Nigeria digital payment startup, Paga, has raised $10 million in series B2 funding led by the Global Innovation Fund. Also participating in the round were existing investors, Goodwell (managed by Alitheia Capital), Adlevo Capital, Omidyar Network and Unreasonable Capital. This new financing brings the total Paga has raised since inception in 2009 to $35 million.
As part of the $10 million round, Global Innovation Partners will take a board seat.
Founded by Tayo Oviosu in August 2012, Paga currently serves 9 million customers and has created over 10,000 jobs through its 17,000 agents who hire staff to run their stores.
Commenting on the series B2, Global Innovation Fund CEO, Alix Peterson Zwane said: “GIF is proud to lead Paga’s Series B2 round. Paga’s mission of helping people ‘make life possible” aligns with our core mission of supporting entrepreneurs and innovators that seek to improve the lives of those living on less than $5 per day. I am pleased that GIF will help enable Paga’s next phase,” he added.
According to reports, Paga will use the Series B2 money to plan the release of its payment product in Ethiopia, Mexico and the Philippines and also to grow its core development team of 25 engineers across countries and continents.
This is a good time for Paga because it is one of the early fintech startups in Nigeria to explore the possibility of using technology to tackle financial challenges and promote financial inclusion. While the likes of Zoto has gone under, Paga seems to be waxing stronger.
