Established in 2013, the payment solution aims to connect Africa with the rest of the world through easy money-trans
BitPesa is a payment company that applies refined technology to trading digital currencies and creates other payment methods between Africa and the rest of the globe. This is giving rise to simpler business activities across the continent.
At the moment, several innovative firms are trying to redefine how cash is exchanged across the continent. Africa is currently in an ideal position in time to introduce this trade innovation to.
Till now, carrying out business in Sub-Saharan Africa has been a struggle. As a result of the unavailability of inexpensive and credible business-to-business payment methods. Today, however, BitPesa is creating new payment methods across Africa, and the globe, using their refined technology.
BitPesa’s Timeline
The payment firm was founded in November 2013, by Elizabeth Rossiello.
In May 2014, BitPesa released a preliminary website that enables its patrons to transfer cash to any mobile money wallet in Kenya. By the end of that year, customers could purchase Bitcoin on the website.
By May 2015, the company had expanded to Tanzania and was enabling its patrons to send Tanzanian Shillings to different network providers in the country. By the end of 2015, BitPesa began operations in Nigeria and Uganda.
In January 2017, the firm sealed a $2.5 million capital-raise, intending to become the biggest authorized payment firm on the globe. That provides up-to-date payment at wholesale FX values to emerging economies. By August of that same year, the firm had secured a $10 million fund-raising which was steered by Greycroft Partners.
The company acquired a Spanish digital currency transfer firm, TransferZero in February 2018, after which it proceeded to extend its operations to Ghana in March of that year.
In 2018, the firm, alongside another startup from Kenya, was recognized in the World Economic Forum’s Technology Pioneers Cohort of that year.
The corporation is presently headquartered in Nairobi, Kenya and has outlets spread across various cities like London, Lagos, Luxembourg, Dakar, and Madrid.
How BitPesa Works and Its Security
The BitPesa system makes use of an up-to-date blockchain technology which dramatically improves its functionalities across sectors. Establishments can now deliver speedy payments to its workers and service providers using the BitPesa system. They can also receive payments from their African clients in any domestic currency.
The payment techniques involve mobile money services and also, renders same-day delivery to an establishment’s local or foreign bank account. The efficiency of this kind of speedy transaction requires an intense user authentication procedure to guarantee that a client is who they claim to be.
GBG, a recognized expert in identity data intelligence, is providing BitPesa adequate identity validation assistance through its GBG ID3global system. This ID3global system helps BitPesa automate their user registration procedure. It operates a modified anti-money laundering review; which involves scrutiny for Politically Exposed Persons (PEPs) and authorization records.
The system runs its screening based-off 300,000 distinct profiles across 240 countries. It also carries out authentication assessments against 200 Global Law Enforcement listings and it does all of this synchronously.