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Tech Startup Raises $50M to Revolutionize African Fintech
A Lagos-based fintech startup has secured $50 million in Series B funding to expand its digital payment and lending platform across West Africa.
PayWave, a Lagos-based financial technology company, has announced the successful closure of its $50 million Series B funding round led by Sequoia Capital and Andreessen Horowitz.
Expansion Plans
The funding will be used to expand operations into Ghana, Senegal, and Ivory Coast, as well as to develop new products including insurance services and cryptocurrency trading.
PayWave currently serves 2.5 million active users and processes over $500 million in transactions monthly. The company's innovative approach to credit scoring using mobile phone data has been particularly successful.
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I hope this continues to grow.