African e-wallet startup PayQin lands 300k euro seed round grow its e-wallet service for the underbanked in West Africa. It is an electronic wallet that comes with a built in virtual debit card. It allows users to top up the virtual debit card with local payment methods which enables endless possibilities to buy online all around the world.
The company has a pursuit to reach one million daily transactions in a year. They also envision a single payment area for the West African countries.
Since its inception in 2017, PayQin has driven financial inclusion in Africa’s underbanked markets. With PayQin, customers can store mobile money, use cross-border debit cards, make payments, and manage crypto transactions from a single app.
Currently, the company is giving out free virtual cards in strategic partnership with Africa’s largest fintech company, Flutterwave, to open small local business owners up to the world of online ads to promote their products and services for increased sales.
According to Fabrice Amalaman, PayQin’s co-founder and CEO:
We are building a safe and secure environment for online transactions, giving the unbanked access to products and online services that are not available locally.
PayQin is among the alumni of the Estonia-founded Startup Wise Guys accelerator’s first fintech batch powered by Swedbank, the Nordics’ largest bank.
The company is also one of the first companies in the West-African francophone countries to offer crypto for cross-border payments. The company currently has plans to open the platform to remittances from Europe, making for a large inflow of transactions that totaled $48 billion in Sub-Saharan Africa alone in 2019.
The company’s growth strategy is chaired by Iliana Björling Lindeberg, the head of marketing for Jumia Food and Jumia Travel Africa.
According to Lindeberg,
The Sub-Saharan market is really one of a kind with leapfrogging technology such as mobile money and a young population eager to explore what companies like PayQin have to offer. Since PayQin fills an interesting gap in this space, I’m excited to be a part of their journey. Concepts like this are giving the banks a good run for their money.
We are building a safe and secure environment for online transactions, giving the unbanked access to products and online services that are not available locally. said Fabrice Amalaman, PayQin co-founder and CEO.
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