Kenya’s ‘Wapi Pay’ bags $2.2m pre-seed round to aid payments between Africa and Asia.
Wapipay is the first Africa-Asia Payments Gateway. They help individuals to make the most convenient payments to and from mobile money platforms and bank accounts. with the zeal to solve the issue of expensive financial transactions between Africa and Asia, the startup was founded by two brothers, Paul Ndichu and Eddie Ndichu.
The pool of Investors that participated in the round include MSA Capital, EchoVC, Kepple Africa, Future Hub, Transsion Holdings and Gobi Ventures
According to Tim Chen, vice president at MSA Capital:
“Africa to Asia is a large trading corridor overlooked and underserved by tech today. We believe Wapi Pay is the best team to build the necessary infrastructure to support its growing trade volumes. We are excited to support them with our extensive China fintech network and playbook.”
Interestingly, Wapipay’s reach stretches beyond kenya to China, Indonesia, Japan, Malaysia, Thailand, Taiwan and more. However, they are ambitious about expanding their reach even further.
WORDS FROM PAUL NDICHU (Founder) .
In response to the recent development, Paul Ndichu (Founder, Wapipay).
We started Wapi Pay having seen how fragmented the payment infrastructure is and how horrifying the experience and expense of making or receiving a payment to and from Asia.
We spent some time in Asia, given the growing trade relationship between the two corridors [Africa and Asia], and saw the growing need to make this more efficient, faster and cheaper, evolving from remittances to global payments. These transactions are already complex in nature; how do we make them as simple and easy as mobile money?
WORDS FROM EDDIE NDICHU (Founder).
On the optimization of their service process and service delivery, Eddie had this to say:
Wapi Pay bypasses traditional payment networks, optimising efficiency and cost for our customers. Users choose the delivery channels they want, such as bank to bank, wallet to wallet, bank to wallet and wallet to bank options to transfer funds as well as make merchant payments, with settlement done within 24 hours.
These funds will help Wapi Pay diversify our product range and drive growth so that we can evolve remittances into real-time global cross-border payments, starting with Africa and Asia. All while minimising the cost of transactions, it needs to be as easy as sending M-PESA.
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