Cape Verde’s Fintech startup Makenba raises funds to expand into the US

CAPE VERDE – Makeba, a Cape Verdean fintech startup that combines point-of-sale payments and money transfer into mobile applications has raised about US$246,000 in a crowdfunding round via WeFunder platfom.

Makeba has a pre-money valuation that is estimated to be about US$30 million, and is interested individuals can invest in the company for as little as $240 through the crowdfunding platform.

According to a release by the crowdfunding platfom, Makeba has so far raised more than $2.5 million in debt and equity.

The funds that is has raised has given the fintech startup the go-ahead to deploy in its first test market of Cape Verde, Africa.

Makeba has also entered into a partnership with the Government of Cape Verde to provide pension funds via contactless Makeba wallet transfers.

As per the partnership with the Cape Verdean government, Makeba will also provide a digital payment option for students at the Cape Verdean Public University.

The fintech revealed that Capital raised in this crowdfunding round will go to the expansion and rollout of services in the U.S.

“After a successful series A round with African investors, we found the U.S. VC playing field to be very different,” Adriana Henriquez, COO at Makeba said in the release.

“We’re excited to use a platform that democratizes fundraising because this aligns so well with our values as a company,” Makeba added.

The move into the United States would be timely given the fact that the United States is home to significant number of the Cape Verdean diaspora.

According to data from the United States, Cape Verde nationals living in the United States are estimated to be more than 350,000.

This number is more than half the population living in the West African Ireland nation that was a former colony of Portugal.

By expanding to the United States, Makeba will thus have a chance to expand its customer base and raise its revenues.

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