As developing worlds gain access to technology more readily, individuals will also need to be able to transfer funds, in order to pay bills or loans, relatively quickly and easily. What comes to mind is mobile payments. To first identify the global market for companies involved in mobile payments (or the business concepts that tie together the use of mobile technology and payment processes), we used Cyndx Finder‘s concept search on the two terms Payments and Mobile.
Cyndx Finder analyzed the industry to identify 500 companies in this space. Of these companies, 374 are private companies, 55 are acquired companies, 29 public, 7 closed, and the remaining 35 are undisclosed. The top public companies include PayPal, Worldpay, and Global Payments.
The most active investors in this space include Khosla Ventures, with 9 investments in 3 companies. These companies include:
- Plastiq – a San Fransisco based firm that makes it possible for users to use a credit card to pay for any expense
- Flutterwave – a San Francisco firm that provides a payment service for global merchants and african banks
- Boku – a global mobile payments network solution for P-o-S
The most recent capital raise is Extend, a New York company, that redefines how credit cards are issued and distributed. Their Series A was $10M on April 10, 2019, and included Reciprocal Ventures, City National Bank, and 5 other investors.
With Cyndx’s most recent release, Cyndx 3.0, we can further analyze based on specific geographies by applying filters to granularize the results.
Looking at African companies in general, we can see that 3 interesting African companies (of the 38 identified) in the mobile payments space include
- Cardplanet Solutions, a Kenyan company, that develops and markets information solutions for smart-card based payments.
- Lipisha, a Kenyan company, that provides mobile payment options to small business owners
- Zeepay, a Ghanan company, that connects the diaspora with their roots by offering digital asset (mobile money, wallets, cards) connections in order to send money overseas.