Pryme to Raise £30m to Power Financial Tools for Africa’s Freelancers and SMEs

Pryme, a fintech company founded in Africa and now headquartered in the United Kingdom, is in the middle of a £30 million capital raise aimed at transforming how globally mobile entrepreneurs and small businesses manage their finances.

At the heart of this ambitious move is a £10 million commitment from the Black Water Fund, which will only be released if Pryme secures the full round. The condition underscores both the confidence in Pryme’s vision and the inherent risks in its expansion strategy.

The company has evolved significantly since its founding in 2016, when it launched its first product—OjirehPrime, a prepaid card using nothing more than a broken Samsung tablet. That card eventually gained traction with 40,000 users. By 2020, Pryme had acquired a licensed microfinance bank and followed up in 2022 with the launch of a mobile app. Now, it is building a cross-border financial operating system tailored to meet the needs of modern entrepreneurs, freelancers, and SMEs—particularly those locked out of traditional financial systems.

Pryme’s vision is rooted in solving real problems for over 1.5 billion freelancers worldwide, many of whom are in Africa. Across the continent, entrepreneurs struggle with fragmented banking systems, poor credit access, and limited cross-border payment capabilities. Traditional banks have failed to serve this fast-growing, digitally native market, leaving room for fintechs like Pryme to innovate at the infrastructure level.

What began as an e-commerce-focused product has grown into a comprehensive financial platform offering services like invoicing, international payments, embedded credit, AI-powered financial insights, and enterprise resource tools. Pryme’s model is not just about adding features—it is about integrating them into one seamless, borderless experience.

The company’s expansion strategy is aggressive. It is currently working to acquire an IPO-ready enterprise platform in Canada, a move that would grant it access to North American enterprise customers and regulatory frameworks. At the same time, Pryme is focused on strengthening its base in the UK and increasing its global reach, supported by programmes such as the Welsh Government’s Soft Landing Programme, FinTech Wales, and Tramshed Tech.

The stakes are high, but so are the opportunities. In 2024 alone, remittances to low- and middle-income countries totaled \$685 billion, according to the World Bank. This massive flow of funds highlights a global market that traditional banks have largely ignored, opening the door for new players like Pryme to lead the way.

The £10 million term sheet from Black Water Fund signals market confidence but also places pressure on Pryme to close the full round. With £20 million still to be raised, the fintech has work to do. Yet its journey from a faulty tablet in Africa to a fintech contender in global finance tells a story of resilience, innovation, and a sharp understanding of where the future of financial services is headed.

Pryme is not just building a product; it is laying down infrastructure for a new kind of economy, one that is mobile, digital, and borderless.