Singapore and Kenyan based Fintech startup Wapi Pay has raised seed capital through the accelerator Future Hub making it its first Fintech Investment in Africa. The seed round raised also included Chinese Angel Investors.
Future Hub, the first Chinese accelerator in Africa and backed by Transsion Holdings was recently launched to support and fund African entrepreneurs to build scalable and innovative products that will solve several problems in Africa. Future Hub is also backed by Gobi Ventures who is one of the first venture capital firms with a regional presence across China, Hong Kong and ASEAN with over US1.1Billion in assets under management (AUM).
Speaking on the investment, Wapi Pay Co-Founder Eddie Ndichu commented on the investment: “This capital injection comes in at an opportune time as we plan to scale up our service offering to expand further into the continent. We believe the small business is made up of the individual therefore our vision is to build global financial services for local individuals and small business to scale globally, focusing on Africa and Asia.”
Founded in 2019 in Singapore, Wapi Pay delivers platform-to-platform integrations, global accounts and virtual accounts (wallets) through its technology to offer its partners and customer’s convenient global payments and financial products for individuals, merchants & businesses.
Commenting on the initiative Vincent Li (Managing Partner) from Future Hub said, “Africa’s bright future will largely be achieved through entrepreneurial startups that will take advantage of the technological advancements that are available. We hope that the Transsion Future Hub brings forth the next big idea” He added, “The founders have a strong background in both tech and banking hence an obvious choice for us”.
Eddie Ndichu is the immediate former CEO of Opay (Opera Software – Fintech) in Africa and has worked as a Fintech leader at KCB Bank Group & Standard Charted Bank. The other Co-Founder Mwaura Ndichu is the twin brother and was previously the CEO of Interswitch East Africa with leadership experiences in Jumia Group and Stanbic Bank.
Wapi Pay is also a subsidiary of Wapi Capital an Africa based fintech Venture Company that is investing and creating solutions in financial services using new technology.
Wapi Pay has teams working in Africa, Singapore and a technology team in China, Beijing.