Kenyan fintech startup Wapi Pay, which also has operations in Singapore, has raised a US$2.2 million pre-seed funding round to help it engage regulators for licensing across Africa, and drive higher and sustained growth.
Founded in 2019, Wapi Pay, which has offices in Nairobi, Singapore and Tianjin (China), delivers platform-to-platform integrations, global accounts and virtual wallets to offer its partners and customers convenient global payments and financial products.
It has now raised US$2.2 million in pre-seed funding to scale up global payments and remittances between Africa and Asia. Investors include EchoVC and China-based global fund MSA Capital, as well as Kepple Africa Ventures and current angel investors.
The non-equity pre-seed raise will be used by Wapi Pay to help it engage regulators for licensing across Africa, and drive higher and sustained growth.
“These funds will help Wapi Pay diversify its product range and drive growth so that we can evolve remittances into real-time global cross-border payments, starting with Africa and Asia. All while minimising the cost of transactions, it needs to be as easy as sending M-PESA,” said Eddie Ndichu, co-founder at Wapi Pay.