Zimbabwean startup Payitup gets $13 million funding

By Staff reporter | 08 Feb 2020 at 16:35hrs
After receiving US$13M last year through UK's Investment Fund led by Thawer Fund Management, LLC has been a learning journey, whereby capital comes with various conditions and engagements are monitored in terms of achieving projected growth and creating shareholder value, Payitup said they have learned a lot that has strengthened them as a startup and organization.

The moves were necessitated to strike a balance beneficial for all the parties engaged from Venture Capital Partners to Employees of the company in terms of Stock Options and Dividends.

The structured investment has been clearly outlined with an oversight by a team based in various parts of the world to oversee that this venture not only generates the returns but thrives in terms of cash flow and valuation of the company and all the intangible assets of the company are fully monetized in terms of US$ returns on the investment.

"Our commitment of US$13M has yet to be fully utilized in terms of generating true value for all of our clientele in terms of marketing rebates and concessions.

These funds are held for a special purpose for the development of proprietary infrastructure, clearing of remittances on trades, bills, corporate coupons and even accessing foreign currency through the partnerships developed by our investor," said a company rep.

Furthermore, he said local residents will be able to invest in foreign currency denominated securities through local participating funds via their respective currencies.

Rahim Thawer, Fund Manager commented, "We are seeing challenges across various companies in Africa facing deteriorating accumulated earnings and depreciating valuation due to constant currency devaluation and limited liquidity.

Through PCL, we have engaged various foreign institutions to provide access to foreign currency via proprietary models through primary dealer market supported through local subsidiary.

This will compliment local institutions and individuals giving them multicurrency settlements under the directive of respective authority via decentralized settlement technology."  

Our Investor invested in us with the condition that PIU expands in various Africans Markets that they have presence in servicing over 256million clients in the next 5 years.

With the backing of strong partnerships in 28 countries and UK Investment fund that manages over US$750M, we passed a resolution to make structural changes to the company and for it to be acquired through a UK Parent Holding Co, Payitup Clearinghouse Ltd (UK), which has been capitalized and can now explore in various markets for acquisitions in various sectors related to Fintech, banking and insurance.

Kenneth Tafadzwa Matikizha Co-founder and Senior Executive commented, "We want to assure our beloved African brothers that  PIU has them at heart.

"The strategic partnerships we have been working on for some time now with the help of our investor  Mr Rahim Thawer (Fund Manager)  are targeting to solve our day to day challenges. Our  mission is to create a more connected financial lifestyle through financial inclusion.

"As foreign currency shortages is increasing by day in many African countries whilst it's demand is increasing tremendously, it brings us joy to provide a solution that is tailor-made to address real-life challenges in Africa.

"We are now at the verge of our launch and  more information regarding  this launch will be provided  in due coarse so hold on tight to more exciting times ahead of us all."

As of today, Payitup Clearinghouse Ltd UK (PCL), is currently undergoing a series of acquisitions in various African markets, mainly Nigeria, South Africa & Kenya giving it a very conservative valuation of US$188M as it stands now.

"We will also be filing to go public in 2020 either on NYSE or LSE (both options are being explored as we speak). These acquisitions are diverse in terms of products and services that will give us access to various end users and will generate a daily volume of US$5M giving PCL annual revenue of US$265M with US$22M in Net Profits to be distributed to all the shareholders of the company.

"Furthermore, our acquisitions will acquire various user profiles and through data analytics we can fine-tune them to explore other product lines. "

They are preparing to expand in the Zimbabwean market, as much work needs to be done from working with corporate clients in creating solutions on foreign currency sourcing to clearing through our relationships in US/UK & EU markets and settlement agencies to hiring of programmers.

PayItUp will also be raising capital locally as a lot of Zimbabwe institutions have indicated an interest in investing in the company through our Parent UK registered company. We feel it is in the best interest to form local partnerships after all the heart of this company is Zimbabwean!



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