Paga, one of Nigeria’s leading mobile payments company, has announced that it has completed a $13 million Series B financing round led by Adlevo Capital.
Other investors include Omidyar Network, Acumen Fund, Capricorn Investment Group, and Goodwell West Africa.
Yelp co-founder and CEO, Jeremy Stoppelman, is also listed on the list of individual Paga investors.
“We are very excited about Paga. When Adlevo first invested in Paga in 2012 the company had processed only about 270,000 transactions totaling just over $15 million in value. The company has experienced an impressive compounded annual growth rate of about 150% since Adlevo invested – today, having processed over 17 million transactions worth over a billion dollars”, said Folabi Esan, Managing Partner at Adlevo Capital.
Speaking on the investment deal, founder and CEO of Paga, Tayo Oviosu, said, “Our recent financing will help us continue to build towards our vision and support the strengthening of our agent network. Of course, we must continue to innovate on our payment offerings for small and medium enterprises and consumers. In addition, through our agent network today, we already offer more physical service points than all the bank branches in Nigeria put together, so we are actively working on partnerships with banks to offer our agent network for use by their customers. Effectively, Paga agents will act as human ATMs and bring significant convenience to customers of the banks who need to deposit or withdraw cash from their bank accounts without traveling far or waiting in long lines. This will support the banks in achieving their critical goal of truly reaching the mass market.”
Paga was advised on the investment round by global law firm Norton Rose Fulbright LLP (Partner – Bayo Odubeko).
Paga has over 3,600 SME clients and 3.4 million people who use the platform for payments, with a network of over 8,850 agents across Nigeria.
Paga is a mobile money payments platform that was established in 2009. It allows users deposit money into bank accounts in Nigeria, pay bills, and top-up airtime from their mobile phones.