Chimoney, a global payment solutions provider backed by Techstars and based in Canada, has successfully acquired Scrim, a socially-driven payment app tailored for the digital generation. This acquisition holds particular significance given the challenges posed by PayPal’s current restrictions in African markets.
The acquisition, as announced in a press release, signifies a strategic move by Chimoney to empower individuals in emerging markets who have historically faced barriers on global financial platforms. Scrim, initially developed by Pleasant Balogun, a Nigerian teenager, gained attention for its user-friendly design and integration with Chimoney’s Infrastructure and API.
Chimoney, founded in Toronto by Uchi Uchibeke, a former Shopify engineer, has been recognised for its innovative approach to global payouts with a vision to democratise access to financial services, especially in regions underserved by major platforms like PayPal.
Uchibeke addressed the long-standing struggle of African entrepreneurs and businesses in receiving payments from global clients due to PayPal’s limited functionality in many African countries. The acquisition of Scrim appears to be a direct response to this gap, offering a solution that enables global payouts while seamlessly integrating with local currencies and payment methods.
Pleasant Balogun, who began working on Scrim at 17, designed the app with a deep understanding of the needs of young, tech-savvy Africans. The app allows users to send and receive money using social media handles, catering to a generation that spends a significant amount of time online.
With Chimoney’s infrastructure, Scrim is positioned to become a global platform addressing the challenges faced by millions in receiving international payments. Beyond being a financial service, it represents the capabilities and potential of African innovation.
Under Uchibeke’s leadership, Chimoney has been committed to financial inclusion and economic empowerment. The company has developed a remittance API that has revolutionised the fintech sector, particularly benefiting African developers and entrepreneurs looking to launch globally.
Chimoney distinguishes itself in the global remittance space by leveraging artificial intelligence for real-time transaction monitoring, cost reduction, and enhanced user experiences. The acquisition of Scrim is indicative of a shift in global payments, challenging the status quo, especially in emerging markets.
As PayPal faces criticism for its policies in Africa, Chimoney’s acquisition of Scrim emerges as a direct challenge, signifying a change in the global payments landscape. This move suggests that the revolution in fintech, particularly in emerging markets, is led by companies like Chimoney. Investors keen on the next big thing in fintech should take note, recognizing that a transformative evolution is underway, led by Africans globally or taking place within Africa.
For those curious to witness this evolution, joining the Scrim app launch waitlist positions them at the forefront of the forthcoming revolution in social payments.
