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BitPesa

BitPesa

BitPesa powers digital payments to and from Africa

Nairobi Hill, Nairobi Area, KE

e-commerce, emerging markets, payments, foreign exchange, africa, remittances, digital currency, bitcoins, fintech, tech startup

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Company Overview

Africa has the fastest growing middle-class and over $250B in payments between its top markets (like Nigeria and Kenya) and the US, Europe and Asia. Yet, there are no pan-African payment companies, only 3% penetration of credit cards, and the average cost of international transfers is 12%+ with 7-14 days of settlement time.

BitPesa was inspired by the mobile money revolution, which allowed instant settlement with an easy user interface for P2P, B2B, and B2P payments in Kenya. Watching mobile money takeover, we saw how the efficient payment infrastructure powered businesses and the economy to grow at astronomical rates. Kenya became the 3rd fastest growing economy in the world. There is no lack of business acumen in sub-Saharan Africa - just a lack of payment infrastructure. In Nigeria, mobile money is not prevalent - but there is an excellent real-time domestic bank switch. These domestic last-mile systems have no way of connecting with the rest of the world. People and businesses can not pay into or out of these systems. Bank transfers are inefficient and companies like PayPal don't have local products in local currency. BitPesa links local last-mile systems in each country to international payment rails. We know the continent and work with the best local payout networks in each region creating pan-African access.

BitPesa accepts global payments instantly and pushes them out into local currency in real-time on to recipient's phones and bank accounts. Reversely, they accept local currency and send Bitcoin to entrpreneurs and businesses in real-time, enabling them to shop and order goods from around the globe. Companies could suddenly hire employees in new markets or pay suppliers across several countries in a snap. Reversely, growing businesses could accept customer payments from abroad or order their own goods from Dubai or Guangzhou or on any global e-commerce site.

Now partnering with the largest bank switch and integrated into the most widespread mobile money networks, BitPesa gives access to 4 African countries and is growing rapidly across the continent.

KPIs

23 Employees
3,500 Users

Traction

$2.1M in transaction volume with $42K in revenue to date

November, 2015

Expect $4M in transaction volume with $120K in revenue for 2015. Projecting $2.4M in revenue in 2016.

November, 2015

Received signed partnership from Interswitch, the largest Switch in Africa

November, 2015

Live in our fourth country, Nigeria, in addition to covering Kenya, Tanzania, and Uganda.

November, 2015

Newly Licensed in the UK by FCA to process payments to and from Africa

November, 2015

The World Bank gives Bitpesa $50,000 grant to explore use of product to reduce the cost of international payments and grow micro- and local

January, 2014

Testimonials

As the leading bitcoin company in Africa, BitPesa has the opportunity to transform the way that money moves in, out and around the continent. Since I first invested in early 2014, the BitPesa team has executed extremely well and is seeing meaningful traction on all fronts.
Barry Silbert Founder & CEO at Digital Currency Group
Barry Silbert
When I met BitPesa, I was very impressed with the team, their experience in finance, micro finance, and Africa. There is so much friction with cross border transfers in and out of Africa but also payments within the continent. BitPesa is primed to dominate the movement of money for Africa through their use of the blockchain for cost savings, their relationships, and growth in traction.
Paul Veradittakit Venture Investor at Pantera Capital
Paul Veradittakit
BitPesa provided a fast, easy, and very inexpensive way for me to send money from the US directly to the Shisango Girls School Principal to buy clothes for some of the students. It took 5 minutes to set up, cost $2 in fees and in about one hour, she received the money directly to her mobile phone in a remote town in western Kenya, 10,000 miles away. Amazing!
Connie Gallippi Founder & ED, BitGive Foundation
Connie Gallippi
BitPesa has positively influenced my life by making my online transactions easier and more effective. I am now able to easily buy Bitcoins and just as easily cash them out through their user-friendly platform all from the press of a button on my phone or laptop any where I am in Kenya. No matter my transaction needs, I know BitPesa has got me covered
John Muu Trader
John Muu
I have bought and sold Bitcoins on many Exchanges, but BitPesa is my favorite. They offer a secure service, as well as the most friendly customer care
Hai Nguyen Bitcoin Micro-lender
Hai Nguyen

Team

Team Member Name

John Karanja

Lead of Africa Sales

Digital Currency Expert, Founder of Space Kenya, Social Media Entrepreneur, Oxford Grad. Read More
Team Member Name

Shiku Ngigi

Head of Customer Relations

I am a freelance writer, blogger, and social media enthusiast. Let's just say I thrive on this digital space. Find me on my keyboard and let's talk about how... Read More
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