A Kenyan online and offline payment gateway startup, FlexPay, has announced that it has raised an undisclosed funding round from the Cairo Angels Syndicate Fund to accelerate its growth.
The undisclosed funding was confirmed by Richard Machomba, founder and CEO of FlexPay in a statement seen by Ripples Nigeria on Tuesday.
This is Cairo Angels’ first investment in Africa outside of Egypt.
FlexPay offers an automated platform that enables merchants and their customers to manage flexible payments for goods and services across mobile money and wire transfer platforms.
The Nairobi-based startup was founded in 2016 by Richard Machomba.
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Speaking on the development, Machomba noted that the new lift will help expand the startup’s footprint in the African market.
He said, “We are delighted to have Cairo Angels as investors as we plan to grow and expand into more markets in Africa.
“As Africa’s first merchant-integrated savings-based shopping experience that rewards customers for their savings, we aim to address the problem of financial inaccessibility for Africa’s large underbanked population without subjecting them to the trap debt.”
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