Pawapay is an online service which allows people to make payments on the internet. It is a new startup and has raised $9m in a funding round. Despite the fact that the company has yet to launch, we can expect it to become an important player in the payment space. The company has received investment from various sources and will have to work to convince the users that it is safe and reliable. If it does, it could be a great opportunity to invest.
Funding round details
PawaPay, an African payments startup, announced that it has raised a $9 million seed funding round, co-led by China-based venture capital firm MSA Capital and the UK’s 88mph investment fund. The company plans to use the funds to scale its operations, expand into new markets, and recruit talent. Its offices are located in Singapore and China, and it claims to handle millions of transactions per week.
MSA Capital, which specializes in logistics and fintech, also has a presence in Egypt. They have previously invested in a number of Egyptian startups, and continue to back early-stage African companies. They also invest in startups with significant operations in East Africa. The Beijing-based firm is also more aggressive than most Chinese VCs, as it has backed a number of African fintech startups. For this round, they will invest in PawaPay, which has offices in both Singapore and China, and claims to process millions of transactions each week.
