Harare-based payments startup Payitup has secured a $13-million Series-A investment from London’s Thawer Fund Management, CEO Aretha Gonyora has revealed. The funding was secured at a $20-million valuation.
Payitup currently helps consumers make payments for MultiChoice’s DStv service.
The startup plans to use the investment to further develop its system. The funding will also help it to form strategic partnerships to ensure compliance with regulators and provide value to the startup’s customers in the form of rebates and competitive fees, the startup’s founder said.
The startup was founded in 2017 by Gonyora together with COO Kenneth Tafadzwa Matikizha and President Ronald Tapfuma Rwodzi.
Payitup currently employs a team of fewer than 10 staff. Gonyora (pictured above, middle) said the startup intends to grow the team by adding more specialists.
Fintech products in pipeline
When approached by Ventureburn yesterday (9 May), Gonyora declined to disclose the volume of payments Payitup currently handles.
However, she was able to reveal to Ventureburn that Payitup currently has a five year product roadmap that is under review.
“The final version of the application will allow users to invest on our partner trading platform, earn through our strategic partners and make a wide range of payments,” she explained.
The Series-A investment is the startup’s first major deal with an external investor, with the startup having raised its seed capital from its founding team.
Gonyora said the startup had been introduced to Thawer Fund Management managing partner Rahim Thawer by TechZim CEO Tinashe Nyahasha.
“We met Tinashe at a Faith in God Ministries International Business Networking event hosted by Dr Archbishop Asa Gurupira and we had shared our vision for Payitup,” she said.
Gonyora said the startup plans to raise a second round of funding after it completes its platform’s system development and launch. She did not specify when exactly this would be.
Thawer, commenting in a TechZim article on Tuesday (7 May), said his firm is “delighted” to be part of an intelligent team that he said has a “bold ambition” to deliver superior service to its clientele.