OurPass, the digital commerce solution often referred to as Fast for Africa, officially launched its mobile app to market today, following a virtual event themed Redefining the online shopping experience.
Samuel Chukwunonso Eze, CEO and Founder of OurPass, was inspired to launch the digital commerce solution after seeing his mother struggle to buy online through a rigorous payment process that in many cases required her to create multiple accounts on different platforms.
OurPass enables consumers to shop with one click, reducing abandoned carts and increasing sales for merchants. Cart Abandonment Rate, which is roughly 69.57% on average, has posed a headache for the online retail industry, and there is an expected loss of $ 4 trillion over the coming year. Improving the navigation and payment experience for customers and increasing the perceived level of security are ways to combat shopping cart abandonment, which OurPass offers. OurPass enables online shoppers to shop faster, easier, and more securely on any website with the built-in OurPass payment button.
“OurPass is all about consumers and invests heavily in user privacy and data security. We do not act as a merchant customer database. We are trying to inject consumers faster and easier than ever before, thus increasing sales. Merchants, on the other hand, simply need to register on our web-based platform, provide their KYC and install the OurPass payment button so consumers can buy from them with one click, ”Eze said.
The Nigeria-based startup also closed a million-dollar pre-seed round to expand its impact tentacles across the country. The round was led by Tekedia Capital, with participation from Goldman Sachs, Moderna and other angel investors. The guaranteed investment will support the growth of OurPass ambitions to hire top talent and further develop its technology.
In addition, the company acquired Storemia, an ecommerce solutions platform helping bring small businesses online by providing business owners with a faster, easier way to build online stores. The acquisition puts OurPass on track to reach more small businesses and online shoppers, in line with their commitment to simplifying the online shopping experience.
The company plans to work with merchants on e-commerce platforms including WooCommerce, Magento, Squarespace, and Shopify in the future, followed by social commerce platforms like WhatsApp, Facebook, and Instagram.
The company’s offerings, along with its one-click checkout, include free shipping on all orders for customers and 0.8% per transaction capped at N1,000 for merchants or businesses. OurPass claims to have achieved a transaction value of $ 500,000 and hopes that continued growth will allow it to become the go-to platform for consumer payments in Nigeria by 2023.
Written by Agbetiloye Adekunle