The funding will enable Capi Money to accelerate its expansion, targeting a substantial portion of the €382 billion import market in sub-Saharan Africa, as estimated by the World Bank.
Mitch Riley, Scott Liddle, and Tom Watson. Image Credits: Capi Money
Fintech startup, Capi Money, has closed its Series A funding round with $17.9 million for the purpose of scaling its international payments platfom. The investment round led by venture capital firm Creandum also saw participation from Janngo.africa and existing investors such as Y Combinator, Firstminute Capital, 4Cities, The Raba Partnership, Kara Investments, Algorithmic Strategies, Rebel Fund, Maiora, and Pioneer Fund.
Capi Money was founded in 2023 by Mitch Riley, Scott Liddle, and Tom Watson, with a view to scratching a painful itch for SMEs in the shape of slow and expensive processes of paying international suppliers. African SMEs experience other challenges when making cross-border payments including delayed bank transactions, currency conversion costs, and regulatory red tape have made international trade cumbersome, limiting business growth.
The company’s platform enables businesses to settle invoices of up to $1 million within 48 hours. This bypassed intermediaries and reducing high foreign exchange fees, which can reach 10% in many African markets. Since participating in Y Combinator’s S23 batch just over a year ago, the company has expanded into four African countries, grown its customer base, and achieved multi-million-dollar revenue. Surprisingly, the company has done this with a small team of just 13 employees.
Riley and Liddle had previously held leadership positions at Taptap Send, a cross-border remittance platform operating across Africa, Asia, and Latin America. Watson, on the other hand, was a fintech entrepreneur who had a background in building and scaling digital platforms. The trio bring the needed technical and financial expertise to expand Capi Money’s influence.
“The ability to pay international suppliers quickly and affordably should not be a privilege reserved for businesses in developed economies. We are on a mission to level the playing field for SMEs in Africa and beyond.” said Mitch Riley, co-founder and CEO of Capi Money.
“For millions of small businesses across developing economies, paying international suppliers remains a significant challenge. Capi Money is addressing this issue with a solution that ensures payments are reliable, fast, and free of unnecessary middlemen,” Creandum stated in a release.
“The company has already demonstrated strong traction, achieving impressive revenue milestones in a short period with a small but highly effective team,” noted Creandum.
The funding will enable Capi Money to accelerate its expansion, targeting a substantial portion of the €382 billion import market in sub-Saharan Africa, as estimated by the World Bank. Capi Money has now set its sights on enhancing its technology, growing its team, and deepening its presence in major market.
The company’s self-service onboarding process and 24/7 transaction capabilities are designed to meet the needs of SMEs requiring swift and cost-effective international payments. By eliminating friction in cross-border transactions, Capi Money hopes to offer African importers the same level of efficiency and affordability that businesses in Europe and the U.S. experience.
