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One in all Nigeria’s main cell fee corporations, Paga, has simply introduced the completion of a $13m Collection B financing led by Adlevo Capital. Different institutional traders on this spherical embrace Omidyar Community, Goodwell West Africa, Acumen Fund, and Capricorn Funding Group. Additionally becoming a member of the listing of particular person traders in Paga is Jeremy Stoppelman, co-Founder and CEO of Yelp and one of many early crew members at PayPal.
Paga, which was based in 2009, has turn into synonymous with funds in Nigeria by resolving the issues encountered by hundreds of thousands of people looking for easy and safe fee strategies. The corporate’s companies embrace the choice to ship cash to any cellphone quantity, which the recipient might then redeem at any Paga agent in Nigeria or at any ATM through a cardless withdrawal. Prospects can also use Paga to pay their payments, prime up their cell phone airtime, and switch funds into Nigerian financial institution accounts. Paga is popular with enterprise homeowners who need to promote their services on-line and safely settle for funds made with debit playing cards or cell cash because of its portfolio of options for SMEs.
Folabi Esan, the managing accomplice at Adlevo Capital, spoke about their funding in Paga and acknowledged, “We’re very enthusiastic about Paga. When Adlevo first invested in Paga in 2012 the corporate had processed solely about 270,000 transactions totalling simply over $15 million in worth. The corporate has skilled a formidable compounded annual development price of about 150% since Adlevo invested – immediately, having processed over 17 million transactions price over a billion {dollars}. Paga’s sustained main place in a aggressive market is a testomony to the power of their crew – and I believe there’s, much more, to come back as they unlock different areas of the enterprise. I’m assured in Paga’s capacity to drive the expansion of their sector within the coming years and proceed to have a major optimistic impression on the Nigerian economic system.”
By means of its web site, Android cell app, and on-line fee gateway—which is free for any enterprise to combine and settle for funds through Paga accounts or any debit card—Paga gives its companies by means of a community of roughly 8,850 brokers all through Nigeria. Paga has 3.4 million registered customers for funds and over 3,600 SME shoppers.
The CEO and creator of Paga, Tayo Oviosu, elaborated on the funding: “Our current financing will assist us proceed to construct in the direction of our imaginative and prescient and help the strengthening of our agent community. After all, we should proceed to innovate our fee choices for small and medium enterprises and shoppers. As well as, by means of our agent community immediately, we already supply extra bodily service factors than all of the financial institution branches in Nigeria put collectively, so we’re actively engaged on partnerships with banks to supply our agent community to be used by their prospects. Successfully, Paga brokers will act as human ATMs and convey vital comfort to prospects of the banks who have to deposit or withdraw money from their financial institution accounts with out touring far or ready in lengthy strains. It will help the banks in attaining their essential aim of actually reaching the mass market.”
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