…expands operations into new markets in Africa
Today, Vesti Technologies Inc announced it raised five hundred thousand dollars ($500,000) as part of a pre-seed funding round to improve its product platform, increase its users base and solidify its market penetration into the African market. The round, which enjoyed participation from Oxygen Group, Microtraction, Prunedge Technologies, Terramax Ventures, GB Digitals, and Midlothian Angel Network as investors, is the start-up’s first equity raise since it launched in May 2021.
According to the co-founder and CEO of Vesti Technology Inc, Olusola Amusan “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” he said.
In December 2021, the Vesti app crossed the $1m mark in processed transactions, with 26,000 active users. Today, the platform has grown by 33% Month- on -Month to 32,000 active users organically. With operations in Dallas, Texas, and in Lagos, Nigeria, the migrant Neo Banking application plans to expand its operations to Ghana and Rwanda by Q2 of 2022 to further solidify its market positioning for intending migrants transiting to North America (the US 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 continued. The Vesti app plans to provide migration pathways and Neo Banking services to 200 million migrants across the globe by the year 2030.
The Vesti app co-founded by the duo of Abimbola and Olusola is a financial solution that provides peer-to-peer payments and migration-related fees settlement for Africans and gives a support structure for immigrants in accessing investment opportunities. Also, for migrants seeking opportunities to move to Europe and North America for work and study, the Vesti app allows them to receive money, transfer money, and make international payments through the app.
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.