Clara Odero

Clara Odero has always been driven by a single mission: to make a compelling business case for Africa. “People don’t think of Africa as a place to make money,” she says, recalling her early days in the fintech industry. She knew this perception was outdated and saw immense potential in the continent’s diverse markets. It’s this belief that led her to co-found Credrails, a startup aimed at transforming how financial transactions are managed across Africa.

Credrails was born out of Clara’s frustration with the fragmented financial services landscape in Africa, where over 90% of transactions are still made in cash , and mobile money systems lack robust customer protections. As someone who had worked with leading fintech companies like Flutterwave and Rapyd, she recognized that African businesses were not being served effectively. She wanted to change that by creating tools that would streamline operations and reduce the risk of fraud.

“We initially started with the idea of open banking – connecting all data sources into a single platform,” Clara explains. “But we quickly realized that a lot of banks don’t have external-facing APIs, and data sharing is limited.” Faced with these challenges, Clara and her co-founder, Teresia Kairu decided to pivot. They focused on developing a reconciliation product that would help financial institutions and businesses keep better track of their money and catch discrepancies early. “Lots of businesses on the continent don’t have their needs met, so we built a reconciliation tool that aims to be the engine for financial teams,” Clara adds.

Many African financial institutions struggle with outdated systems that make it difficult to reconcile transactions accurately, leaving them vulnerable to fraud. By integrating directly with banks and financial service providers, Credrails’ reconciliation tool helps clients understand their cash flows better and improve their financial health.

Starting Credrails during the pandemic came with its own set of challenges. Launched in August 2020, at the height of global lockdowns, the company was built largely over Zoom calls and remote collaboration. “We were both still working other jobs but quit a year later to focus on Credrails full-time,” Clara recalls.

Above all that, the reconciliation sector is notoriously difficult to enter due to its complexity and the high barriers to entry. “The collapse of BaaS provider Synapse in the US is a great example of why standardized data is crucial for proper reconciliation,” Clara explains. “We saw that gap in the market and knew we could fill it.”

Credrails quickly gained traction, securing 40 customers across Nigeria and Kenya. The company’s focus on solving real problems resonated with financial institutions that had long struggled with the complexities of managing cash transactions and mitigating fraud risks. “My favorite part is going into meetings and seeing our potential customers light up and say, ‘There is a need for what you’ve built,’” Clara highlights.

Credrails is preparing to enter new markets in North and South Africa, including Egypt, where they hope to leverage their partnership with Acasia Ventures. “We’re excited about the growth opportunities ahead,” Clara says. “And we’re looking forward to bringing our solutions to even more businesses across the continent.”

Clara’s vision for Credrails is to create opportunities for businesses to thrive in an environment that has often been overlooked. “We’re not just building a product; we’re building a foundation for a more connected and efficient financial ecosystem in Africa,” she explains.

“Thanks to the leadership of its two seasoned founders, Credrails has achieved solid signs of product-market fit with its reconciliation product, addressing a significant challenge across the continent,” Biola Alabi, General Partner at Acasia Ventures, states. “The strong traction they’ve experienced so far is proof that there is a real demand for their solutions.”