PayQin, a cross-border payment startup that operates a comprehensive e-wallet service for the underbanked in West Africa, has announced a new 3000 thousand Euro seed investment round that takes the company’s funding up to $1 million..
The company added that it aims to reach one million daily transactions in a year and envisions a single payment area for the West African countries.
Recall that 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 backed by several business angels and VC companies from the Baltic countries (United Angels VC, Startup Wise Guys), and venture capitalist investors from the US and Africa, including Planet42 co-founder Eerik Oja; and Jānis Krūms, the founder of PlanGrid (acquired by AutoDesk).
Meanwhile Founded in 2017 by Fabrice Amalaman and Pierre-Antoine Sesque in London, PayQin as a cross boarder payment startup that has been driving financial inclusion in Africa’s vast underbanked markets, where the mobile phone penetration is twice the rate of banking access.
Speaking concerning the company, PayQin co-founder and CEO, Fabrice Amalaman said PayQin is moving towards developing a single payment area for West African countries, home to 400 million people, as the first company in the West-African francophone countries to offer crypto for cross-border payments.
Amalaman said PayQin’s customers can store mobile money, use cross-border debit cards, make payments, and manage crypto transactions from a single app.
In addition, PayQin CEO concluded the company is building a safe and secure environment for online transactions, to give the unbanked access to products and online services that are not available locally.