Zambian Mobile Payments Startup Receives $4 Million “Series A” Investment Round

[TCL]

Omidyar Network and ACCION International announced on Wednesday that they have invested US $3.2 million in Zambian mobile payment startup, Mobile Transactions International.

The investment, which is the first venture capital deal in any Zambian start-up technology company, will enable Mobile Transactions to develop its leadership team, agent network, and technology platform to provide financial access to underserved organizations and base-of-the-pyramid consumers in Zambia and in new markets.

With a proprietary technology and innovative agent network, Mobile Transactions enables financial transactions to the unbanked in Zambia.

The company, co-founded by Brad Magrath and Brett Magrath in 2007, also received an additional $1 million of previous debt into equity, thus bringing in the Mennonite Economic Development Association (MEDA) as a third institutional shareholder.

In 2011, Mobile Transactions was named "Best Mobile Money Start-Up in Africa" by Mobile Money Africa.

TechLoy