Paga, Nigeria’s mobile payment company says it has received a fresh $13 million financial backing to consolidate its mobile payment services in Nigeria.
According to Paga, the Series B financing was raised by contributory effort from Adlevo Capital, Omidyar Network, Goodwell West Africa (managed by Alitheia Capital), Acumen Fund, Capricorn Investment Group and Jeremy Stoppelman, co-Founder and CEO of Yelp and one of the early team members at PayPal.
Commenting on the investment , Folabi Esan, Managing Partner at Adlevo Capital, said, “We are very excited about Paga. When Adlevo first invested in Paga in 2012, the company had processed only about 270,000 transactions totaling just over $15 million in value.
[blockquote right=”pull-right” cite=”Folabi Esan, Managing Partner, Adlevo Capital”]“Paga 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.”[/blockquote]