PAGA, Nigeria’s leading mobile payment company today announced the completion of a$13m Series B financing led by Adlevo Capital.
Other Institutional Investors in this round include Omidyar Network, Goodwell West Africa (managed by Alitheia Capital), Acumen Fund, and Capricorn Investment Group.
Also joining the list of individual investors in Paga is Jeremy Stoppelman, co-Founder and CEO of Yelp and one of the early team members at PayPal.
Founded in 2009, Paga has become synonymous with payments in Nigeria by solving the challenges faced by millions of people looking for safe and convenient ways to make payments.
Services offered by the company include the ability to send money to any phone number for the beneficiary to redeem at any Paga agent across Nigeria, or at any ATM via a cardless withdrawal.
Customers also use Paga to deposit money to bank accounts in Nigeria, pay their bills, or top-up mobile phone airtime.
With its suite of products for SMEs, Paga is very popular with merchants looking to sell their goods and services online and collect debit card or mobile money payments securely.
