Nigerian fintech firm, Paga, raises $10 million funding to expand operations to Ethiopia, Mexico and the Philippines

Paga has raised B2 investment of $10 million led by Global Innovation Fund and other investors.

Paga, the mobile money company in Nigeria, has raised B2 investment of $10 million; a growth financing round led by the Global Innovation Fund (GIF).

Also participating in the round were existing investors, Goodwell (managed by Alitheia Capital), Adlevo Capital, Omidyar Network and Unreasonable Capital.

Tayo Oviosu, CEO & Founder of Paga, said with the investment the company is planning to release its payments product in Ethiopia, Mexico, and the Philippines.

“At Paga, we are building an ecosystem that enables people to digitally send and receive money, and creating simple financial access for everyone. We do not seek to be a bank, but rather to partner with banks and financial institutions in the markets we operate.”

“GIF is proud to lead Paga’s Series B2 round,” said Alix Peterson Zwane, GIF’s CEO. “Paga’s mission of helping people ‘make life possible” aligns with our core mission of supporting entrepreneurs and innovators that seek to improve the lives of those living on less than $5 per day. I am pleased that GIF will help enable Paga’s next phase.”

Paga started commercial operations in August 2012 and processed 9.5 million transactions worth over N156 billion, a 100% year-on-year growth on transaction values.

The new investment deal brings the total Paga has raised since 2009 to $35 million.

Also from Business Insider Sub-Sahara Africa: