PropCrowdy Limited, a Nigerian property-tech startup has received a crowdfunding intermediary license from the Nigerian Securities and Exchange Commission (SEC). This license will allow Procrowdy to operate as a crowdfunding intermediary (CFI) company within the shores of Nigeria. Following the acquisition of this license, the startup becomes the maiden, and for now, the only company in Nigeria authorized to carry out crowdfunding business.
The license received will provide the company with credibility and backing, for people looking for a viable alternative investment vehicle. Thanks to this license, the startup will also be able to provide investment opportunities for investors looking to tap the unending opportunities existing in the real estate sector. PropCrowdy can, however, only operate under the specified guidelines laid down by the SEC.
PropCrowdy is looking to widen access to its investment opportunities and plans to open its doors to individuals who earn at least minimum wage. Its target audience is Nigerians earning between $80 to $1,000 per month, and small and medium enterprise real estate developers with an annual turnover of less than $5 million. The startup is, therefore, looking to provide investment opportunities for the 127 million Nigerians and more than 3,600 small and medium enterprise real estate developers existing in Nigeria.
PropCrowdy was incorporated in 2019, a time when there was no regulation for crowdfunding. The startup had to make the difficult task of securing a crowdfunding license from the SEC, in a bid to boost the confidence of its imminent investors.
While speaking on the SEC license, PropCrowdy’s CEO and founder, Dr. Roland Igbinoba said that the company’s success will be measured by how much they are able to bring democracy into real estate investment for people existing in the low and middle-income category in Africa. “Furthermore, our contribution to net zero and the reduction in carbon emissions is of utmost importance,” he added.
Head of Product Design, Williams Omoruyi added that “We recognize that low-income earners and small real estate businesses in Africa lack the financial capacity to scale. At PropCrowdy, we are solving the twin problem of social impact and inclusiveness for those at the bottom of the pyramid and creating wealth and inclusiveness for those at the bottom of the pyramid and creating wealth and economic development for small and medium-sized real estate developers.”
The latest development follows after the startup secured $500,000 from family, friends, and angel investors in a round led by Proptech54. PropCrowdy has curated a waitlist for interested investors and developers. Click here to join.