Ethiopian fintech startup Arifpay is raising 160 million birr (2.8 million dollars) in what marks the company’s second round of funding. Shareholders of Arifpay Financial Technologies unanimously passed the resolution last week, aiming to bring the startup’s capital to 300 million birr.
Arifpay initially raised 140 million birr in its first round of funding in 2021 from 42 founding shareholders, a mix of industry experts and angel investors.
In a press statement sent to Shega CEO of Arifpay, Bernard Laurendeau, explained that the decision to increase the company’s capital comes at a critical time as it strives to expand its product offerings and anticipates both organic and non-organic business expansions in the coming years.
The CEO added that this move is part of the strategy defined by the company in 2022, specifically aimed at ensuring a smooth transition from Stage I to Stage II in its maturity model.
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