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Ethiopian fintech startup Arifpay is raising 160 million birr (2.8 million dollars) in what marks the company’s second round of funding. Shareholders of Arifpay Financial Technologies unanimously passed the resolution last week, aiming to bring the startup’s capital to 300 million birr.

Arifpay initially raised 140 million birr in its first round of funding in 2021 from 42 founding shareholders, a mix of industry experts and angel investors.

In a press statement sent to Shega CEO of Arifpay, Bernard Laurendeau, explained that the decision to increase the company’s capital comes at a critical time as it strives to expand its product offerings and anticipates both organic and non-organic business expansions in the coming years.

Akofada (DFS Ethiopia)

The CEO added that this move is part of the strategy defined by the company in 2022, specifically aimed at ensuring a smooth transition from Stage I to Stage II in its maturity model.

In the second stage of its maturity model, Arifpay is focused on several key objectives. These include the aggregation of all digital payment infrastructure, encompassing wallets, as well as the aggregation of POS devices while optimizing the existing POS install base.

Additionally, Arifpay aims for horizontal integration, exemplified by the acquisition of data from PSO and PII business units. Another goal is to enable banks to digitize faster, mobilize deposits rapidly, and enhance their corporate valuations. Furthermore, Arifpay seeks to recruit net new merchants through national switch integration.

“The shares will first be offered to existing shareholders at 1000 birr per share. Any remaining shares will then be put up for sale at a premium price,” said Hilko Alemu, Arifpay’s legal counselor, to Shega.

“We plan to raise 60 million subscribed capital within the next six months,” he added.

Arifpay secured its commercialization permit from NBE in November 2022. The following month, it launched its Point of Sale (POS). Meanwhile, the Arifpay online payment gateway was launched in December 2023.

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Kaleab Girma, an Addis Ababa-based reporter and researcher, with over six years of experience in the field. He currently serves as Shega's Editor-in-Chief and specializes in reporting on small businesses, innovation, technology, and startups in Ethiopia.