straitPay has completed its pre-seed funding round, raising approximately £1 million. The new investment will accelerate straitPay’s mission to enhance financial connectivity throughout Africa and its diaspora whilst expanding into new markets.
The funding round was led by a family office known for its investments in Eastern European fintech ventures. This significant milestone reflects investors’ confidence in straitPay’s innovative solutions to address the financial challenges faced by individuals, SMEs, and investors across Africa and beyond.
In just its early stages, straitPay has demonstrated a remarkable impact across African financial ecosystems. With 57% of Africa’s 1.48 billion population remaining unbanked, straitPay’s 20,000+ digital wallets are already providing essential financial access to previously excluded individuals. The platform has facilitated millions of dollars in transactions, directly supporting African families and businesses with faster, more affordable financial services. straitPay is driving a new era of economic connectivity in Africa by removing legacy trade barriers that have kept intra-African trade at only 15%, creating a foundation for deeper regional collaboration.
Each successful transaction represents more than money changing hands—it represents businesses accessing working capital faster, diaspora communities maintaining stronger economic ties with their homelands, and the African capital markets made accessible to other Africans to invest and build long term wealth on the continent.
As digital technology adoption accelerates across Africa, straitPay’s growing user base signals not just company success but meaningful progress towards financial inclusion and economic empowerment for millions.
“We are thrilled to collaborate with our strategic investors to realise our vision of seamless financial connectivity,” said Kele Okafor, CEO and Founder of straitPay. “This funding will enable us to broaden our product offerings, enhance customer service, and fast-track our goal of simplifying payments and investments across Africa.”
straitPay was recently recognised as the Best Fintech Startup in London at the 2023 UK Startup Awards, further underscoring its commitment to innovation and excellence.
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