Paga (company)

Paga (company)

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

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

Funding rounds

Funding round
Funding type
Funding round amount (USD)
Funding round date
Investment
Paga funding round, September 2018
10,000,000
September 6, 2018
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News

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Author
Date
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Description
Jake Bright
March 25, 2020
TechCrunch
Africa is using digital finance as a means to stem the spread of COVID-19. Governments and startups on the continent are implementing measures to shift a greater volume of payment transactions toward mobile money and away from cash -- which the World Health Organization flagged as a conduit for the spread of the coronavirus. It's [...]
Jake Bright
March 9, 2020
TechCrunch
Visa has entered a partnership with Nigeria based startup Paga on payments and technology. Founded in Lagos, Paga scaled its fintech business in West Africa, before targeting expansion in Ethiopia and Mexico. The startup has created a multi-channel network for over 14 million customers in Nigeria to transfer money, pay-bills and buy things digitally through [...]
Jake Bright
February 4, 2020
TechCrunch
The first month of the new-year saw Africa enter the fray of U.S. politics. The Trump administration announced last week it would halt immigration from Nigeria -- Africa's most populous nation with the continent's largest economy and leading tech sector. The presidential proclamation stops short of a full travel ban on the country of 200 [...]

References

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