WaystoCap allows African businesses to buy and sell products, allowing them to discover products, verify them, obtain financing and insurance, manage their shipments, and ensure payments security.
According to reports, the funds raised was undisclosed, but a source close to the company said that it was between $2.5 million to $3 million in size. It has also announced it is opening a satellite office in Cotonou, Benin.
Chief executive officer (CEO) Niama El Bassunie said WaystoCap will use the funding for further expansion in West Africa via the new Benin office, as well as expanding its industry verticals – which currently stand at 12 – and developing a new platform to match buyers and sellers more efficiently.
Benin was chosen due the strategic importance of the country as a central hub for trade in West Africa. WaystoCap has already processed millions of dollars in 2017 so far.