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Nigerian startup Sproutly, a financial services platform for educational institutions, has announced the launch of its version two .The update broadens its scope to encompass special schools, universities, colleges, alumni associations, and ed-tech firms .The Webapp School Dashboard and the Sproutly Mobile App for billing managers are the two platforms that are introduced in version two . 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.
edition two of Sproutly, which was just launched, was developed over the course of 14 months after the original edition, which was initially intended for K–12 schools, identified issues that needed improvement. This update broadens its scope to encompass special schools, universities, colleges, alumni associations, and ed-tech firms. Nwoke, the CEO of the firm, told Disrupt Africa, “We initially 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.”
We quickly saw that there was a big issue in this area that needed to be resolved. We measured the impact and concluded that there was a stronger product-market fit when financial services were prioritised over digital banking. With a more data-driven strategy and a wider market for launching new products, it made sense to continue serving the demographic we sought to assist.
The Webapp School Dashboard and the Sproutly Mobile App for billing managers are the two platforms that are introduced in version two. While the mobile app provides various payment choices including wallet transactions, installment payments, and multi-manager billing account administration, the Webapp’s primary features include enhanced invoicing, payment collecting, customised wallets, and a loyalty points system. The Sproutly Cowri Credit scheme is also included.
“Student credits were previously only available to government employees or white-collar jobs to help with tuition costs. Many families are facing severe financial hardships as a result of tuition costs that have increased by up to 100% in the past year, which has led to an increase in the number of children who are not attending school. While parents pay back tuition in monthly installments, just like they would with monthly bills, youngsters can continue attending school thanks to Cowri credit, Nwoke explained.
As we carried out more study and development, we discovered numerous problems affecting tuition costs and the standard of education. Our goal was to address these issues one at a time. Many schools still lack fully digital operations, and in the past, they spent a lot of money on manual reconciliation and paper invoicing. For this reason, we collaborated with important parties to provide these institutions with the resources they need for efficient administration.
The new strategic alliances include those with Wellahealth for healthcare plan discounts; GO54, formerly Whogohost, for discounted email and domain services; Prembly for discounted verification and background check products; Gamp for discounted rates on device protection; and Zoho for credits for Zoho’s full suite of workplace management tools.
