Paga, a leading mobile money company in Nigeria, has announced that it closed a $10 million growth financing led by the Global Innovation Fund, GIF.

Also participating in the round were existing investors Goodwell (managed by Alitheia Capital), Adlevo Capital, Omidyar Network and Unreasonable Capital. This new financing brings the total funds Paga has raised since inception in 2009 to $35 million.

Commenting on the latest investment initative, GIF’s CEO, Alix Peterson Zwane, said: “GIF is proud to lead Paga’s Series B2 round. Paga’s mission of helping people ‘make life possible” aligns with our core mission of supporting entrepreneurs and innovators that seek to improve the lives of those living on less than $5 per day. I am pleased that GIF will help enable Paga’s next phase.

Similarly, Managing Partner at Alitheia Capital, Tokunboh Ishmael, enthused: “Our belief in Paga as an effective platform to drive financial inclusion is unwavering.

“Paga has shown solid progress, and alongside other investments in our portfolio has played a huge role in our ability to demonstrate that enabling access to essential services for the broad population has both significant financial and developmental impact”, Ishmael added.

Paga’s founder/CEO, Tayo Oviosu, explained that “at Paga, we are building an ecosystem that enables people to digitally send and receive money, and creating simple financial access for everyone. We do not seek to be a bank, but rather to partner with banks and financial institutions in the markets we operate.”