Series A Funding
Zambian mobile payments company Mobile Transactions International has raised USD3.2m in a series A round. The funding comes from Omidyar Network and Accion International, who are also participating in a USD500,000 converted debt funding investment in the company led by Mennonite Economic Development Associates. US investment firm Omidyar and US non-profit Accion say this is the first venture capital investment in a Zambian company.
Mobile Transactions International provides mobile payment solutions, including electronic vouchers and agent payments for unconnected recipients, to users in Zambia and Malawi. It will use the funding to scale its technology into other African countries. As part of the deal, Omidyar’s Arjuna Costa and Accion’s Monica Brand are joining the company’s board.
Whitepapers
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