SimbaPay Funding: How Much Did They Raise & Key Investors

How Much Did SimbaPay Raise?
Funding & Key Investors

SimbaPay, operating under the brand Onafriq, has solidified its position as a critical pillar in the African fintech ecosystem. The firm has successfully secured a total capital infusion of $1M, with the most recent strategic investment totaling $1M. This influx of financing underscores the growing institutional confidence in the company's ability to bridge fragmented financial markets across the continent through robust digital payment architecture.

By leveraging this capital, the organization continues to scale its operations, ensuring that its payment gateway remains the primary conduit for high-volume, real-time transactions. The financial backing serves as a testament to the company's operational maturity and its pivotal role in facilitating seamless monetary movement for enterprises and government entities alike.

What is SimbaPay?

SimbaPay

Finance

Credit Card Processing

Onafriq, formerly known as SimbaPay, functions as Africa's largest digital payments gateway. The platform is engineered to provide a frictionless payment experience, effectively connecting businesses to a vast, real-time network that encompasses over 1 billion mobile wallets. Its comprehensive service suite—which includes collections, disbursements, card issuance, and treasury management—positions the company as an essential infrastructure provider for non-bank financial institutions, mobile network operators, and large-scale enterprises.

The company's market position is defined by its ability to simplify complex cross-border payment flows, effectively acting as a digital utility that enables economic participation across the African continent and its diaspora. By standardizing payment protocols, Onafriq reduces the friction typically associated with regional financial operations, thereby driving significant value for its diverse client base.

How much funding has SimbaPay raised?

SimbaPay has raised a total of $1M across 1 funding round:

2018

Angel/Seed

$1M

Angel/Seed (2018): $1M with participation from Techstars

Key Investors in SimbaPay

Techstars

A global investment firm and accelerator that supports early-stage startups by providing capital, mentorship, and access to a vast network of corporate partners and industry experts.

What's next for SimbaPay?

Looking ahead, the strategic deployment of the $1M investment is expected to accelerate the company's expansion into new regional markets and enhance its existing treasury and agent banking capabilities. As the digital economy in Africa continues to mature, Onafriq is well-positioned to capitalize on the increasing demand for interoperable payment solutions. The firm's focus will likely remain on deepening its integration with mobile network operators and expanding its footprint to support the growing needs of government organizations and multinational corporations. This trajectory suggests a continued emphasis on scaling infrastructure to maintain its status as the premier payment gateway for the continent.

See full SimbaPay company page

See More Financial Insights