Fedapay, a Benenese-based fintech startup, announced an investment three times higher than that initially granted by the Benin Business Angel Network late last year – a financial breakthrough that marked a significant milestone for the startup, consolidating its position in the market and opening up promising new prospects.
Initiated by the Benin Business Angel Network, this investment strengthens the collaboration between FedaPay and local investors, demonstrating the confidence and support of the entrepreneurial community towards this innovative startup. This new injection of funds provides FedaPay with the necessary resources to expand its operations and explore new markets.
At the heart of this transaction was EtriLabs, the innovation hub that played an essential role in bringing this to fruition. As a strategic partner, EtriLabs brings its expertise, resources, and network to drive the growth of FedaPay. This collaboration demonstrates the power of innovation ecosystems in creating profitable synergies between startups and key
players in economic development.
“With this new capital injection, FedaPay is well-positioned to accelerate its expansion and strengthen its presence in the payment solutions market. We can now step up our innovation efforts, improve our services, and respond more effectively to the changing needs of our customers. This milestone marks the start of an exciting new era for FedaPay, which is preparing to push the boundaries of innovation in the financial technology sector.” Hermann AGUESSY , Co-founder and Chairman of FedaPay.
On the other hand, the startup’s Founder, Boris Koumondji expressed his excitement about this incredible milestone, expressing his gratitude to all the entities involved in making the matching fund acquisition a success. He says that FedaPay has never stopped innovating for financial inclusion in West Africa, and the Catalytic Africa Matching Fund is welcome to continue and strengthen their operations of helping small and large businesses receive payments to maximize their sales opportunities, allowing businesses in the region to use a single payment method and accept Mobile Money and credit cards.
“This acquisition highlights the dynamic nature of the entrepreneurial landscape in Benin and underscores the vitality of FedaPay as a key driver of innovation. With the strengthened backing of the Benin Business Angel Network, FedaPay is poised for a bright future. This strategic alignment positions FedaPay to script the next chapters of its success in the realm of electronic payments, further contributing to the evolution of the fintech sector in Benin.” Fadilah Tchoumba, Catalytic Africa Fund Manager.