KaboCash Technologies on Friday said it has raised $1.2m For Money Transfer Operations.
The funding round will allow KaboCash to maximise strategic flexibility and drive further growth.
The round includes new equity investors – White Trafford Ventures and KME Capital among others, as well as backing from existing Investors, TCV and Accel.
KaboCash Technologies is revolutionizing the P2P cross-border payments market, an estimated $3b market opportunity which continues to be predominantly offline and is characterised by high prices and poor customer experience.
KaboCash Technologies reaches over 5,500 money transfer corridors, including emerging markets with high barriers to entry, establishing digital connectivity into geographies that had previously been underserved. KaboCash Technologies and MFS African together with Zeepay brands offer a faster (85% of transactions settled in minutes) and more flexible (digital offering with multiple pay-in and pay-out options) user experience at fairer prices. This superior value proposition has enabled multi-year customer engagement on its platform – most users transact in a frequent, habitual manner – with KaboCash’s average customer transacting c.4x per month on the platform.
The funding round will allow KaboCash to continue to invest in its technology, security measures for platform and customer proposition. KaboCash sees significant growth opportunities both in its existing markets by driving engagement and deeper market penetration, as well as expanding into new markets and further extending its platform to offer additional value-added services to its users.
Abdullahi Dshiru Kabo PhD, CEO of KaboCash Technologies Limited said: *Today’s announced raise is another important step in the execution of our strategy. Following the acquisition of FasterCapital and Zeepay we have made significant progress with the integration of the different businesses and are retaining both the FasterCapital, Zeepay and MFS Africa brands. The additional funds raised enable us to accelerate investment to prosecute our very sizeable growth opportunity whilst further strengthening our high-quality investor base and our mission to provide strongest brand in the remittance and payment service industry in the world”
About KaboCash Technologies;
Is a company committed to empowering the diaspora through the innovative solutions. The goal is to provide cutting-edge technology, simplified payments, and value-added services to create a robust ecosystem of payment services and money management.
We represent brands that disrupted an industry previously dominated by offline legacy players by taking international money transfers online – making global digital payments fairer, faster, and more flexible. Our brands currently send from 2 to 7 countries, operates in and records more than 5,500 money transfer corridors across the countries of operations and employ around 25 people including country leads.
On the sending side our brands are 100% digital (cashless), increasing convenience and enhancing security. For those receiving money, our brands offer a wide range of options including bank deposit, cash collection, mobile airtime top-up and mobile money.
Abdullahi Dahiru Kabo, the Founder and CEO of KaboCash Technologies, met his Co-founder – Simon Ugorji Okorie, a Nigerian frontend developer. They eventually understood the struggles of sending money across Africa, but it was on a 2023 road trip together that they hit upon an idea to address it. In 2024, they commercially launched KaboCash Technologies, which allows Africans to send money across borders in their local currency.
A fast and secure way to send money on the go;
https://apps.apple.com/ug/app/kabocash/id6475054749
Download our app for free to send money overseas in minutes to over 7 countries.
Track your payments and view your transfer history from anywhere.
