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Nigeria’s mobile payment company and a fintech startup, Paga, has secured a $10 million Series B funding from the Global Innovation Fund leading other investors to underscore the growing confidence by international financciars in Nigeria’s startup ecosystem. The new round of funding raises Paga’s funding-chest to $35 million and could help to engineer a new pathway for Paga to join Paypal, Alipay, and M-Pesa and explore the global payment processing market.
Excited company’s founder and CEO, Tayo Oviosu, twitted the landmark funding as a push for its global expansion into the Philippines, Ethiopia, and Mexico.
Oviosu told TechCrunch at Disrupt San Francisco: “Paga will use the Series B2 to grow its core development team of 25 engineers across countries and continents.”
TechCrunch reports that latest round was led by “Global Innovation Partners – which will take a board seat – with participation from Unreasonable Capital as well as existing investors; Goodwell Investments, Adlevo Capital and Omidyar Network.”
Since 2012 when it was founded, Paga has managed an online payment platform for money transfer, bills payment and online purchase. Paga has over 17, 000 agents, serves over 9 million customers in Nigeria and has processed over 57 million transactions worth $3.6 billion since inception.
