One of Nigeria’s pioneering mobile money companies which pivoted to digital payment at scale has raised $10 million. It will use this money to drive its global expansion vision. Paga is winning markets: since it was founded less that a decade ago, it has processed 57 million transactions worth $3.6 billion. That is a big number in any market, and when you put Nigeria beside it, you can agree that Paga is on a mission. In total, the company has raised $35 million.
Nigerian digital payments startup Paga is gearing up for an international expansion with $10 million in funding let by the Global Innovation Fund.
The company is planning to release its payments product in Ethiopia, Mexico, and the Philippines—CEO Tayo Oviosu told TechCrunch at Disrupt San Francisco.
As part of the $10 million round (which brings Paga’s total funding up to $35 million), Global Innovation Partners will take a board seat. Other round participants include Goodwell, Adlevo Capital, Omidyar Network, and Unreasonable Capital.