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§ Private Profile · Abuja, Nigeria
Fintech platform providing agency banking and cash access through local merchants for underserved populations in Nigeria.
CrowdForce has raised $3.6M across 1 funding round.
Key people at CrowdForce.
CrowdForce was founded in 2017 by Oluwatomi Ayorinde (Founder) and Damilola Ayorinde (Founder).
CrowdForce has raised $3.6M in total across 1 funding round.
Based in Abuja, Nigeria, CrowdForce is a financial technology platform that converts local merchants into mobile bank branches to distribute financial services and facilitate cash access in underserved rural areas. The company operates a network of 7,000 active agents through its digital wallet product, PayForce, generating revenue via transaction commissions and market data access fees. Operating with a workforce of 41 employees, the enterprise previously conducted KYC verification for over 4.5 million micro-traders under the Nigerian government's TraderMoni program. CrowdForce secured a $3.6 million funding round in early 2022, adding to a prior $500,000 capital raise, with financial backing from prominent investors including Y Combinator, 500 Startups, HAVAÍC, and Aruwa Capital. The organization was originally established as MobileForms before officially rebranding its operations in 2017 under the leadership of co-founders Oluwatomi Ayorinde and Damilola Ayorinde.
CrowdForce is a Nigerian fintech company that transforms local merchants into mobile bank branches, enabling financial services access in underserved and rural areas across Africa, starting with Nigeria. It leverages a vast network of agents and mobile technology to provide agency banking services such as cash withdrawals, deposits, transfers, and digital payments, addressing the challenge of financial inclusion for the unbanked and underbanked population. CrowdForce serves millions of customers by bridging the gap between cash-based economies and digital financial services, growing rapidly with a 25% month-on-month increase and serving 1.9 million unique customers in 25 Nigerian states as of early 2022[1][2][5].
Founded in 2017 by Oluwatomi Ayorinde, an experienced software engineer and former SAP consultant with a background in building banking solutions for microfinance banks in Nigeria, CrowdForce emerged from the need to extend financial services beyond traditional bank branches. The founders recognized the difficulty many Nigerians faced in accessing banking services due to limited physical infrastructure and high cash usage. Early traction came from deploying a network of local merchants as human ATMs, enabling last-mile financial service delivery. The company rebranded from MobileForms to CrowdForce to reflect its expanded focus on financial services distribution[1][5].
CrowdForce rides the growing trend of financial inclusion and digital transformation in Africa, where a large portion of the population remains excluded from formal banking. The timing is critical as Nigeria has very low bank branch and ATM density (4.3 branches and 17 ATMs per 100,000 adults), and 95% of retail transactions are cash-based. CrowdForce’s model leverages mobile penetration and agent networks to digitize financial services at the last mile, supporting broader economic digitization and inclusion goals. It also contributes to data-driven market insights by collecting real-time data through its platform, influencing both fintech and consumer goods sectors[1][3][7].
CrowdForce’s acquisition of its PayForce business by FairMoney in 2023 signals a strategic move to deepen its product offerings and scale its reach in Nigeria’s fintech space, particularly in merchant and retail banking. Future growth will likely focus on expanding agent networks, enhancing digital lending, B2B payments, and virtual card services, and integrating more financial products to serve small businesses and consumers. Trends such as increasing mobile money adoption, government financial inclusion initiatives, and fintech innovation will shape CrowdForce’s journey, potentially positioning it as a key enabler of Africa’s digital economy and financial ecosystem[4].
In summary, CrowdForce’s innovative use of local merchants as mobile bank branches uniquely positions it to solve Nigeria’s financial inclusion challenge, with strong growth momentum and strategic partnerships paving the way for broader impact across Africa.
Key people at CrowdForce.
CrowdForce has raised $3.6M across 1 funding round. Most recently, it raised $3.6M Pre-Series A in February 2022.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Feb 16, 2022 | $3.6M Seed Plus | Adesuwa Okunbo Rhodes | AAIC, Havaic | Announced |
CrowdForce was founded in 2017 by Oluwatomi Ayorinde (Founder) and Damilola Ayorinde (Founder).
CrowdForce has raised $3.6M in total across 1 funding round.
CrowdForce's investors include Adesuwa Okunbo Rhodes, AAIC, HAVAIC.