Nigeria-based payments company Paga has raised $10m in a Series B2 round led by the Global Innovation Fund.
Other participants to the round included existing backers Goodwell, Adlevo Capital, Omidyar Network and Unreasonable Capital. This investment brings the company’s total funding efforts since 2009 to $35m.
Paga is a mobile payment company which enables consumers to digitally send and receive money, as well as pay bills. The platform has a network of 17,000 agents in Nigeria and has over nine million users. This has represented more than 57 million transactions processed worth around a total of $3.6bn.
The company recently launched its money transfer app which it hopes will drive the use of the Page wallet P2P transfers and in-store payments.
Both banked and unbanked consumers can utilise Paga to transfer money or make payments all through a smartphone.
Capital from this round will be sued to support the growth of the company in Nigeria and to scale globally into countries like Ethiopia, Mexico and the Philippines. Funds will also be used to support the development of its money wallet and agent network.
Paga CEO and founder Tayo Oviosu said, “At Paga, we are building an ecosystem that enables people to digitally send and receive money, and creating simple financial access for everyone. We do not seek to be a bank, but rather to partner with banks and financial institutions in the markets we operate.”
Last month, fellow Nigeria-based digital payments platform Paystack raised $8m in its Series A round. The company develops payment APIs which enable businesses to build custom payment solutions.
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