About this raise

Aladdin, with a valuation of $9 million, is raising funds on Wefunder. It is Africa’s first ecosystem bank for freelancers and small business owners. The Aladdin app helps support the daily hustle of freelancers, individuals, and small business owners and gives them the financial tools they need. The app also aggregates all the solutions that individuals and SMEs need with its APIs, SDKs, and mini-programs via partnerships. Aladdin has over 40,000 users and has been revenue positive in its first six months. Darlington Onyeagoro founded Aladdin in November 2021. The current crowdfunding campaign has a minimum target of $150,000 and a maximum target of $1,000,000. The campaign proceeds will be used for marketing, operational expenses, work infrastructure, and platform expansion.

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Investment Overview

Invested this round: $181,141

Deal Terms

Total Commitments

Platform
Wefunder
Start Date
01/24/2022
Close Date
05/27/2022
Min. Goal
$150,000
Max Goal
$1,000,000
Min. Investment

$100

Security Type

SAFE

Series

Pre-Seed

SEC Filing Type

RegCF    Open SEC Filing

Valuation Cap

$9,000,000

Discount

10%

Company & Team

Company

Year Founded
2021
Industry
Financial & Insurance Products & Services
Tech Sector
Fintech
Distribution Model
B2B/B2C
Margin
High
Capital Intensity
Low
Location
Wilmington, Delaware
Business Type
Growth
Company Website
Visit Website

Team

Employees
25
Prior Founder Exits?
No
Founder Name
Darlington Onyeagoro
Title
CEO

Financials

 Revenue
$143,071
 Monthly Burn
$1,405
 Runway
11 months
Gross Margin
85%

Summary Profit and Loss Statement

Most Recent Year Prior Year

Revenue

$143,071

$0

COGS

$20,963

$0

Tax

$0

$0

 

 

Net Income

$-16,854

$0

Summary Balance Sheet

Most Recent Year Prior Year

Cash

$15,508

$0

Accounts Receivable

$52,141

$0

Total Assets

$307,776

$0

Short-Term Debt

$122,453

$0

Long-Term Debt

$0

$0

Total Liabilities

$122,453

$0

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Company Funding & Growth

Funding history

Close Date Platform Valuation Total Raised Security Type Status Reg Type
04/28/2024 Wefunder $9,000,000 $173,851 SAFE Funded RegCF / RegD 506(c)
04/03/2023 Microventures $9,000,000 $32,916 Convertible Note Funded RegCF
05/27/2022 Wefunder $9,000,000 $181,141 SAFE Funded RegCF
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Growth Charts

Revenue History

Note: Revenue data points reflect the latest of either the most recent fiscal year's financials, or updated revenues directly from the founder, at each raise's close date.

Valuation History

Employee History

Founder Profile

Aladdin Founder Darlington Onyeagoro Is Empowering African Small Businesses

Africa has a high concentration of self-employed workers. In 2019, 14 African countries ranked among the top 15 countries in the world with the highest self-employment rates. With the COVID-19 pandemic pushing large portions of the workforce online, many of these individuals may have to use multiple programs to manage their businesses.

Aladdin Digital Bank has curated its comprehensive app to make life easier for freelancers and small businesses in Africa. It provides financial services, a marketplace, social content, and even employee benefits. We reached out to co-founder and CEO Darlington Onyeagoro to learn more about why he dropped an earlier project to work on Aladdin and how the company plans to expand.

Note: This interview was conducted over phone and email. It has been lightly edited for clarity and length.

Read Founder Interview

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Aladdin on Wefunder 2022
Platform: Wefunder
Security Type: SAFE
Valuation: $9,000,000

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