PayQin raises seed round to drive payments across West Africa

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    • AvatarEbigide Jude
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      PayQin, a cross-border payment startup that operates a comprehensive e-wallet service for the underbanked in West Africa, is announcing a new €300K seed investment round that takes the company’s funding up to $1 million.

      The company aims to reach one million daily transactions in a year and envisions a single payment area for the West African countries.

      Founded in 2017 by Fabrice Amalaman and Pierre-Antoine Sesque, PayQin is driving financial inclusion in Africa’s vast underbanked markets, where the mobile phone penetration is twice the rate of banking access. PayQin’s customers can store mobile money, use cross-border debit cards, make payments, and manage crypto transactions from a single app.

      Launched in the Ivory Coast, Cameroon, Senegal, and Mali, which together represent over 22% of the people in West Africa, PayQin is moving towards developing a single payment area for West African countries, home to 400 million people.

      PayQin is the first company 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 is working with Producement, a product engineering company founded by Wise alumni, to enhance the quality of the PayQin platform to a world-class level. The founders have gathered a tight circle of advisers to foster their ambitions. For their growth strategy, the company is advised by Iliana Björling Lindeberg, the head of marketing for Jumia Food and Jumia Travel Africa.

      Source: https://www.appsafrica.com

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