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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Norton Rose Fulbright
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