Ghanaian fintech startup AppsNmobile has closed a US$1 million investment from Oasis Capital, a US$50 million fund investing equity capital in growing SMEs across Ghana and Cote d’Ivoire.
With this new investment, AppsNmobile will strengthen its position as a dominant player in the payments space in Ghana and its sub-regions.
A chunk of the funding will also enable the startup to meet the Bank of Ghana’s regulatory capital requirement as well as provide other needed logistics for the business.
Co-founded in February 2015 by Richard Bansah, AppsNmobile was initially a software development business before it transitioned into a financial technology company (Fintech) and started processing payments in 2018.
The startup offers payment solutions that empower merchants and their customers. Its Agropay platform helps to facilitate secure and seamless transactions between farmers and agribusinesses.
Since its official pivot into the fintech space, the Ghana-based company has become a major payment gateway that allows organizations such as schools, churches, pharmacies, OMCs, and enterprises from various sectors of the economy to accept payments using multiple menus tailored to their specific industries.
AppsNmobile was the recipient of MTN’s Innovative and Emerging Fintech award in 2019.
The Fund Manager of the Oasis Africa VC Fund (OAF), Oasis Capital invests in promising startups across Ghana and Côte d’Ivoire on behalf of OAF’s investors through equity and quasi-equity investments.
The VC firm is backed by International Finance Corporation (IFC), the Dutch Good Growth Fund (DGGF), the European Investment Bank (EIB), PROPARCO, NorFund, and Ghanaian investors, including local pension funds.
Don’t miss important articles during the week. Subscribe to techbuild weekly digest for updates.