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Paga (company)

Paga (company)

A financial services company offering a platform for digitally sending/receiving money and creating simple financial services.

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Contents

Paga is a financial services company offering a platform for digitally sending/receiving money and creating simple financial services that are headquartered in Lagos, Nigeria, and was founded in 2009 by Jay Alabraba and Tayo Oviosu.

Funding
Early-stage venture capital I

On March 1, 2011, Paga completed an early-stage venture capital round with an undisclosed amount of funding.

Grant

On March 8, 2012 Paga received a grant worth $2 million from EFInA to work on developing the companies ability to deliver low-cost financial products through their agent network.

Early stage venture capital II

On June 29, 2012, Paga completed their second early-stage venture capital round with an undisclosed amount of funding.

Angel round

On April 1, 2014, Paga received an undisclosed amount of funding from angel investors.

Series B

On October 7, 2015, Paga completed their series B funding round with $13 million in funding from Adlevo Capital (lead investor), Omidyar Network, Goodwell West Africa, Acumen Fund, and Capricorn Investment Group.

Series B2

On September 6, 2018, Paga completed their series B2 funding round with $10 million in funding led by the Global Innovation Fund. The company is planning on using the funding to release its payments product in new markets which include: Ethiopia, Mexico, and the Philippines.

Timeline

September 6, 2018
Paga raises a $10,000,000 series B round from Adlevo Capital, Global Innovation Fund, Goodwell Investments, Omidyar Network and Unreasonable Capital.
October 6, 2015
Paga raises a $15,000,000 series B round from Adlevo Capital, Capricorn Investment Group, Goodwell Investments and Omidyar Network.
June 21, 2012
Paga raises a $9,000,000 series A round from Acumen, Adlevo Capital, Capricorn Investment Group, Goodwell Investments and Omidyar Network.
September 30, 2010
Paga raises a $700,000 angel round from Tim Draper.

Funding Rounds

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Patents

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Further Resources

Title
Author
Link
Type
Date

References

mypaga.com
Is a
Organization
Organization
Company
Company

Company attributes

Industry
Financial services
Financial services
Payment
Payment
Financial inclusion
Financial inclusion
Banking industry
Banking industry
Finance
Finance
Technology
Technology
Financial technology
Financial technology
...
Location
London
London
B2X
B2C
B2C
CEO
Tayo Oviosu
Tayo Oviosu
Founder
Tayo Oviosu
Tayo Oviosu
Jay Alabraba
Jay Alabraba
Pitchbook URL
pitchbook.com/profiles.../54723-88
Legal Name
Paga Group Ltd
Number of Employees (Ranges)
250 – 499
Number of Employees
530
Full Address
176 Herbert Macaulay Way 3rd Floor, Yaba Lagos, Lagos State Nigeria
Investors
Acumen
Acumen
Adlevo Capital
Adlevo Capital
Capricorn Investment Group
Capricorn Investment Group
Unreasonable Capital
Unreasonable Capital
Goodwell Investments
Goodwell Investments
Global Innovation Fund
Global Innovation Fund
Omidyar Network
Omidyar Network
Tim Draper
Tim Draper
Founded Date
April 5, 2009
Email Address
service@mypaga.com
Phone Number
+2348038304737
Total Funding Amount (USD)
34,700,000
Latest Funding Round Date
September 6, 2018
Competitors
Monese
Monese
Momo
Momo
bKash
bKash
Fonmoney
Fonmoney
AinFin
AinFin
KyePot
KyePot
Oradian
Oradian
BailPort
BailPort
Business Model
Transaction processing / marketplace
Latest Funding Type
Series B round
Series B round
Wellfound ID
paga-investment-group

Other attributes

Company Operating Status
Active
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