On 30 January, payments platform, BitPesa announced the completion of a Series A round of funding to the value of US$2.5-million.
The Series A funding round was led by the US-based Draper VC along with the participation from a new shareholder, Greycroft Partners.
Other participants in the funding round consisted of existing investors, Digital Currency Group, Pantera Capital Management, BnkToTheFuture, FuturePerfectVC as well as Blockchain Capital and Zephyr Acorn.
“We are delighted to welcome our new investors, all who have a deep knowledge of our region and an expertise in the payment sector,” said CEO of Bitpesa, Elizabeth Rossiello, when speaking on the funding round with AppsAfrica.
The Series A funding round will now help BitPesa migrate its group holdings to Luxembourg due to being licensed as an FCA Authorised Payment Institution in the UK.
“We work in unique markets with huge untapped opportunities for the right teams and shareholders that can execute on a vision. Our new investors share our vision and are able to add value to our team in our current and expansion markets,” she continued.
Since its launch in Kenya in 2013, BitPesa has now raised a total of US$6-million in funding.
BitPesa uses its Series A funding to expand their business into new territories
Some of BitPesa’s clients include Fortune 50 award-winning social enterprises as well as some of the fastest scaling wholesale remittance companies.
BitPesa operates out of Tanzania, Nigeria, Kenya, Uganda, DRC as well as the UK and Senegal and has the ability to transact with over 30 currencies.
“We have started out 2017 with continued customer acquisition and growth, especially in our largest market of Nigeria.
“We are well on our way to achieving our goal of becoming the largest licensed payment company in the UK, Europe and Africa that offers real-time settlement at wholesale FX rates to frontier and emerging markets, with best in class compliance and customer service,” said Rossiello.
Investor, Tim Draper also commented on BitPesa’s ability to dominate their current market: “BitPesa is well positioned to dominate the huge market opportunity for digital payments across Africa and beyond.
“It takes a locally-based team to work in the evolving landscape of frontier market financial services, and BitPesa’s approach to investing in teams, infrastructure, and compliance from Lagos to London gives them a strong advantage.”