PawaPay has raised USD 9 million seed funding, led by UK-based investment fund 88mph. Vunani Capital, Kepple Ventures, MSA and Zagadat Capital also participated in the round. The company said it will use this capital to scale its operations in Africa, find more talent to join the team, and expand into new markets on the continent. Founded in 2020, PawaPay is focused on mobile money infrastructure for telecommunications companies in Africa.
Each telecom firm in each country provides its own unique mobile money product, which makes the mobile money infrastructure as a whole - across borders and telcos - highly fragmented and opaque. For merchants, this fragmentation means that it is unnecessarily expensive to use and frustratingly unstable. Through PawaPay’s API, merchants can access more than 300 million customers in more than ten markets and enjoy seamless, reliable payments. PawaPay’s customers are large Pan-Africa/global merchants and companies needing to make payments to African consumer accounts.
