Lumepay Records Monthly Transaction Volume Growth After $6 Million Funding
The funding was raised to support the development of Lume Trade and Lumepay, with a focus on building payment infrastructure that enables African businesses to move money across borders more easily, quickly and affordably.
Lumepay Chief Executive Officer, Harry Huang, says the company has recorded significant growth in its cross-border payments business approximately one year after raising US$6 million in pre-seed funding to improve international money transfers for African businesses.
The funding was raised to support the development of Lume Trade and Lumepay, with a focus on building payment infrastructure that enables African businesses to move money across borders more easily, quickly and affordably.
According to Huang, the investment has helped the company strengthen its brand, expand its operations and build a customer base that increasingly relies on its services for cross-border transactions. He added that the company has been recording monthly transaction volume records as demand for its services grows.
Huang acknowledged the contributions of the company’s investors, employees and customers, noting that their support has been instrumental in its progress.
Despite the growth, he said Africa’s cross-border payments challenges remain largely unresolved, adding that Lumepay intends to continue developing solutions to address the difficulties businesses face when moving money across the continent and beyond.
