Paga, Nigeria’s foremost mobile money transfer firm has raised $13 million in new capital.
The Series B financing was led by Adlevo Capital, a Mauritius-based private equity fund manager, with participation from Omidyar Network, Goodwell West Africa, Acumen Fund, and Capricorn Investment Group. Jeremy Stoppelman, a co-Founder and CEO of Yelp also invested in the new round.
According to Tayo Oviosu, Paga’s founder and CEO, the new funds will be used to improve on its peer-to-peer payment platform.
“Our recent financing will help us continue to build towards our vision and support the strengthening of our agent network,” Oviosu said in a press statement.
Previous investors in Paga include Jim O’Neill, a former Chairman of Goldman Sachs Asset Management and venture capitalist Tim Draper of Draper Fisher Jurvetson.
Paga now has over 3.4 million users and 3,600 SME clients and over 8,850 agents across Nigeria. In September Oviosu announced on Twitter that Paga has processed over $1billion in transactions value from 17 million transactions, which is a huge milestone.
This company is certainly going to become a unicorn very soon.