Nigerian fintech company Sproutly has officially unveiled version two of its financial services platform, aimed at revolutionizing the way educational institutions manage payments and finances. Alongside this major update, the startup has announced strategic partnerships with industry players to enhance benefits for users.
Founded in June 2021 by Pierre Nwoke, Maxwell Agu, and Prince Akachi, Sproutly initially launched as a banking app for kids, designed to simplify educational payments and provide financial management tools for schools and families. Over time, the startup recognized a larger opportunity to address the broader challenges faced by educational institutions, prompting the development of Sproutly’s version two.
Sproutly’s platform allows schools to gain cash flow visibility, generate accurate financial reports, and have greater control over their financial operations. For educational administrators, the platform offers simplified payment methods and access to dedicated support, allowing them to focus on teaching while easing the financial pressures on families.
The first version of Sproutly focused on K-12 schools, but after extensive feedback and a 14-month development process, version two now expands to include universities, colleges, alumni associations, ed-tech companies, and special schools. “We started as a banking app for kids, but we quickly realized there was a much bigger problem to solve in the education sector,” said CEO Pierre Nwoke in an interview with Disrupt Africa. “Our pivot to financial services for schools has allowed us to better serve our target audience and address a significant gap in the market.”
Version two introduces two key platforms: the Webapp School Dashboard and the Sproutly Mobile App. The Webapp provides advanced invoicing, payment collection, customized wallets, and a loyalty points system for schools. Meanwhile, the mobile app empowers billing managers with flexible payment options, such as installment plans, wallet transactions, and multi-manager billing control. Additionally, the update introduces the Sproutly Cowri Credit program, which allows parents to pay tuition fees in monthly installments, easing the burden of rising educational costs.
“With tuition fees rising by up to 100 percent in the last year, many families are struggling to keep their children in school,” Nwoke explained. “Cowri Credit allows parents to spread out tuition payments, ensuring students remain in school while families manage their financial obligations.”
To further enhance the platform’s offerings, Sproutly has partnered with several key players across various sectors. These strategic partnerships include:
- Gamp, providing discounted device protection for schools.
- Zoho, offering credits for its suite of workplace management tools.
- Wellahealth, providing discounted healthcare plans for educational institutions.
- GO54 (formerly Whogohost), offering discounted email and domain services.
- Prembly, offering discounted verification and background check products.
“These partnerships are part of our mission to equip schools with the digital tools they need to manage their finances more effectively while also addressing some of the challenges impacting tuition payments and education quality,” Nwoke added.
The new version of Sproutly is expected to provide significant support to educational institutions, especially as many schools transition to digital operations and look for ways to alleviate the rising cost of education for families.
