Home Eastern Africa Kenya’s Wapi Pay Raises $2.2 million to Digitize Africa-Asia trade payments

Kenya’s Wapi Pay Raises $2.2 million to Digitize Africa-Asia trade payments

by Radarr Africa
Kenya’s Wapi Pay Raises $2.2 million to Digitize Africa-Asia trade payments

Wapi Pay, based in Singapore and headquartered in Kenya has raised $2.2 Million in pre-seed funding to scale up global payments and remittances between Africa and Asia. Making international transfers faster, easier and much cheaper.

The investors included EchoVC & China-based global fund MSA Capital, which have invested in domestic Asian unicorns such as Meituan and NIO, and international unicorns such as Nubank and Klarna. Additional investors include Kepple Africa Ventures.

Existing investors are Future Hub, Gobi Ventures and Transsion Holding.

This investment reflects strong support for Wapi Pay’s value-for-users approach. The simplest, fastest, cheapest way for African SMEs and businesses to pay in Asia. Funding will help Wapi Pay engage regulators for licensing across Africa and drive higher and sustained growth, This non-equity pre-seed raise is one of the largest for Fintech in Eastern Africa and build value for Wapi Pay’s existing and potential customers by broadening its suite of products.

Eddie Ndichu, co-founder at Wapi Pay commented on this funding milestone:

“These funds will help Wapi Pay diversify our products range and drive growth so that we can evolve remittances into real-time global cross-border payments, starting with Africa and Asia. All while minimising the cost of transactions, it needs to be as easy as sending M-PESA”

EchoVC commented on this funding milestone:

“Wapi Pay is an exciting fintech that is removing friction in an enormous payments space for Africa and powering the circular trade economy. As the symbiotic relationship between Africa and Asia deepens, Wapi Pay’s ecosystem of services will become increasingly critical to bridge and drive economic value between the two continents. We look forward to working with Paul and Eddie on this next phase of growth.”

MSA Capital commented on this funding milestone:

“Africa to Asia is a large trading corridor overlooked and underserved by tech today. We believe Wapi Pay is the best team to build the necessary infrastructure to support its growing trade volumes. We are excited to support with our extensive China fintech network and playbook.”

You may also like

Leave a Comment