A group of investors is investing $2.2 million in a pre-seed round for Wapi Pay, a payments startup headquartered in Kenya with a presence in Singapore. EchoVC Partners, MSA Capital, and Kepple Africa Ventures are participating in the round although the breakdown of their investments and the other financial terms of the deal have not been disclosed.
Wapi Pay will use the capital to support its efforts to scale its payments business between Africa and Asia, allowing the firm to provide retail customers the rapid transmission of remittances as real-time global cross-border payments. The startup has set itself the goal of transmitting more than $500 million in remittances by the end of next year, expand the number of users in Asia to 100,000 and sign up at least 500,000 merchants, traders, and businesses in Africa to their services.
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