Klasha, a startup working on providing solution to cross-border commerce, has raised an additional $2.1 million to complement its seed funding round. The additional fund was raised from American Express (AMEX) Ventures, and Global Ventures.
Other investment firms like Greycroft, Seedcamp, Plug and Play, Berrywood Capital and Breega also took part in raising the additional fund for the seed round.
This new funding brings the total funds raised by Khasha to $4.5 million, having raised $2.4 million last year October.
Klasha, which was founded in 2019, launched its operations in 2021. The startup is focused on empowering merchants worldwide to sell to Africans through its online platform – KlashaCheckout.
The startup allows its users to receive payments in the local currencies of six African countries – Nigeria, Zambia, Tanzania, Uganda, South Africa and Kenya. It also allows payment to be made in currencies like Dollar, Pound, and Euros. As part of its offerings, Klasha lets its users enjoy super fast last-mile delivery to consumers across the continent.
“The core mission of Klasha is to streamline cross border commerce from Africa to the rest of the world. And in turn, give the rest of the world access to African consumers on the ground who want and need these goods globally,” CEO, Jessica Anuna, said.
The startup has been maintaining a 20% month-on-month growth in merchant acquisitions, and a 17% growth in the volume of its transactions.
Klasha allow its users in Ghana, Nigeria, and Kenya to create virtual cards, fund the cards with their local currencies, and make transactions with it. The startup creates a channel for its users to shop on Boohoo, with the plan to help retailers such as ASOS, Zara and H&M accept payments from African consumers.
“The biggest product development is this app allowing these consumers to shop from selected stores like Boohoo.com, pay using their Klasha wallet, which you can fund by multiple different African currencies and get delivered to their door,” Anuna said.
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Speaking in the fundraise, Sacha Haider, a partner at Global Ventures, said that Klasha has provided a better experience for the more than 500 million digital buyers anticipated on the continent by 2025.
“We look forward to seeing the company’s innovative solutions help open up commerce for African consumers and facilitate cross-border payments,” said Matt Sueoka, global head of Amex Ventures, in a statement. “Klasha has the potential to drive spending by making payments simpler in emerging markets and allows merchants to scale within the continent and abroad,” Haider said.
The Global Head of AMEX Ventures, Matt Sueoka, also commented on the funding round. He said:
“We look forward to seeing the company’s innovative solutions help open up commerce for African consumers and facilitate cross-border payments. Klasha has the potential to drive spending by making payments simpler in emerging markets and allows merchants to scale within the continent and abroad.”