Payment company Paga has announced that it has raised a $13m Series B financing led by Adlevo Capital with participation from Omidyar Network, Goodwell West Africa, Acumen Fund, and Capricorn Investment Group to grow its peer-to-peer payment platform.
Other investors included Jeremy Stoppelman, co-Founder and CEO of Yelp and one of the early team members at PayPal.
According to Tayo Oviosu,founder and CEO of Paga,“Our recent financing will help us continue to build towards our vision and support the strengthening of our agent network.”
Founded in 2009, Paga has over 3.4 million users and 3,600 SME clients and over 8,850 agents across Nigeria. Page allows users to send money to their friends as well as allow firms the ability to send money to any phone number for the beneficiary to redeem at any Paga agent across Nigeria, or at any ATM via a cardless withdrawal.