Paga raises $13 million in Series B funding

Paga was recently involved in a series B fund raising ceremony that was led by Adlevo Capital. Participating in the funding session was Goodwell East Africa, Acumen Fund, Omidyar Network and Capricorn Investment Group. The funding round was not limited to these firms only as a number of individual investors also took part in the programme.

The fund-raising, which saw Paga raise a whooping US$13 million, saw the participation of individual investors such as Jeremy Stoppelman who is the co-founder and also, CEO of Yelp — Stoppelman was also one of the earliest employees at Paypal.

Paga has been around since the year 2009 and has contributed immensely to the financial sector in Nigeria. It has found a solution to the problem of people as to where to make payments reliably, due to the excess of scammers around today. Paga offers the option for a user to send another money via phone number. This cash can then be redeemed at any Paga centres nationwide. Optionally, the money can be retrieved from an ATM in a cardless operation which is launched by pressing “0” on most ATMs.

Paga also offers its customers the opportunity to deposit money to bank accounts in Nigeria, pay their bills, or top-up
mobile phone with airtime. It has a wide suite of programmes for SMEs and as such is very popular with merchants who are looking to sell their goods and services online and collect debit card or mobile money payments
without the fear of dupes.

Folabi Esan, the Managing Partner at Adlevo Capital spoke on their investment in Paga and said “We are very excited about Paga. When Adlevo first invested in Paga in 2012 the company had processed only about 270,000 transactions
totaling just over $15 million in value.

“The company has experienced an impressive compounded annual growth rate of about 150% since Adlevo invested – today, having processed over 17 million transactions worth over a billion dollars. Paga’s sustained leading position in a competitive market is a testament to the strength of their team – and I think there’s even more to come as they unlock other areas of the business. I’m confident in Paga’s ability to drive growth of their sector in the coming years and continue to have a significant positive impact on the Nigerian economy”

Having over 8500 service centres across Nigeria, a website and an Android mobile app, Paga has really transformed the Nigerian financial system. With its catchphrase, “Just Paga It”, the money transfer startup doesn’t seem to be leaving the scene anytime soon.

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