Africa’s BitPesa Raises $2.5M Round

Africa is a huge market for so many things and one of the most needed things are banks and a way to access capital and pay for things. Hello BitPesa, a mobile payments startup that just got some financing. Congratulations and don’t pet the lions. (Bill Taylor/CEO)

“BitPesa, a Kenya-based bitcoin payments startup, has raised $2.5 million in a new Series A round led by Draper VC, and drawing support from Greycroft Partners, Blockchain Capital, BnkToTheFuture, Digital Currency Group, Pantera Capital Future\Perfect Ventures and Zephyr Acorn, CoinDesk reported.

“It takes a locally-based team to work in the evolving landscape of frontier market financial services, and BitPesa’s approach to investing in teams, infrastructure, and compliance from Lagos to London gives them a strong advantage,” Tim Draper said.

Founded in 2013, Bitpesa expanded operations to Uganda, Tanzania and Nigeria in 2015. In October 2016, the company facilitated faster, more cost-effective way to send or receive payments between Africa and China by enabling businesses to send instant payments in local currency directly from African bank accounts to Chinese bank accounts.

BitPesa raised $1.1 million in a round led by Pantera Capital in 2015. In addition, it also received an investment from The BitFury Group last year.”

Read Full Article at EconoTimes