UK fintech startup Straitpay announced on Monday that it has secured £1 million in pre-seed funding to accelerate its expansion of digital financial services across Africa and its diaspora.
This investment marks a key milestone in the company’s mission to improve financial connectivity and inclusion on the continent.
straitPay’s vision to simplify payments and Investments across Africa
straitPay’s CEO, Kele Okafor, expressed excitement about the partnership with strategic investors, emphasising the company’s goal to make payments and investments seamless across Africa.
“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,” Okafor stated.
The fintech platform supports over 20,000 digital wallets and facilitates millions of dollars in transactions, providing faster, more affordable financial services to individuals and small businesses.
With 57 per cent of Africa’s 1.48 billion population still unbanked, straitPay is making essential financial access available to previously excluded communities.
straitPay’s services include multi-currency wallets, instant cross-border payments, airtime and bill payments, and investment opportunities in African stock markets.
The company also offers business tools such as payment links and scheduled payments tailored to African markets, helping SMEs manage sales and payments efficiently.
Driving economic connectivity and regional collaboration
One of Straitpay’s key impacts is its role in reducing legacy trade barriers within Africa, where intra-African trade currently accounts for only 15 per cent of total trade.
StraitPay enables smoother financial transactions, laying the groundwork for deeper regional collaboration and economic integration.
Each transaction on the platform represents more than just money moving; it symbolises businesses gaining quicker access to working capital, diaspora communities maintaining economic ties, and African investors building long-term wealth on the continent.
This approach is helping to unlock new opportunities for economic empowerment across Africa.
straitPay’s innovative approach has already earned recognition, including being named Best Fintech Startup in London at the 2023 UK Startup Awards, highlighting its commitment to excellence and innovation in financial technology.
This £1 million funding round was led by a family office with a track record of investing in Eastern European fintech ventures, signalling strong investor confidence in straitPay’s solutions to Africa’s financial challenges.
As digital technology adoption accelerates across Africa, straitPay’s growing user base reflects meaningful progress toward financial inclusion for millions.
With its user-friendly app and expanding product suite, straitPay is positioned to play a crucial role in Africa’s digital financial ecosystem, making it easier for individuals and businesses to transact, invest, and grow wealth across borders.