Dubai’s VentureSouq invests in Wallets Africa – a Nigerian startup

Dubai's VentureSouq invests in Wallets Africa - a Nigerian startup
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Founded by John Oke in 2018, Wallets Africa enables people and businesses to send and receive payments seamlessly through its mobile app. The startup participated in Y Combinator accelerator last year and the programme’s CEO, Michael Seibel also participated in the following funding round. Other investors that participated in the round are Samurai Incubate Africa, Mozilla Corporation, Brad Flora, Friale Fund, 9 Yards Capital, Maria Alegre, Zach and Noah Cohen, and Radu Spineau.

The company in a statement has revealed that the platform has recently started supporting bulk payments, issue wallets and make payroll, and currently has over 1,400 businesses signed up.

Wallets Africa will be utilising the funds to offer corporate banking services to businesses in Nigeria and add more transfer destinations to its product. Adding to which Oke highlighted,

“We’ve vastly improved what a digital wallet could do. Back in the day existing wallets could only pay bills, buy airtime and do money transfers. Now in addition to those, people can generate physical and virtual cards with our wallets, they can continue using the wallet when they travel to more wallet-native countries like Ghana, Kenya and very soon more countries on the continent,”

Talking about the progress, Oke further said,

“Last December, we rolled out international transfers to mobile money wallets and agents in Ghana for Nigerians travelling down there for Afronation and the Year of Return celebrations. Since then we’ve added Kenya and we’ll be looking to add up to 10 destinations by the end of this year.”

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Pradeep Singh

Former CTO & Co-founder at LAFFAZ. A full-stack developer, possessing 6+ years of experience in working closely with tech startups in India and UAE.

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