Headquartered in Kenya, and with its base in Singapore, Africa-Asia cross border payment fintech startup Wapi Pay has recently raised $2.2 million in pre-seed funding round.
The fintech aims to scale up global payments and remittances between Africa and Asia with the latest funding. Their investors included EchoVC and China-based MSA Capital, which invested in domestic Asian unicorns, including Meituan and NIO, and international unicorns Nubank and Klarna. Further, Kepple Africa Ventures also backed the funding round and existing investors — Future Hub, Gobi Ventures, and Transsion Holding.
Wapi Pay also has offices in Kenya and China; the startup also works with local banks and platforms in India, Japan, China, Indonesia, Malaysia, Philippines, Taiwan, Thailand, Singapore, and Vietnam.
The fintech has continued to grow at 396% year-on-year since 2019. By the 2021-end, it aims to process $500 million in remittances and increase the number of African merchants and Asian suppliers to half a million and 100,000, respectively.