# Pagatech

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/pagatech

- Industry: Financial Services
- Headquarters: Lagos, Nigeria
- Website: www.mypaga.com
- Total disclosed funding: $32M
- Latest round: Series B (Sep 6, 2018)
- Investors on record: 7

## About

Based in Nigeria, Pagatech Limited operates as a mobile payment company facilitating various financial transactions like money transfers and bill payments, enhancing financial inclusion for both banked and unbanked users.Pagatech Limited, headquartered in Lagos, Nigeria, was founded in 2009. It specializes in mobile payments and has made seven deals up to date. The company raised USD 10.00 mn in its Series B funding round on October 11, 2021, led by Global Innovation Fund, with participation from investors including Adlevo Capital, Goodwell Investments, Omidyar Network, and Unreasonable Capital. The CEO is Agbessi Oluwatomisin.Paga primarily operates as a mobile payment company that enables users to perform a variety of financial transactions seamlessly. The core offerings include instant money transfers, bill payments, and mobile top-ups, allowing users to send or receive money to and from anyone with a phone number, email address, or bank account. Paga's services are designed for both banked and unbanked individuals, promoting financial inclusion across Nigeria. The platform also facilitates secure international remittances, enabling users to receive money from abroad directly to any Nigerian mobile number or bank account. With over 27,000 agents nationwide, Paga serves a diverse customer base, including individuals and businesses seeking convenient and reliable financial services. These services are particularly targeted at the Nigerian market, where the demand for efficient digital payment solutions continues to grow.Paga generates revenue through transaction fees incurred during the processing of payments and transfers. The financial structure involves direct-to-consumer transactions, where users may incur charges for services such as sending money, requesting money, and performing bill payments. For instance, when a user initiates a money transfer, either domestically or internationally, a fee is applied based on the transaction amount or service used. Paga also offers business solutions that may involve partnerships with various service providers, expanding their revenue streams. While exact pricing details for individual services are not publicly disclosed, the consistent usage of Paga's offerings by millions of Nigerians indicates a robust engagement model that drives profitability through high transaction volumes across its platform.In October 2021, Pagatech Limited raised USD 10.00 mn in its Series B funding round, which will support the company's strategy for future growth. Plans include the development of new products aimed at enhancing its service offerings, although specific launch dates have not been disclosed. The company is also exploring opportunities for expansion into additional African markets to increase its user base and enhance service accessibility.

## Funding rounds

- Series B, Sep 6, 2018, $10M — Goodwell Investments, Adlevo Capital, Omidyar Network, Unreasonable Capital, Global Innovation Fund
- Series B, Oct 6, 2015, $13M — Capricorn Investment Group, Goodwell Investments, Adlevo Capital, Acumen, Omidyar Network
- Series A, Jun 21, 2012, $9M — Capricorn Investment Group, Goodwell Investments, Adlevo Capital, Acumen, Omidyar Network

## Investors

- Capricorn Investment Group (https://capitalatlas.ai/funds/capricorn-investment-group) — Series A, Series B
- Goodwell Investments (https://capitalatlas.ai/funds/goodwell-investments) — Series A, Series B
- Adlevo Capital (https://capitalatlas.ai/funds/adlevo-capital) — Series A, Series B
- Acumen (https://capitalatlas.ai/funds/acumen) — Series A, Series B
- Omidyar Network (https://capitalatlas.ai/funds/omidyar-network) — Series A, Series B
- Unreasonable Capital (https://capitalatlas.ai/funds/unreasonable-capital) — Series B
- Global Innovation Fund (https://capitalatlas.ai/funds/global-innovation-fund) — Series B