About £1 million has been received by a UK-based financial technology (Fintech) firm, straitPay, to accelerate its mission to enhance financial connectivity throughout Africa and its Diaspora whilst expanding into new markets.
The funding package was from a pre-seed round led by a family office known for its investments in Eastern European fintech ventures, reflecting investors’ confidence in straitPay’s innovative solutions to address the financial challenges faced by individuals, SMEs, and investors across Africa and beyond.
“We are thrilled to collaborate with our strategic investors to realise our vision of seamless financial connectivity.
“This funding will enable us to broaden our product offerings, enhance customer service, and fast-track our goal of simplifying payments and investments across Africa,” the chief executive of straitPay, Kele Okafor, stated.
StraitPay focuses on simplifying payment and investment access for individuals and SMEs across Africa.
This funding marks a crucial turning point in straitPay’s journey, reinforcing the company’s commitment to innovating, scaling, and transforming financial ecosystems throughout Africa and beyond.
In just its early stages, straitPay has demonstrated remarkable impact across African financial ecosystems.
With 57 per cent of Africa’s 1.48 billion population remaining unbanked, straitPay’s 20,000+ digital wallets are already providing essential financial access to previously excluded individuals.
The platform has facilitated millions of dollars in transactions, directly supporting African families and businesses with faster, more affordable financial services.
The firm is driving a new era of economic connectivity in Africa by removing legacy trade barriers that have kept intra-African trade at only 15 per cent, creating a foundation for deeper regional collaboration.
As digital technology adoption accelerates across Africa, straitPay’s growing user base signals not just company success but meaningful progress towards financial inclusion and economic empowerment for millions.