Venture capital firms MSA Capital and 88mph have led a group of investors backing a healthy seed round raised by African payments company, PawaPay. The five investors in the round are investing $9 million in the startup which will use the capital to scale up its operational presence, hire more people, and penetrate more markets on the continent.
No additional terms of the deal were disclosed. The other venture firms taking part in the round are Vunani Capital, Kettle Ventures, and Zagadat Capital. Kresten Buch of 88mph chairs PawaPay’s board. At this point, Africa Capital Digest has learned none of the other investors are joining the startup’s board of directors.
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