Founder(s): Nyasinga Onyancha
Description: Instant delivery to mobile wallets and bank accounts abroad
SimbaPay is a B2B SaaS for banks in Africa. It enables customers to send money, track transfers, check exchange rates quickly and easily and use e-banking. You can send money instantly to anywhere in the world. Its focus is on extreme speed, convenience and constant innovation.
Designed primarily for people to send money instantly from Europe to Africa, the app allows instant money transfers in a matter of 17.5 seconds.
Since its founding in 2013, SimbaPay has also been widely recognised for its innovation, winning Best B2B solution at RemTech 2018. One of the key innovative factors is its use of chatbots, offering an excellent customer service for worldwide customers, even those without internet access.
In 2018, they were able to incorporate QR codes in order to expand their services. By teaming up with Kenya-based Family Bank, they were able to establish an instant payment service from East Africa to China. This was specifically introduced for Kenyan merchants who purchase goods from China. China is Kenya’s largest import source. SimbaPay was albe to innovate a third-party payment aggregator to utilise the WeChat network and unable instant funds.
In its latest deal amount, it received later stage venture capital funding at a value of approximately $609K.
SimbaPay recognises the need for money, fast. Cutting out the middle man of traditional banks, the process eliminates the need for queues, physically visiting the bank, paperwork and dealing with often less-than-adequate customer service. They aim to combat all of these problems by offering a fast, cost-effective and easy service.
The company is headquartered in East London and has a valid FCA license. SimbaPay operates as a small team of 8 employees.