PawaPay aims to provide accessible and affordable financial services to people worldwide. By utilizing the power of technology, PawaPay seeks to revolutionize how people access and use financial services.
Recently, they announced they have raised nine million dollars in seed funding, backed by MSA, 88mph, and Mr Eazi’s Zagadat Capital. In this article, we will look at the details of their mission, the story behind their successful fundraising, and the impact they hope their work will have.
Overview of PawaPay
PawaPay is a new fintech company whose mission is to provide accessible, affordable financial services to those traditionally not served by the traditional banking system. Founded by President and CEO Asher King Abramson and supported by an extensive board of directors, PawaPay aims to provide reliable access to financial services with an eye toward customer service, sustainability, and strong partnerships.
Since its inception in 2018, PawaPay has made substantial strides with its innovative technology platform. It has implemented a variety of digital products and services including digital wallets that make it easy to send money overseas; merchant tools that streamline small business payments; loan products which help SMEs access quick credit; and last-mile micro-financing for informal workers. Additionally, the firm works directly with partners in Africa such as banks, mobile networks and payment providers to ensure people can pay for essential goods and services from any device.
Recently, PawaPay closed its $9M seed funding round backed by Mastercard StartPath Accelerator (MSA), Africa2Tech’s 88mph fund and Grammy-nominated artist Mr Eazi’s venture fund Zagadat Capital. This substantial injection of capital enables PawaPay to continue developing its products, expanding into new markets, and building a strong team as they focus on bridging the gap between the underbanked population worldwide and mainstream financial services.
Goals of PawaPay
PawaPay is an emerging FinTech platform focused on improving the financial lives of millions living in Sub-Saharan Africa. By utilizing cutting-edge technology and business models, PawaPay seeks to bridge the gap between consumers and financial services providers, providing access to affordable, high-quality financial products across the continent.
The company recently raised $9M seed round backed by notable investors, MSA Capital, 88mph, and Mr Eazi’s Zagadat Capital to advance these goals.
The mission of PawaPay is to improve access and affordability for underserved populations. With its combination of mobile banking solutions and digital wallets, the platform enables people to securely use their phones for payments and with minimal costs. Other services such as funds transfers have been tailored to meet local needs – cash pickup from local merchants significantly reduces transaction fees for users in rural areas who cannot access traditional banking infrastructure. Additionally, since the platform operates on mobile data, it is easy for those with limited or restricted internet access to participate.
Through mobile technologies like USSD (Unstructured Supplementary Service Data), SMS/MMS messaging applications for businesses, blockchain integration platforms and API connections – PawaPay is creating opportunities previously not accessible in many areas of Kenya where only 25% of adults have bank accounts despite 4 out of 5 Kenyans having a mobile phone capable of using these services1.
By accelerating financial inclusion across the continent through convenient digital transactions that feel secure and protect customers while keeping operational costs low -PawaPay is driving initiatives that financially empower people living in African countries across all levels of income groups towards sustainable growth within their communities.
PawaPay raises $9M seed backed by MSA, 88mph and Mr Eazi’s Zagadat Capital
PawaPay, a Zambian startup, recently raised $9 million in a seed round backed by MSA, 88mph and Mr Eazi’s Zagadat Capital. With this strategic round of funding, PawaPay is looking to expand its presence by providing accessible, affordable financial services to the underserved.
The seed round will also extend the company’s reach in underserved areas, especially rural ones.
Overview of the seed round
PawaPay recently announced a $9M seed round backed by leading venture capital funds MSA, 88mph and Mr Eazi’s Zagadat Capital. The seed round will enable PawaPay to expand its innovative product offering by providing accessible, affordable and secure financial services.
Since its launch in 2017, PawaPay has been trying to provide the Kenyan population with affordable and accessible banking solutions. Based in Nairobi, Kenya, the company provides users with an intuitive mobile-first platform that makes money management easier for those who lack access to traditional banks. With this new investment, PawaPay will be able to deliver financial inclusion across Africa by expanding its platform’s reach and accessibility and building upon current features such as over 600 networks in Africa and international currencies management services.
The fresh funds will also strengthen team growth while continuing to develop products and services that focus on accessibility across the African continent. MSA Ventures’ Managing Director Sim Shagaya believes this makes PawaPay one of the most exciting fintech startups in East Africa: “We unwaveringly believe that PawaPay is at the cutting edge of this space – creating truly unique innovation that drives real value both for customers and for businesses existing within our society.”
Security is a key factor for any financial payment service provider. This seed investment will help power up security protocols from authentication all through transaction processes to offer best-in-class protection for customer data. PawaPay is committed to delivering a secure customer experience while providing access to basic banking needs such as airtime top-up & payments, easily transfer money between various accounts & pay bills at minimal cost & fees compared with other mobile banking services in the region.
With reliable digital banking technology now more accessible than ever before, the established team at PawaPay continues its mission of inclusive finance under CEO – Dickson Nsofor’s leadership backed by one of the strongest roster of investors for fintech in Kenya including MSA Ventures & 88mph joined by prolific artist Mr Eazi’s asset fund Zagadat capital taking part in this seed round which sets an impressive pace made up of industry leaders ready pushing forward towards growth with purpose!
Investors in the seed round
PawaPay is pleased to announce its Seed Round, completed with the support of MSA, 88mph, and Mr Eazi’s Zagadat Capital. It raised $9M to support further product innovation and customer acquisition across Africa.
This Seed Round highlights PawaPay’s mission to provide accessible, affordable financial services for African individuals and small businesses. The company has identified a need for accessible digital banking in the region that meets the financial needs of people who cannot access the banking system. By providing a digital neobank powered by innovative technology, PawaPay aims to bridge the gap between informal and formal finance in Africa.
The seed round was impressed by PawaPay’s successful customer acquisition in its home country of Tanzania within six months after launch, demonstrating traction with early adopters and showing significant growth potential across Sub-Saharan Africa. In addition to this traction, MSA, 88mph and Zagadat saw value in PawaPay’s strong commitment to customer service and transparency – core principles which will help build an enduring relationship with its customer base throughout their lifecycle.
The seed round was expertly guided by Ferment Partners (strategic), Bresco partners (Capital Advisory), Busara partners (Legal) and Mobecom (Fintech).
PawaPay, a startup based in Nairobi, has recently raised $9 million in seed funding backed by Micros investing in Africa (MSA) ,88mph and Mr Eazi’s Zagadat Capital.
The startup aims to provide accessible, affordable financial services for African countries. PawaPay offers their customers a range of services and products, including mobile money, wallet, and merchant payment solutions.
Let’s look at the different services and products that PawaPay offers.
Overview of services
PawaPay is a Kenyan financial services company that aims to provide accessible, affordable financial services. PawaPay is focused on developing technology to create the tools and infrastructure needed for digital payments and commerce for underserved communities. The company’s platform includes digital payments, credit, wallets and loans at competitive rates.
In 2020, PawaPay raised $9M seed backed by MSA, 88mph and Mr Eazi’s Zagadat Capital – with its investors leveraging their extensive networks in Africa and the African diaspora to introduce PawaPay to the next level of growth in the region.
PawaPay’s services include:
- Mobile Money: PawaPay provides access to various mobile money wallets within Kenya like Airtel Money, Mpesa, T-Kash, and other international remittances. Payments can be made via mobile money free of charge while also available with secure checkout system to ensure safety of all transactions on their platform;
- Credit Product: The company provides customers a fully automated credit product that enables more control over spending habits;
- Wallets: Wallets are connected directly to customers accounts so they are able to send money securely between any wallet vendor;
- Loans: Customers can access short term loans at competitive rates through PawaPay’s loan product so they can access funds when needed.
Benefits of PawaPay services
PawaPay is committed to providing affordable, accessible and secure financial services to all. Their mission is to break down the barriers associated with traditional banking institutions and give users access to financial services that are readily available, inexpensive and easy to use.
PawaPay offers services that make a variety of banking activities quick and easy. They provide services such as easy setup, secure system infrastructure, mobile wallets that enable customers to store digital currency, cryptocurrency integration, mobile payments, automated payment processing and personal finance tools for budgeting, savings and asset management.
In addition to their core offerings, PawaPay also provides several additional benefits for their customers. These include access to international networks which allows them to send money internationally at low rates; no hidden fees which eliminates surprise fees from transactions; Cash-in options which allows customers the ability to cash in funds from other institutions in addition to PawaPay; 24/7 customer support with a dedicated Customer Support team so they can have their questions answered promptly; social analytics that can be used by businesses who want insight into customer behaviour in order make better informed decisions; PayGo Savings Plans which facilitates setting up savings plan according Automated Clearing House (ACH) transfers; and free payments which eliminates transaction fees so customers don’t needlessly lose money through fees every time they conduct payments or transactions.
These features are just some of the many benefits PawaPay offers its customers to provide accessible and affordable financial services for everyone.
PawaPay’s latest funding of $9M has enabled them to achieve their mission of providing accessible and affordable financial services to everyone, without the need for a bank.
With this backing, they are now exploring various opportunities to expand their services and products to provide better and easier access to financial services to communities worldwide.
Overview of expansion plans
PawaPay, a global digital financial services company, is actively seeking to expand its services to provide more accessible and affordable financial solutions to its customers. Founded by CEO Ogonna Ibe, the company has already raised nine million dollars in seed-backed investment capital from MSA, 88mph and Mr Eazi’s Zagadat Capital. With this additional funding PawaPay intends to further develop their mission and strategies with plans for the following initiatives:
1) Introducing a range of new products and services; including dedicated payment solutions, electronic money remittance services, debt consolidation plans and savings accounts.
2) Forming strategic partnerships with international payment service providers such as Visa, MasterCard and Airtel Money.
3) Reaching out to unbanked individuals in developing countries, specifically those excluded from traditional banking systems.
4) Investing in various technologies such as blockchain and biometrics authentication systems; enabling more secure payments.
5) Launching localized versions of the platform in different markets throughout Africa which will be tailored to meet customer needs while complying with local legal requirements.
To deliver on their ambitious goals PawaPay will have to continue forging close ties with stakeholders such as regulatorsand investors who share their vision for better access to financial resources for all people regardless of location or income bracket.
Goals of expansion plans
PawaPay’s mission is to provide the masses of Africa and the world with accessible and affordable financial services. The company’s recent seed investments, which include $9M raised from MSA, 88mph and Mr Eazi’s Zagadat Capital, will help PawaPay in their mission to expand across Africa and beyond. PawaPay’s goals for expansion include increasing market penetration, providing access to financial services for unbanked and underserved communities, implementing new technology solutions that can revolutionize the payments industry, maximizing impact through strategic partnerships, improving customer experience and data security across all platforms/services offered and advertising their financial offerings.
PawaPay plans to increase market penetration by expanding into both existing and emerging African markets. They anticipate capturing a larger population segment by using their current distribution channels and tapping into local distribution networks in those countries. Through strategic partnerships with banks, payment portals and other financial institutions, PawaPay can also increase market share across multiple countries. Additionally, PawaPay plans to leverage its brand recognition for strategic partnerships with telecom companies who can bolster its digital presence in new markets.
The company also seeks to make financial services more accessible to underserved communities who lack access or have difficulty leveraging conventional banking systems due to poverty or geography (e.g., rural areas). As part of expanding into underserved markets they are committed to offers feature-rich products such as low-cost mobile wallets or starter accounts designed specifically for the needs of these communities. With this approach they strive towards alleviating poverty in developing nations while simultaneously democratizing access to banking services/products to deliver real quality of life improvements where there was previously little hope of such being attained.
Apart from ensuring accessibility through growth however; PawaPay seeks further extend its impact through implementation of efficient new technologies that could revolutionize payment processes globally – such technologies can range from AI powered fraud detection algorithms used for mobile money transfers security purposes; up optimization through advanced analytics techniques used placed by integrated banks/payment platforms. These technologies are currently still under development but play a major role when it comes to making a mark on this industry – not only via securement but via cost cuts; speed increases; ease of use increases; etc elistening uses outcomes felt by consumers worldwide (which overall come together builds trust).
On top of this though -the company does seek too emphasize optimizing customer experience through persistent design changes throughout every point within their product suite:
- Leading changes made towards secure data experiences (which is connected accountability).
- User friendly design approaches (towards making transaction experiences easier).
- Modern implementations whereby traditional methods may be replaced altogether in an effort offer even more comfortability while utilizing their products/services & lastly gaining independent assurance regarding compliance methods & standards necessary within internal & external value chain environments.
In conclusion -PawaPay commit themselves towards achieving key milestones versus a drawn out timeline backed secondary certain set goals & aspirations wherein meetable development objectives must be met so it becomes increasingly possible for each individual consumer base afflicted gain maximum quality service levels albeit securely whilst obtaining dependability assurance within actively every stage leading up accessing values provided via different products fixed within service suite.
PawaPay’s mission to provide accessible, affordable financial services has been made possible thanks to its recent $9M seed investment round backed by MSA, 88mph, and Mr Eazi’s Zagadat Capital.
This seed funding will not only help PawaPay expand their platform and reach more customers, but it will also bring more awareness to their mission of financial inclusion for people in Africa.
Now, let’s look after this investment round.
Summary of PawaPay’s mission
PawaPay is a financial services company dedicated to providing access to affordable and essential services for underserved communities worldwide. Their mission is to create inclusive digital payment solutions for individuals and businesses, particularly in emerging economies, where access to banking and other financial services is limited or nonexistent.
In 2020, PawaPay raised $9M in seed financing led by MSA, 88mph, and Mr Eazi’s Zagadat Capital. The company also received investments from IFC (International Finance Corporation), FinTech Collective, and Agility Venture Partners. This funding will enable PawaPay to continue their mission of providing high quality financial services, regardless of location or economic status.
As part of their commitment to responsible finance, PawaPay invests heavily in training programs and education initiatives within their communities – leveraging cutting edge tools like blockchain technology to provide secure services that are accessible even without a bank account or credit card. In addition, all operations are conducted with measures that reflect fair-trade principles aimed at helping customers save money on interest when possible.
Through this strategic vision for a more equitable global economy, PawaPay aims to help bridge the digital divide between countries across Africa and beyond – by providing accessible transition points away from traditional cash payments which are often unreliable or unsafe. The round of funding has enabled the company’s progress towards achieving its goal of becoming a reliable provider of financial solutions for underserved individuals throughout emerging markets worldwide.
Impact of PawaPay’s mission
PawaPay’s mission to provide accessible and affordable financial services to African consumers and entrepreneurs has a measurable impact across the continent. Their radical approach of using mobile technology to facilitate payments has enabled people to pay bills, shop online, invest money and start businesses without significant costs. Furthermore, PawaPay’s innovative approach to banking has enabled customers in Africa that did not previously have access to financial services, providing people in economically disadvantaged areas with the tools needed for economic growth and development.
The $9M seed investment from MSA, 88mph and Mr Eazi’s Zagadat Capital is evidence of PawaPay’s potential for success. This capital will help bolster their ability to further expand into new markets, hire additional staff regarding digital finance initiatives and create business banking solutions tailored specifically towards underserved markets across the continent. Ultimately, this investment also demonstrates the growing willingness of investors and international organizations to support financial technology companies that operate with Africa’s economic advancement in mind.
With this continued growth, it is expected that PawaPay will be able to innovate further to build a digital ecosystem which continues delivering accessible and affordable financial services throughout the continent to empower African citizens with the resources they need for long-term prosperity.
tags = PawaPay, MSA, raises $9M, Mr Eazi’s Zagadat Capital, South Africa,, pawapay ukbased african capitalkeneokafortechcrunch, U.K.-based and Africa-focused payments company