Africa-focused fintech company, PawaPay has announced the raise of $9 million in seed financing to strengthen its mobile money payment solutions team, scale operations, and foray into new markets.
This investment saw cheques from five firms. The round was led by Uk-based 88mph — a company that invests in web and mobile-centric technology solutions — and Chinese VC firm, MSA Capital. Other participants include African VC firm, Kepple Ventures; South African Vunani Capital; and Zagadat Capital, an investment firm owned by Oluwatosin Ajibade, popularly known as Mr Eazi in the Nigerian music scene.
Founded in 2020, PawaPay is a subsidiary of online betting platform, betPawa. It enables mobile payments for local and international transactions/financial activities by integrating data from Africa’s major telcos into one mobile money API. Businesses and individuals can process payments, receive and transfer money, and pay bills via mobile. Continue reading