The startup which was valued at $20 million during the funding process plans to use the fund to develop its system as well as form strategic partnerships that will ensure compliance with regulators and provide value to their customers, via refunds and competitive fees.
This is the first major funding investment that Payitup will get from an external investor. Before this investment, the startup raised its own seed capital from its founding members.
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.
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.