Digital payments startup Paga has announced it has secured $10 million funding led by the Global Innovation Fund. With the latest funding, Paga said it is prepping for an international expansion starting with Ethiopia, Mexico, and the Philippines.
CEO Tayo Oviosu told TechCrunch that the company wants to compete with the likes of PayPal, Alipay, and M-Pesa, according to Oviosu.
“We are not only in a position to compete with them, we’re going beyond them,” he said of Kenya’s M-Pesa mobile money product. “Our goal is to build a global payment ecosystem across many emerging markets.”
Paga is reportedly serving 9 million customers in Nigeria—including 6000 businesses. It has 17,167 agents and apps.
Since it launched, Paga according to Oviosu has processed 57 million transactions worth $3.6 billion.