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African Fintech Startup Makeba Exceeds Crowdfunding Goal

Fintech

Sept. 2, 2020, 10:13 a.m.

Makeba, a fintech startup in Africa that combines point-of-sale payments and money transfer into mobile applications exceeded its minimum-raise goal, bringing in $200,000 during its current round of crowdfunding via the WeFunder platform. The pre-money valuation of the company is $30 million, and interested individuals can invest in the company for as little as $240 through the crowdfunding platform, according to a release.

The company has raised more than $2.5 million in debt and equity, giving the go-ahead to deploy in its first test market of Cape Verde, Africa.

Makeba has also entered into a partnership with the Government of Cape Verde to provide pension funds via contactless Makeba wallet transfers and to provide a digital payment option for students at the Cape Verdean Public University. Capital raised in this round will go to the expansion and rollout of services in the U.S.

"After a successful series A round with African investors, we found the U.S. VC playing field to be very different," Adriana Henriquez, COO at Makeba said in the release. "We're excited to use a platform that democratizes fundraising because this aligns so well with our values as a company. We know that talent is evenly distributed, but economic opportunity is not."

Source: Mobilepaymentstoday

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