Paga has raised US$13 million from investment firms Adlevo Capital, Omidyar Network, Goodwell West Africa, Acumen Fund, and Capricorn Investment Group. Jeremy Stoppelman, the co-Founder and CEO of Yelp, is also investing.
In a press release, the managing partner at Adlevo Capital (which led the round) Folabi Esan elaborated on the company’s outstanding growth within the last few years:
When Adlevo first invested in Paga in 2012 the company had processed only about 270 000 transactions totalling just over US$15-million in value. The company has experienced an impressive compounded annual growth rate of about 150% since Adlevo invested — today, having processed over 17 million transactions worth over a billion dollars.
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Tayo Oviosu, the founder and CEO of Paga, says that this hefty series B round will help the company’s vision of strengthening its agent network and continue to innovate its payment offerings for small businesses:
Effectively, Paga agents will act as human ATMs and bring significant convenience to customers of the banks who need to deposit or withdraw cash from their bank accounts without traveling far or waiting in long lines. This will support the banks in achieving their critical goal of truly reaching the mass market.