Nigerian fintech Paga raises $10m in round led by Global Innovation Fund

Nigerian mobile payments company Paga has raised $10-million in a Series-B funding round led by London-based Global Innovation Fund.

Impact investors Goodwell Investments, Unreasonable Capital and Omidyar Network, along with Mauritius-based private equity fund Adlevo Capital also participated in the round.

US tech publication Tech Crunch reported the deal yesterday (6 September), in an article in which Paga founder and CEO Tayo Oviosu (pictured above, right) said the company is planning to expand into Ethiopia, Mexico and the Philippines.

Last month, Paga announced that is had 9-million unique users on its platform

Oviosu founded the Lagos-based company in 2009. Paga enables its users to send, receive and pay bills using its mobile platforms. Last month the startup announced that it had over 9-million unique users on its platform, four months after it had reached the 8-million mark.

Excited to announce @mypaga $10m Series B2 led by @GlobalInnovFund. Welcome on board & looking forward to partnering on the next phase of Paga’s future as we look to scale our impact beyond Nigeria and indeed Africa! #makinglifepossible #JustPagaithttps://t.co/0ceesdQ6Yy

— Tayo Oviosu (@oviosu) September 6, 2018

Paga has won several awards this year including the Most Innovative Fintech in Africa at the Africa Fintech Summit in April, as well as being named as the top transacting money operator of 2017 by the Nigerian Inter-Bank Settlement System in May.

Crunchbase estimates that, with this latest investment, the company has raised up to $34.7-million in funding over four rounds since its launch.

Featured image: Paga founder and CEO Tayo Oviosu at the company’s 9th anniversary celebrations in August  (Paga via Medium)