Lipa Payments, a South African FinTech company, has raised R10m ($660,000) in fresh funding.
The capital was supplied by Imvelo Ventures, which is backed by Capitec Bank.
Lipa teams up with banks and FinTech companies to offer affordable and fast payments to merchants. Its technology means a merchant can accept either phone-to-phone payments through Bluetooth or a bank-card payment to their phone through NFC tech.
In its statement, Lipa claimed there is currently limited infrastructure for digital payment support at local shops, hair salons and fast-food stores, and most micro-merchants cannot afford POS devices. Lipa was designed to resolve this gap.
The company plans to roll out its platform across South Africa and Nigeria in 2022.
Lipa Payments CEO and co-founder Thando Hlongwane said, “We see tech as a scalable tool to solve everyday challenges. Lipa Payments solves two. First, we give small-scale merchants low-cost technology to accept digital payments at the point of sale and secondly, we allow buyers of goods and services to pay digitally without having to worry about cash or network coverage.”
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