Backed by Greycroft, Klasha gets $2.4M to improve cross-border commerce in Africa – TechCrunch

Analysts Say The Value of African E-Commerce Expected Despite reaching $ 29 billion next year, Africans still find it difficult to make international payments for their products online.

Cards, M-Pesa, bank transfers and mobile money are the most common methods Africans use to make payments. However, various payment gateways, for example, have provided a better experience than they were 10 years ago. the end..

Krasha, Lagos and San Francisco-based startups offer multiple integrations and APIs to see and facilitate cross-border commerce niches Transactions in that space.Today it Raised $ 2.4 million in seeds, depending on size.

Jessica Anuna Founded Klasha in 2018. At that time, the company’s focus was to make it more accessible to African consumers. purchase product Directly From fashion retailers around the world..

But she told me that Krasha is now more than that. There are several features and new business models Centered About helping Africans pay and get what they want, no matter where they are (as long as they don’t rot)..

KlashaWire allows consumers to pay in African currencies (naira, cedi, shillings). Many Payment method, Klasha will then send the money to the seller in major currencies such as US dollars and euros within 2 business days.

Its payment link feature supports merchants who don’t have a storefront to accept payments by sharing links with customers via email or social media...

Next is a mobile application that allows users in Nigeria, Ghana and Kenya to send and receive money. You can also create virtual cards and fund them Each currency..

Then the checkout solution works as follows check outAllows international merchants to collect payments from Africa in local currency.. Also, unlike Checkout and Fast, which only work with international payment methods, Klasha uses bank accounts, cards, USSD, M-Pesa, and mobile money that Africans are accustomed to.

Klasha Checkout, as it is Called, can Will be integrated According to the company, it is built into every e-commerce platform. It has plugins for well-known e-commerce sites WooCommerce, OpenCart and BigCommerce, and will sign an official partnership with BigCommerce to extend its reach to more merchants around the world.

father Klasha is also working on logistics to play with that payment. Anuna argues that Klasha combines the worlds of both payments and logistics, opening up a global e-commerce economy to African consumers and merchants looking to expand into Africa. Seamlessly..

“Many of our merchants are telling us, if we can accept payments from Africa, we need a way to do it. Seamlessly Ship to Africa in a short period of time to provide consumers with the best end-to-end logistics experience.. And that’s what we did, “says the CEO.

According to her, logistics services help African customers get their products from Europe or the United States in 5-9 days. Through a partnership with a third party logistics provider. Simply put, Klasha’s time frame is highly commendable compared to the number of industries up to two weeks...

Image credit: Krasha

Klasha claims that it has processed over 20,000 transactions and has grown 366% month-on-month since it restarted in May after several iterations. Klasha makes money through sales commissions and subscriptions retailers pay to use the platform An analysis to measure how their products are progressing in different markets.

“For many of these retailers, this is the first time they have sold to Africa. So instead of having to use disjointed services that aren’t interconnected with technology, we offer these retailers a complete end-to-end e-commerce suite, “she says...

Klasha’s technology is in Africa rapid It is growing and needs both payment and logistics solutions for online commerce, said Greycroft partner Alison Lange Engel.

This is the third significant investment venture capital has made in Africa after betting on AZA Group, a fintech company founded and led by unicorn companies Flutterwave and Elizabeth Rossiello.

Like Rossiello, 29-year-old Anuna had industry experience before she started. Klasha backed by Techstars. The CEO worked for Amazon and Shopify in London, and then set up a logistics company in China.It was tHere she is doing FMCG exports to the UK and US for large wholesalers and suppliers. Merchants in China (Africa’s largest trading partner) thought they needed a more efficient way to receive payments from Nigerian merchants...

experience Anuna turned to the world of cross-border trade and payments. This proved essential to how she procured venture capital as the founder of one of the women...

The founders of black women receive 0.6% of the world’s venture funding. There is no data to describe the situation of the female founders in Africa, but if you could draw it, it wouldn’t be pretty.

“There are many hurdles you will experience as a female founder. [unnecessary] We’re trying to explain the nuances, markets and industries to investors before we receive the check, “said Anuna, who said it was twice as difficult for African female founders to raise money on the African continent...

However, Anuna believes that investors are beginning to awaken to helping more female founders, especially in FinTech, where recent startups and VC activity are spectacular...

In addition to Greycroft, there are investors such as Seedcamp, Practical VC, Plug and Play, First Round VC, 2.12 Angels, MiLA Capital, Berrywood Capital, AVG Basecamp Fund and Expert Dojo. Angel investors like Joe Cross from Wise and Michael Pennington from Gumtree have also invested.

Klasha wants to use this money to help retailers such as ASOS, Zara and H & M receive payments from African consumers. With a customer base of 10,000pIndignation in Nigeria, Ghana and Kenya, Krasha plans to expand to three more African countries before the end of the year.

Backed by Greycroft, Klasha gets $2.4M to improve cross-border commerce in Africa – TechCrunch Source link Backed by Greycroft, Klasha gets $2.4M to improve cross-border commerce in Africa – TechCrunch

Related Articles

Back to top button