NIGERIA – Nigeria based fintech startup, Wallets Africa has secured fresh capital from a number of investors including Mozilla Corporation, Samurai Incubate and Michael Seibel to fund its ambitious growth plan.
Although the amount of funds raised by Wallets Africa, during the investment round has not been disclosed to the public, Ventureburn reports that the fintech startup intended to use the capital to fund its plan to expand into 10 countries in the continent.
Through the funding and expertise gained at YC, the fintech startup was able to grow its revenues from US$2 million monthly to US$6.7 million and its customer base from a mere 14,000 to the current over 43,000 users.
Oke explained that he had frequently encountered problems reversing online transactions that failed and he was always forced to go to the bank to effect the reversal.
He thus figured that he could build a platform that could link his cards, enable him carry out digital transactions easily, and give him an opportunity to effect reversals easily without having to involve his bank.
This idea according to Oke, led to the birth of Wallets Africa and over the next 18 months, Oke started working and consulting for banks and fintech companies like Interswitch, gaining some experience in how things work in the financial space.
“We promised that when a customer’s transaction fails, we will reverse instantly. What you see is what you spent; no hidden fees. And wherever you contact us online, we will respond there, no redirects,” said Wallets Africa CEO.
Wallets Africa will also be helping these businesses and developers issue wallets the way most of them issue cards these days.