Zimbabwe payment startup, Payitup is the latest African fintech to land major funding as it just raised a whopping $13 million in Series-A funding. According to founder/CEO, Aretha Gonyora, the company secured the funding at a 20-million valuation from London-based venture capital firm, Thawer Fund Management.
The startup which currently helps consumers make payments for various services plans to use the investment to further develop its system. The funding will also help Payitup form strategic partnerships to ensure compliance with regulators and provide value to its customers in the form of rebates and competitive fees.
Payitup’s first external investment
This investment represents Payitup’s first major funding deal with an external investor. CEO, Aretha Goronya explained that the startup had raised its own seed capital from its founding members. She also explained that the startup was introduced to Thawer Fund Management boss, Rahim Thawer, through Tinashe Nyahasha, CEO of tech media, TechZim.
“We met Tinashe at a Faith in God Ministries International Business Networking event hosted by Dr Archbishop Asa Gurupira and we had shared our vision for Payitup.”Aretha Goronya, CEO, Payitup.
Gonyora also revealed that Payitup plans to raise a second round of funding. While she didn’t give a specific date, she pointed out that it would happen after the startup completes and launches its system development.
While refusing to disclose the volume of business her startup does, the CEO however unveiled her company’s five year product roadmap that is currently under review.
“The final version of the application will allow users to invest on our partner trading platform, earn through our strategic partners and make a wide range of payments,” she explained.
Managing Partner of Thawer Fund Management, Mr Rahim Thawer, expressed his team’s delight to be part of an intelligent team that has a bold ambition to deliver superior service to its clientele.
“We are extremely delighted to be a part of such a vibrant , deeply rooted culture led by a dynamic and intelligent team that has a bold ambition to deliver superior service to its clientele. Our investment as a foreign institution fund solidifies a long term partnership to all parties engaged across various disciplines.”Rahim Thawer, Managing Partner, Thawer Fund Management
Payitup is a payments startup based in Harare, Zimbabwe and founded in 2017 by Aretha Gonyora (CEO), Kenneth Tafadzwa Matikizha(COO) and Ronald Tapfuma Rwodzi (President). The startup seeks to aggregate different payment services on web and mobile application.
Payitup currently employs a team of fewer than 10 staff. CEO, Aretha Gonyora says the startup plans to bolster the team by bringing in more specialists.
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