Fintech startup based in Singapore and headquartered in Kenya, Wapi Pay, has raised $2.2 million in pre-seed funding to scale up global payments and remittances between Africa and Asia.
Investors who took part in the funding include MSA Capital, Nubank, Klarna, EchoVC, Kepple Africa Ventures, Future Hub, Gobi Ventures and Transsion Holding.
The fintech says they will use the funding to make remittances flow between Africa and Asia faster, easier and cheaper. It targets the Africa-Asia remittances, which has grown over the years supported by China-Africa trade which surged 27% to stand at $52.1 billion in Q1 2021.
Furthermore, Wapi Pay aims at reducing remittances fees to below 3% from the current market average of 15% by simplifying transaction methods and waiting period.
Wapi Pay targets to process $500 million in remittances by the end of 2022, grow the number of registered suppliers and beneficiaries in Asia to 100,000 and sign up at least 500,000 merchants, traders and businesses in Africa.
Wapi Pay is a Singapore and Kenyan-based fintech startup, which prides itself in offering platform-to-platform integrations, global accounts and virtual accounts (wallets) for individuals, merchants & businesses. The firm currently operates in China, Singapore, Indonesia, Japan, Thailand, Philippines, Malaysia, India, Taiwan and Vietnam.