AFRICA – Vesti Technologies Inc, a technology company and developer of Vesti App, has announced that it has raised US$500,000 in a pre-seed fundraising round to strengthen its product platform, expand its user base, and cement its market penetration in the African market.
Oxygen Group, Microtraction, Prunedge Technologies, Terramax Ventures, GB Digitals, and Midlothian Angel Network were among the investors in the round, which was the start-first up’s equity fundraising since it began in May 2021.
“Vesti’s entrance to the market was as a result of my personal experience as a migrant, where we saw a gap in the market, we developed a product to disrupt migrant financing and migration banking, as we make financial inclusion hassle-free for migrants everywhere,” co-founder and CEO of Vesti Technology Inc, Olusola Amusan said.
Founded in 2021 by duo of Abimbola and Olusola Amusan, the Vesti app allows Africans to make peer-to-peer payments and settle migration-related fees, as well as providing a support framework for immigrants seeking investment opportunities.
The startup has generated considerable traction since its last funding. With 26,000 active users, the Vesti app surpassed the US$1 million mark in handled transactions in December 2021.
Organically, the site has also increased by 33% month over month to 32,000 active users.
The migrant Neo Banking application, which currently has operations in Dallas, Texas, and Lagos, Nigeria, plans to expand to Ghana and Rwanda by Q2 of 2022 to further solidify its market positioning for intending migrants transiting to North America (the United States and Canada) and Europe for work and education opportunities.
“We have built infrastructure for modern banking for the 21st-century migrant who wants to go global, and our technology and that of our partners will make shared prosperity possible for migrants everywhere,” Amusan said.
Additionally, migrants seeking job and school possibilities in Europe and North America can use the Vesti app to receive money, transfer money, and make international payments.
The United Nations identifies that there are nearly a 300million Migrants living in countries other than where they were born; Nearly 45 million of these people living in the US are part of Vesti’s first primary market.