Zimbabwe-based fintech startup, ‘Payitup’ secured a $13 million Series A fund from London’s Thawer Fund Management. They secured the fund at a $20 million valuation and plans to leverage the fund to develop its system. They will also form a strategic partnership that will ensure compliance with regulators and provide value to their customers, via refunds and competitive fees.
See also: Irish Fintech Startup, Umba, Looks to Improve Mobile Payments in Africa
This is the first major funding investment that Payitup will get from an external investor. Prior to this, the startup raised its own seed capital from its founding members. Thwar Fund Management was introduced to the startup through Tinashe Nyahasha the CEO of TechZim.
According to CEO, Aretha Goronya, the company intends to raise the second round of fund after they complete their system development launch. She also revealed that her company has a five-year product roadmap that is currently under review.
Payitup is a payments startup that was founded in 2017 by Aretha Gonyora (CEO), Kenneth Tafadzwa Matikizha (COO) and Ronald Tapfuma Rwodzi (President) in Harare Zimbabwe. The startup facilitates different payment services on the web and mobile application.
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