Going forward, Eze said OurPass aims to serve over 200,000 active businesses by the end of Q4 2023 to achieve profitability and has deployed foot soldiers in market clusters around Nigeria” to acquire businesses.