Nigerian fintech startup Wallets Africa has secured an undisclosed quantity of funding from a number of traders because it prepares to increase utilization of its product to extra African nations.
Based in 2018, Wallets Africa permits individuals and corporations to ship and obtain cash, and make funds, utilizing their cellphone numbers.
The startup took half within the Y Combinator accelerator final 12 months, and the programme’s chief govt officer (CEO) Michael Seibel is among the many traders on this newest spherical which additionally consists of Samurai Incubate Africa, Mozilla Company, Brad Flora, Friale Fund, 9 Yards Capital, Enterprise Souq, Maria Alegre, Zach and Noah Cohen, and Radu Spineau.
Wallets Africa founder and CEO John Oke stated the startup not too long ago started supporting companies, permitting them to carry out bulk funds, situation wallets and make payroll, and presently has over 1,400 companies signed up.
It will likely be utilizing the spherical to offer company banking companies to companies in Nigeria and add extra switch locations to its product.
“We’ve vastly improved what a digital wallet could do. Back in the day existing wallets could only pay bills, buy airtime and do money transfers. Now in addition to those, people can generate physical and virtual cards with our wallets, they can continue using the wallet when they travel to more wallet-native countries like Ghana, Kenya and very soon more countries on the continent,” Oke stated.
“Last December, we rolled out international transfers to mobile money wallets and agents in Ghana for Nigerians travelling down there for Afronation and the Year of Return celebrations. Since then we’ve added Kenya and we’ll be looking to add up to 10 destinations by the end of this year.”