January 18, 2022

How a financial services company from Nigeria raised 300K from VCs in no time

Estela Valeova
Marketing Manager
With Firstbase since:

In today's blog post, we're going to be talking about how a Nigerian financial services company managed to raise 300K from VCs in a very short period of time. Without further ado, let's get started!

Meet Zilla: an innovative firm that enables African merchants to thrive by providing them cheap and convenient financial services, such as a tool to enable their customers with the option to buy now and pay later. 

Founded in 2021 and based in Lagos, Nigeria, Zilla has been able to raise 300K from VCs in the category Class5 Global.

How did they do that?

Let’s discover.

How did it all start?

Zilla's CEO Tolu Abiodun recognized that his project had the potential to bring significant impact on African merchants but lacked both capital and logistics in order to accomplish this.

He knew raising money would be the best solution but it was also difficult to do it within his home country;

He started consulting different friends and found out about US incorporation.

The possibilities of this new idea fascinated him so much that he began looking into how to incorporate his company in America without leaving the country - this is how he found out about Firstbase.io.

His primary goals after incorporating were:

  • Raising money from American VC firms and/or angel investors
  • Applying to a US-based startup accelerator
  • Accessing tax benefits available for foreign-owned companies in the US

And Tolu managed to accomplish all of them!

What was Zilla’s experience like going through the process of setting up a company with Firstbase.io?

“Butter-smooth,” claims Abiodun without having any further comments.

Abiodun’s advice

The best advice that Abiodun could give his younger self is just ‘to start’.

“Overthinking or focusing too much on the problem without trying to find a solution will stop you in your tracks, but if we don't take action now then there might never be any progress made and our dreams could remain unfulfilled forever!

A big part of starting means committing yourself fully: both physically (by doing) AND mentally too. Also, there is a lot of learning you do when you start that you won't know if you don't,” he concludes.

If you are ready to listen to Abiodun’s advice and ‘just start’, now it’s the perfect time.

Click here.

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