Paga, a mobile money company in Nigeria, said it has closed a $10 million growth financing deal, led by the Global Innovation Fund, with existing investors like Goodwell (managed by Alitheia Capital), Adlevo Capital, Omidyar Network and Unreasonable Capital, participating.
The new financing brings the total Paga has raised since inception in 2009 to $35 million, having served nine million customers and created more than 10,000 jobs through its 17,000 agents network, which also hire staff to run their stores.The growth financing will enable Paga further scale its business in Nigeria to drive growth of Paga's mobile wallet and agent network, and explore expansion opportunities in other markets where similar problems exist.
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