Norton Rose Fulbright advises on financing for Nigeria’s largest mobile payments company

Business October 7, 2015

Global legal practice Norton Rose Fulbright has advised Nigeria’s largest mobile payment company Paga on its latest financing round.

The $13m Series B financing was led by Adlevo Capital. Other institutional investors in this round include Omidyar Network, Goodwell West Africa, Acumen Fund, and Capricorn Investment Group. Also joining the list of individual investors in Paga is Jeremy Stoppelman, co-Founder and CEO of Yelp and one of the early team members at PayPal.

Since its founding in 2009, Paga has processed over 17 million transactions worth over a billion dollars, serving over three million customers.

The Norton Rose Fulbright team in London was led by partner Bayo Odubeko and included senior associate Ed Gardner, associate Nari Armaly and trainee solicitor Louise Finnegan.

Bayo Odubeko commented:

“We are delighted to advise long-standing client Paga on this transaction which enables it to continue to strengthen its network and innovate on its payment offerings service. Africa’s accelerated development means that it does not necessarily follow the trajectory and path of developed economies when it comes to technological advancement and it is able to adopt the most advanced and transformational financial technology. The rapid development of the mobile payments industry in Africa is a testament to this.”

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Notes for editors:

Norton Rose Fulbright

Norton Rose Fulbright is a global legal practice. We provide the world’s pre-eminent corporations and financial institutions with a full business law service. We have more than 3800 lawyers and other legal staff based in more than 50 cities across Europe, the United States, Canada, Latin America, Asia, Australia, Africa, the Middle East and Central Asia.

Recognized for our industry focus, we are strong across all the key industry sectors: financial institutions; energy; infrastructure, mining and commodities; transport; technology and innovation; and life sciences and healthcare.

Wherever we are, we operate in accordance with our global business principles of quality, unity and integrity. We aim to provide the highest possible standard of legal service in each of our offices and to maintain that level of quality at every point of contact.

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