Vesti, a Nigerian migrants banking app, has raised $500,000 pre-seed funding round to improve its product platform, increase its users base and penetrate more markets in Africa.
The equity investment came from Oxygen Group, Microtraction, Prunedge Technologies, Terramax Ventures, GB Digitals, and Midlothian Angel Network.
Launched in May 2021 by brothers Olusola and Bimbo Amusan, Vesti 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.
The firm plans to provide migration pathways and Neo Banking services to 200 million migrants across the globe by the year 2030. Also, for migrants seeking opportunities to move to Europe and North America for work and study, Vesti allows them to receive money, transfer money, and make international payments through the app.
Additionally, Vesti with operations in Dallas, Texas, and in Lagos, Nigeria is looking to expand 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.
Per its numbers, Vesti claims that in December 2021, it crossed the $1million mark in processed transactions, with 26,000 active users adding that it has grown by 33% Month- on -Month to 32,000 active users organically.
Commenting, co-founder and CEO of Vesti Olusola Amusan, said: “Our 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.
“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”.
