Klasha, a San Francisco based cross-border technology company, has announced that it has raised $2.4m in seed funding to build technology infrastructure for cross-border commerce in Africa.
In a statement, the company said the investment round was led by Greycroft with participation from other investors.
According to the company, this investment will allow it to expand its technology to help international B2B and B2C businesses such as ASOS, Zara, Amazon or Zoom to receive payments online in African currencies from consumers across Africa.
Founder and Chief Executive Officer of Klasha, Jess Anuna, said, “By 2025, half of the world’s population will live in Africa.
“At Klasha, we’re building the technology to facilitate frictionless cross-border payments and allow international businesses to scale seamlessly into Africa through our API.
“Equally, we’re giving consumers in Africa the same access to the global e-commerce economy experienced on other continents.
“It is imperative that African consumers are able to remain globally competitive, which includes having access to the goods they want without payment or delivery restrictions.”
The company said its technology allowed African consumers to pay international online and offline retailers in their currencies while the retailers received payouts in their dominant currencies.
“The company is currently operating in Nigeria, Ghana and Kenya and said it will invest in driving more revenue by growing its current 10,000 customer base, and expanding into new markets in three more African countries by Q4 this year.”
Chief Technology Officer, Klasha, Oloyede Oladimeji, said, “We have built a secure and reliable commerce solution from scratch using modern technologies. As a business, it is important that we not only build but move fast.
“Every day, we are scaling our solution to solving a unique problem, connecting Africa to global merchants.
“Africa is a growing economy with huge potential but low card payment penetration, and we are enabling consumers in Africa to access products irrespective of their payment methods.
“Our multi-currency technology saves merchants the stress of dealing with all the different currencies available in Africa, allowing them to receive payouts in their dominant currency. What is amazing is not what we have built already but what we are going to build.”
The company added that in five months of operating, it had processed more than 20,000 transactions across Africa with an average 366 per cent month-on-month growth rate.
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Source: Firm raises $2.4m seed funding for cross-border commerce techs