Paga raises $10m Series B2, finally going global

by | Sep 6, 2018

Nigerian fintech company, Paga has just announced a new $10 million Series B funding round led by the Global Innovation Fund.

According to Paga CEO, Tayo Oviosu, the fund will be utilised for international expansion; specifically into Ethiopia, Mexico, and the Philippines.

In Nigeria, its primary market, Paga already boasts of about 1.6 million active users from a seeming base of  9 million. From a numbers perspective, the international expansion seems justified.

But in doing so the company would have to go against the likes of PayPal, Alipay, and Safaricom’s M-Pesa. Tayo though is optimistic about Paga’s chances against these big players.

“We are not only in a position to compete with them, we’re going beyond them,” he said of Kenya’s  M-Pesa mobile money product.

“Our goal is to build a global payment ecosystem across many emerging markets.”

Since launch in 2009, Paga has created a multi-channel network and platform to transfer money, pay-bills, and buy things digitally.

In 2016, the company was said to process 9.5 million transactions worth over ₦156 billion, recording 100% year on year (YoY) growth in transactions since launching in 2009.

Tayo affirms that till date, Paga has processed 57 million transactions worth $3.6 billion.

As part of the $10 million round, Global Innovation Partners will take a board seat, although other round participants include Goodwell, Adlevo Capital, Omidyar Network, and Unreasonable Capital.

Paga will use the Series B2 to grow its core development team of 25 engineers across countries and continents. Paga’s last series B was worth $13 million and with that, its total funding till date is now $35 million.

Ifeanyi is a desk reporter-turned administrator. Outside of work, I love to read and travel.

Looking to transition into tech? Learn how to code in 1 year with AltSchool Africa. Earn a diploma in software engineering at $0. Apply Here.

Notify of
Inline Feedbacks
View all comments

Recent News

An Indian masterclass?

An Indian masterclass?

With Parag Agrawal appointment as Twitter’s CEO is the latest in a growing trend of Indian-American CEOs. Today on #TechpointDigest, @chigo_nwokoma discusses lessons from India.

Subscribe to Techpoint Digest!

A daily 5-minute roundup of happenings in African and global tech, sent directly to your email inbox, between 5 a.m. and 7 a.m (WAT) every week day!

Please check your email to confirm your subscription.

Subscribe to Crypto Explorer

A monthly series featuring in-depth analysis on the cryptocurrency sector in Africa

Please check your email to confirm your subscription.

Subscribe to The Experts

A bi-weekly where tech career specialists take us on their journey from newbie to expert, and how they became successful in the industry.

Please check your email to confirm your subscription.

Subscribe to Founder's Table

A monthly series, where we catch up with founders in the startup ecosystem, learn about their failures, successes and a few tricks of the trade

Please check your email to confirm your subscription.

Copy link
Powered by Social Snap