Wallets
An online digital financial platform built around phone number.
| Date | Investors | Amount | Round |
|---|---|---|---|
| - | investor | €0.0 | round |
| investor | €0.0 | round | |
| investor | €0.0 | round | |
| N/A | €0.0 | round | |
N/A | Early VC | ||
| Total Funding | 000k | ||
| USD | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenues | 0000 | 0000 | 0000 |
| % growth | - | - | 54 % |
| EBITDA | 0000 | 0000 | 0000 |
| Profit | 0000 | 0000 | 0000 |
| EV | 0000 | 0000 | 0000 |
| EV / revenue | 00.0x | 00.0x | 00.0x |
| EV / EBITDA | 00.0x | 00.0x | 00.0x |
| R&D budget | 0000 | 0000 | 0000 |
Source: Dealroom estimates
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Wallets Africa operates as a digital financial platform, established in 2018 with headquarters in Lagos, Nigeria. The company was founded by CEO John Oke, a software engineer who conceived the idea in 2016. His experience integrating a gift voucher system with Kenya's M-Pesa service and subsequent work with Nigerian banks and fintech companies like Interswitch informed the platform's creation.
The firm provides digital wallet services for both individuals and businesses across Africa, aiming to simplify financial transactions. The platform serves a dual market: consumers who use the app for personal finance and businesses that require corporate banking solutions. Its business model centers on providing a suite of financial tools, including local and international money transfers, bill payments, and card issuance, with revenue generated through transaction fees and card maintenance fees. The company operates in Nigeria, Ghana, and Kenya, with plans for further expansion.
The core product is a digital wallet accessible via a mobile app, which allows users to send and receive money, pay bills, and purchase airtime. A key feature is the issuance of both virtual and physical prepaid cards (Naira and Dollar Visa cards) for online and offline payments, as well as ATM withdrawals. For business clients, Wallets Africa offers services such as bulk transfers, payroll management, and expense cards, enabling them to open a corporate account quickly and manage transactions efficiently. In 2023, the company launched Spring, a multi-currency wallet that includes features like cash back on transactions and Ethereum capabilities. A significant milestone was its participation in the Y Combinator Winter 2019 batch, which helped accelerate its growth. The company has secured funding from investors including Y Combinator, Mozilla Corporation, and Michael Seibel.
Keywords: digital wallet, financial technology, cross-border payments, mobile payments, virtual cards, physical cards, corporate banking, payroll solutions, bulk payments, expense management, African fintech, digital banking, money transfer, bill payment, airtime top-up, John Oke, Y Combinator alumni, Nigerian startup, payment gateway, financial inclusion