Paga Raises $13m in Series B Funding

Paga, Nigeria-based mobile payments company, has completed a $13 million Series B financing, led by Adlevo Capital.

Omidyar Network, Goodwell West Africa, Acumen Fund, and Capricorn Investment Group, also participated in the funding.

Founded in 2009, the company`s services include the ability to send money to any phone number for the beneficiary to redeem at any Paga agent across Nigeria, or at any ATM via a cardless withdrawal, but also the possibility to deposit money to bank accounts in Nigeria, pay bills, or top-up mobile phone airtime.

The investors’ claim that the company experienced exponential growth and that now it processes 17 million transactions worth over USD 1 billion compared to the 270,000 transactions with the value of USD 15 million in 2012.

Paga provides its services across Nigeria through its network www.mypaga.com, a mobile application (Paga for Android), and its online payment gateway.

Nigeria CommunicationsWeek gathered that there are 3,600 SME clients and 3.4 million users of Paga for payments recorded to date.‎