Nigerian startup Sproutly, a financial services platform for educational institutions, has announced the launch of its version two, as well as several strategic partnerships designed to enhance benefits for its users.
Founded in June 2021 by Pierre Nwoke, Maxwell Agu and Prince Akachi, initially as a banking app for kids, Sproutly simplifies educational payments, financial management, and access to credit, providing schools with cash visibility, accurate reports, and financial control.
Educational administrators benefit from various payment methods, simplified access, and dedicated support, allowing them to focus on teaching while easing financial burdens for families.
Originally designed for K-12 schools, Sproutly’s first version highlighted areas for improvement, leading to the 14-month development of version two, which has just been released. This update expands its reach to include ed-tech companies, universities, colleges, alumni associations, and special schools.
“We first set out to bank kids and teens, and our financial services part for schools and families was a free but revenue-generating marketing strategy to target parents and students – these kids are mostly in school nine months of the year,” Nwoke, the startup’s CEO, told Disrupt Africa.
“We soon realised there was a significant problem to solve in this area. After measuring the impact, we found that prioritising financial services over digital banking was a better product-market fit. It made sense, as we still served the demographic we aimed to help, but with a more data-driven approach and a broader market for introducing new products.”
Version two introduces two platforms – the Webapp School Dashboard, and the Sproutly Mobile App for billing managers. Key Webapp features include advanced invoicing, payment collection, customised wallets, and a loyalty points system, while the mobile app offers flexible payment options, including installment payments, wallet transactions, and multi-manager billing account control. It also include the Sproutly Cowri Credit programme.
“Previously, only government or white-collar workers could access student credits to ease tuition payments. With tuition fees rising by up to 100 per cent in the last year, many families face significant financial burdens, contributing to higher numbers of out-of-school children. Cowri credit allows students to remain in school while parents repay fees in monthly instalments, similar to paying monthly bills,” Nwoke said.
“As we continued researching and developing, we found many issues impacting tuition fees and education quality. We aimed to tackle these problems step by step. Schools previously spent heavily on paper invoicing and manual reconciliation, and many still lack full digital operations. That’s why we partnered with key players to equip these schools with tools for effective management.”
The new strategic partnerships include ones with Gamp to offer discounted rates on device protection; Zoho for credits for Zoho’s comprehensive suite of workplace management tools; Wellahealth for discounts on healthcare plans; GO54, formerly Whogohost, for discounted email and domain services; and Prembly for discounted verification and background check products.
