Sage Grey , a leading Financial Institution, is pleased to announce a seed investment of  $250,000 in SplitMulti Limited (“SplitMulti”).

SplitMulti is a payment solution company which provides various payment solutions including its flagship product; the SplitMulti Escrow Management System (EMS). The SplitMulti Escrow Management System (EMS) facilitates the aggregation of retail purchases thereby passing wholesale discount to customers. The EMS can be integrated onto various payment gateways, E-commerce sites and other payment platforms. The Company also has an ecommerce platform and is currently finalising its own payment gateway. The company has partnered with Access Bank Plc for its bank settlement and has fully integrated its system with the Access Bank banking software.

The SplitMulti EMS facilitates payments which enables multiple unrelated customers to aggregate their purchasing power towards creating a wholesale purchase. The wholesale discount is thereby passed on to each participating retail purchaser. The SplitMulti EMS facilitates the payments and holds each customer’s funds in escrow for a pre-determined period after which payments are made to the wholesale in the event that the minimum number of customers are reached. In the event that the minimum number of customers are not reached within preagreed periods, the funds are automatically reversed to the accounts of the customers. Reversed funds are moved back to the customers within 3 hours. SplitMulti EMS accepts payment via Virtual Accounts, Cards (Mastercard, Visa, Verve), Transfer  and QR Code.

The SplitMulti EMS is currently being deployed on SplitMulti ecommerce website (www.splitmulti.com)  and the EMS will also power ecommerce transaction on all other major ecommerce platforms and other retail platforms.

Commenting on the transaction, Mr. Adejumo Atiba (Managing Director of SplitMulti) said: “We are pleased to have Sage Grey as a partner and look forward to working more with their team to expand our operations across Africa. We will work together to deepen our digital channel to continue providing quality products to our clients and developing new opportunities for growth in Nigeria’s fintech sector. Sage Grey has extensive experience supporting the development of companies including providing best-in-class corporate finance and transaction, business development, social and governance advisory services. We are confident that their resources, network and insights will help us in successfully implementing our growth strategy and reaching our set destination.” In highlighting the unique features of the SplitMulti application Mr. Atiba noted that “every day is black Friday with SplitMulti which facilitates aggregation of retail demand and onward wholesale discount to customers”. He further pointed out that the SplitMulti application allows for combined purchase and or split purchase amongst two or more customers. He noted that the application is flexible, super-fast and easy to use even for a non-tech savvy.

He concluded by stating that Sage Grey’s investment provides the seed capital needed to develop the SplitMulti’s software and implementation plans.

The Managing Director of Sage Grey, Mr. Temitope Runsewe, on his own part expressed his clear conviction of the immediate potential of SplitMulti to revolutionise the payment solutions space. He noted that “Sage Grey are excited to partner with SplitMulti in its bid to create value for all stakeholders , accelerate growth for wholesale trade, retail penetration  and provide immediate wholesale discounts to individuals who are customers.”