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Nigerian fintech startup Wallets Africa secures funding

The startup will use the funds to provide corporate banking services to businesses in Nigeria

Nigeria-based fintech startup Wallets Africa has secured an undisclosed amount in a fresh funding round from a number of investors, including Mozilla and Michael Seibel, the media reported.

According to the startup, it will use the funds to provide corporate banking services to businesses in Nigeria and add more transfer destinations to its product.

Wallets Africa founder and CEO John Oke told the media, “We’ve vastly improved what a digital wallet could do. Back in the day existing wallets could only pay bills, buy airtime and do money transfers. Now in addition to those, people can generate physical and virtual cards with our wallets, they can continue using the wallet when they travel to more wallet-native countries like Ghana, Kenya, and very soon more countries on the continent.”

“Last December, we rolled out international transfers to mobile money wallets and agents in Ghana for Nigerians travelling down there for Afronation and the Year of Return celebrations. Since then we’ve added Kenya and we’ll be looking to add up to 10 destinations by the end of this year.”

In March 2019, along with six African startups, Wallets Africa made it into Y Combinator (YC).

Prior to joining Y Combinator, Wallets Africa had 17000 users and processed about $2million monthly in revenue.

“We are becoming a 360-degree payment instrument for businesses and consumers. We’ll continue to work with banks and organisations across the world to build digital financial channels for the next billion internet users. We processed $7.1-million last month and we have already surpassed that this month,” Oke added.

Founded in 2018, Wallets Africa is working towards becoming a digital bank and is bracing itself for competition.

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