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Abba Platforms Inc, parent company of the following businesses, Abba Payments Ltd. and developer of the fast-growing mobile payment system Abba App (formerly known as Abba Wallet), has just closed a funding round worth $11 million. The investment was led by Run4 Capital, a holding company of RUN4 Consultoria e Gestão de Negócios, a company based in Luanda, Angola, specializing in business management. This capital will help propel the company toward its mission of providing financial services and economic growth across the continent of Africa.
Abba App has finally been rolled out on Google Play, where verified users can send up to 250,000 units of any currency, make payments, or receive in real-time. It includes QR scanning and wallet-to-wallet transfer, which creates a seamless experience for making payments. Users can also initiate free crowdfunding events, whether it is for weddings, funerals, school fees, church events, or funding little enterprises.
Abba Platforms Inc. has closed funding, which places it at a post-money valuation of $3.7 billion. With the newly raised funds, the company will look to expand into Africa and reach over 1 billion people and more than 500 million small businesses within the next seven years.
Simon Kapenda, Founder of Abba Platforms Inc., emphasized that Africa’s vast natural resources could catalyze significant industrial and economic growth. He noted, “This funding will allow us to speed up the rollout of crucial financial services across the continent, contributing to Africa’s economic transformation.”
The new capital will power the growth of Abba Platforms Inc., which counts among its flagship brands today six core brands: Abba App, AfrailX, Abbain.com, Abba Bank, Ekse, and Swyws. The setup aims to serve every need in the African market. This investment will also speed up the expansion of Abba App, initiate the growth of Abba Bank, and accelerate the application of a banking license. It will also propel Abbain.com’s growth and fund a feasibility study into AfrailX, an environmentally friendly urban mass-transit system proposed to circle Luanda, Angola, and Northern Namibia. AfrailX is going to link key cities like Oshikango, Oshakati, Ondangwa, and Eenhana, reducing traffic congestion and encouraging regional mobility.
“We are at the crossroads of Africa’s growth, and Abba Platforms Inc. is primed to provide such critical services, such as money transfers, urban transportation, and on-the-go payment for goods and services, said Dr. Carlos Luvambano, founder and CEO of Run4 Capital.
Julius T. Gbayange, Abba Payments Ltd.’s president, said Africa’s economic development has been hindered by financial inaccessibility and barriers across borders for a long time. He pointed out, “Abba Platforms Inc. addresses these challenges with innovative solutions set to spur economic growth throughout the continent.”
AfrailX is based on UK technology, providing an environment-friendly rail solution to reduce urban congestion in African cities. Tickets for users will directly be bought via the Abba App. The project should transform the potential of urban mobility, help with regional economic integration, and spur growth in key African cities.
Abbain.com is a leading business intelligence platform in Africa that connects verified buyers, sellers, and service providers. The cross-border transactions operated by the artificial intelligence (AI)-backed platform are escrow-based, and hence a secure means of engaging international trade across the globe for businesses.
Swyws is another important component-the payment gateway that will integrate with Abba App and Abba Bank, and it will provide the user with a suite of APIs, let him or her manage payments, and be in charge of their money.
“Abba Bank will play a catalytic role in the ecosystem, functioning as the sponsor bank for Abba App, powering transactions between merchants, card networks, and end-users,” said Ndawedwa Muandingi, CEO of Abba Bank.
Dr. Luvambano said that he was proud to be supporting the growth of Abba Platforms Inc., calling it an innovative platform born on the African continent that fosters connections among people, resources, and services in Africa and beyond.
Abba Platforms Inc will lead the way for greater transparency and confidence in intra-African trade, as its AI-driven solutions align with the agenda of the African Union’s AfCFTA-2063 concerning greater economic integration on the entire continent.
Edgar Songanga, CEO at Abba Platforms Inc, concludes: “We are excited to welcome Run4 Capital as a strategic partner in our journey. Together, we are building an ecosystem of innovative solutions to unlock Africa’s potential and drive its economic growth.”
The $11 million in investment is part of Abba Platforms Inc.’s bigger ambition of raising $800 million ahead of an initial public offering under U.S. Securities Act Regulation D Rule 506(c) that will be used to scale its business across Africa and make the platform more accessible and powerful. It will assist in the realization of the dreams of having improved financial access, transportation, and trade across the entire continent, which will lead to a more integrated and prosperous Africa.
source: businessnewsthisweek
