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.
Early-stage venture capital I
On March 1, 2011, Paga completed an early-stage venture capital round with an undisclosed amount of funding.
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.
On April 1, 2014, Paga received an undisclosed amount of funding from angel investors.
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.
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.