(Agence Ecofin) – The fintech startup Paga has raised $10 million from Global Innovation Fund, a London-based innovation fund that invests in companies around the world.
The money raised will enable this start-up, which claims 9 million active users in Nigeria, to finance its expansion in Ethiopia, Mexico, and the Philippines.
Part of this resource will also be used to strengthen the Paga platform’s engineering team. Tayo Oviosu, who founded the company in 2009, says it has processed 57 million transactions worth $3.6 billion to date.
In addition to the Global Innovation Fund, other investors including Goodwell Investment, Adlevo Capital, Omidyar Network and Unreasonable Capital participated in this financing.
The last financing mobilized by the Nigerian platform was in 2015. That year, Paga raised $13 million from a consortium of investors led by private equity fund manager Adlevo Capital.