Pawapay Africa, a start up mobile payment platform, has raised $9 million in seed funding. The firm connects to nearly the same number of wallets as MFS Africa, a competing mobile payment startup. However, pawapay’s fragmentation makes it costly to use.
pawapay raises $9 million in seed funding
PawaPay is a mobile money-focused financial technology company. The firm was launched last year after spinning off from online sports betting provider BetPawa. It aims to simplify and streamline mobile money payments by bringing a unified API infrastructure to the telecom operators’ mobile money systems.
PawaPay operates in 10 African countries, including Kenya, Rwanda, Uganda, Zambia, Ghana, Senegal, Ivory Coast, Tanzania, and Nigeria. The startup provides a secure, unified payment platform that merchants can use to make and receive mobile money transactions. Compared with traditional financial infrastructure, PawaPay claims to offer better transparency and reliability.
PawaPay is primarily focused on enabling companies to make and receive payments in Africa. Its customers include large Pan-African companies, which need to make payments to African consumers. This makes PawaPay a valuable player in the competitive payments market.
pawapay connects to nearly the same number of wallets as MFS Africa
PawaPay is a mobile money infrastructure that provides a simple payment solution for enabling local and international payments across ten African markets. It connects to nearly the same number of wallets as MFS Africa, which is the largest payments aggregator hub in the African market.
PawaPay was founded by Nikolai Barnwell and launched in Cameroon in July 2014. The startup closed a $9 million seed round led by Zagadat Capital, Kepple Ventures, and Vanani Capital. It also received funding from MSA Capital and Mr. Eazi.
pawaPay is a payment processor that combines data from the continent’s major telecom operators into one unified mobile money API. This allows merchants to make seamless transactions. PawaPay has a 99% completion rate.
PawaPay is betting on the growth of mobile money in the region, and is trying to make it easier and more convenient for African consumers and businesses to transfer money. It plans to go live in 30 to 40 telco integrations soon.
pawapay handles local operations, compliance, regulatory cover and bank accounts
PawaPay is a UK-based payments company that’s betting on the future of mobile money in Africa. They’ve got a simple API that will allow you to access all of the mobile money systems of the continent’s telecom operators. The company isn’t the only player in the space. In fact, they’re only the latest in a long line of fintech startups.
The company also partnered with Kepple Ventures, Zagadat Capital, and Vunani Capital to raise $9 million in a funding round. It’s worth noting that pawaPay’s most recent funding round is the largest in the company’s history.
Although the company hasn’t divulged its exact numbers, they’ve said that a quarter of the adult population in Africa has an active mobile money account. And the company’s mobile money solutions are helping international companies accept payments from Africa’s unbanked consumers.
pawapay’s competition
PawaPay is an African mobile money startup that is betting on a mobile money infrastructure that is largely undeveloped in Africa. According to the company, it has 10 million transactions processed every week. The startup is now looking to expand into new markets in the continent.
PawaPay has offices in 10 African countries and works with banks and merchants to handle payments. It offers compliance, regulatory cover, and local banking and operations for its customers. To date, it has closed a seed round of funding totaling $9 million, with co-investors including China’s MSA Capital, the UK-based investment fund 88mph, and Vunani Capital. This capital will go toward scaling the business and hiring new talent in Africa.
PawaPay is looking to break through in a highly competitive market by delivering transparency and reliability to merchants. To achieve this goal, it is leveraging a technology platform that allows merchants to access the mobile money systems of telecom operators.
