Termii, a Nigerian communications platform-as-a-service startup, has recently secured $3.65 million in funding, bringing its total funding to date to around $5 million. The company’s CEO, Gbolade Emmanuel, explained that the funds will be utilized to fuel the expansion of the company and develop new products for the market. Termii aims to target Francophone African countries, starting with the Ivory Coast, instead of North Africa as initially planned.
Termii was founded in 2017 by Gbolade Emmanuel, Ayomide Awe, and Atinuke Idowu. They recognized the need for exceptional communication channels for African businesses. The startup offers an API-based communication infrastructure that enables businesses, particularly fintechs, to engage with customers through various channels, including SMS, voice messaging, mobile tokens, alerts, and a two-way support system.
In 2021, Termii raised $1.4 million in seed funding, serving over 500 fintechs, which account for 89% of its customer base. Notable fintech clients include Chipper, Paystack, Moniepoint, and Piggyvest. Additionally, over 1,000 businesses and developers utilized Termii’s APIs. Today, the startup’s API and no-code campaign dashboard are relied upon by more than 10,000 businesses, facilitating the termination of SMS and voice messages on a monthly basis. As a result, Termii’s annual recurring revenue has grown 30-fold, and message transactions on its platform have increased from one million to 400 million.
To further enhance its services, Termii plans to expand its product offering to include calls and OTP (one-time password) generation, with the goal of increasing transaction numbers. The company has recently launched TermiiGo, a mobile app that claims to be “Africa’s first cross-company mobile virtual solution.”
TermiiGo offers features similar to Google Authenticator, Twilio’s Authy, and WhatsApp. These features include direct-to-mobile notifications, SMS messaging, and time-based OTPs for popular social media platforms like Facebook and Twitter, which utilize 2FA (two-factor authentication) options.
TermiiGo operates on a B2B2C model and provides local and international calling services for enterprise businesses. It also offers global eSIM activation, leveraging the mobile virtual network operator (MVNO) model across Africa. With the eSIM feature, African businesses can provide their employees and users with the ability to own eSIM cards or branded SIM cards, offering unlimited voice calls and texts. This feature enables remote working and customer support services with seamless data connectivity across cities in Africa and even internationally, such as the U.S.
Termii plans to gradually introduce these services in phases, initially launching in Nigeria at its upcoming conference in June, followed by Ivory Coast, Ghana, and the U.S. The company has seen significant interest in its product from major tech and financial service providers, as well as small enterprise businesses. While the physical launch will be limited to specific countries, other features of the TermiiGo app will be accessible and available for use across multiple African countries.
Ventures Platform, a Pan-African early-stage investor, led the recent financing round. Other participants included New York-based fund FinTech Collective and Launch Africa Ventures. Notable backers in the round include Nama Ventures, Aidi Ventures, Ralicap Ventures, Now Venture Partners, Vastly Valuable Ventures, NOA Capital, Assembly Investors, Probability Ventures, Adamantium Fund, MyAsia VC, and Uncovered Fund. Angel investors such as the Afropreneur Angel Group, Aubrey Hruby, partner at Tofino Capital, and Eamon Jubbawy of Onifido also participated in the funding round.
Ventures Platform’s general partner, Dotun Olowoporoku, expressed his belief in Termii’s potential as a game-changer in the A2P (Application-to-Person) messaging space. The platform’s seamless integration of telecom services addresses the high message failure rates and complex setup requirements faced by businesses throughout Africa. Samantha Wulfson of FinTech Collective noted that Termii’s solution plays a fundamental role in the infrastructure of many African businesses, ensuring the reliable delivery of OTPs and transaction-related messages. She also acknowledged that Termii’s vision as a communication layer goes far beyond its current capabilities.
Conclusion
Termii’s recent funding round and expansion plans underscore its growing success in providing communication solutions for African businesses. With its API-based infrastructure and the introduction of TermiiGo, the company aims to cater to the increasing demand for reliable messaging services, as well as calls and OTP generation. By focusing on the Francophone African market and leveraging its innovative mobile virtual solution, Termii is well-positioned to drive further growth and deliver enhanced communication experiences for businesses across the continent.
