Wapi Pay, based in Singapore and headquartered in Kenya has raised $2.2 Million in pre-seed funding to scale up global payments and remittances between Africa and Asia. Making international transfers faster, easier and much cheaper.
Founded in 2019 by brothers Paul Ndichu and Eddie Ndichu, Wapi Pay provides a payments gateway for African businesses to receive and send money from Asia via mobile money platforms and bank accounts.
The $2.2 million pre-seed investment that was recently announced will be vital to meeting targets to scale up global payments and remittances between Africa and Asia.
The round is one of the largest of its kind in East Africa and the continent. The venture firms that took part include China-based fund MSA Capital, known to have invested in unicorns Meituan, Nubank and Klarna; Pan-African and Africa-focused firms EchoVC, Kepple Africa and Future Hub; and Pan-Asian firms Transsion Holdings and Gobi Ventures.
Wapi Pay will use the investments to engage regulators for licensing across Africa and for scale, product and geographical expansion.
“These funds will help Wapi Pay diversify our products 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,” Eddie added.
Wapi Pay focuses on the Africa-Asia remittance corridor. China-Africa trade jumped 27% to $52.1 billion in the first quarter of this year 2021 compared with 2020, buoyed by the recovery of economies after the coronavirus pandemic.
Today traders have to endure high remittances fees of up to 15% of the amount, waiting period of up to five days, and are exposed the high risk of consistent reversals due to unmatched instructions, with Wapi Pay the cost reduces to below 3% and same day payout.