Participated · Series B · Sep 2018

Paga operates a multi-channel payments network and platform for peer-to-peer transfers, bill payments and merchant transactions across iOS, Android and basic USSD phones. The company supports third-party integration and has remittance partnerships with Western Union and Moneytrans. Founded in 2012, Paga serves about 9 million customers and 6,000 businesses through 17,167 agents. Since inception it has processed 57 million transactions worth $3.6 billion and, according to the CEO, reached profitability in 2018. Paga positions itself as a partner to banks (working with seven Nigerian banks) and plans international expansion to Ethiopia, Mexico and the Philippines. It monetizes via merchant payments, bank-to-bank transfers and airtime/data sales and says it will add savings and lending services over time. Paga operates a person-to-person money transfer and mobile payments platform in Nigeria used by over three million Nigerians and 3,600 SME clients. Customers can send money to a phone number for redemption at a Paga agent or ATM via cardless withdrawal, deposit to bank accounts, pay bills, and top up mobile airtime. The company serves users through a network of over 8,850 agents and reportedly has more physical service points than all bank branches in Nigeria combined. Since Adlevo's initial investment in 2012 Paga has processed over 17 million transactions worth more than $1 billion and achieved an approximate 150% compounded annual growth rate. The six-year-old company is led by founder and CEO Tayo Oviosu. Paga plans to use funding to strengthen its agent network and continue innovating payment offerings for small businesses.