Otega O
TechInAfrica – Eversend is a fast-rising digital-only finance platform, offering cross-border money transfers, including other services to its teeming customers. The company started in 2017, and besides its multi-currency wallet, plans to include additional services in the future. These include group savings, loans, savings, merchant payments, and others.
About a year ago, TechInAfrica reported on how the Fintech startup got picked alongside 11 other participants for the Google Launchpad Africa Accelerator program. Since then, the startup had participated in several other programs and even won the Helsinki-based Slush startup competition in November 2019.
Eversend Uganda has also obtained its money lending license. The startup currently has over 40,000 registered users on its iOS and Android apps.
Eversend’s newly launched Seedrs campaign was done to raise US$613,000, in return for 7.67 percent equity. But the startup had already bagged 115% of the total it required within a few weeks that the campaign started. It already has $706,000, in return for 8.74% equity, according to the startup CEO, Stone Atwine.
Eversend plans to use the funds raised for product development, regulatory compliance, and user acquisition. The company also has plans to expand to other African countries and Europe. African countries include Francophone countries and Nigeria. However, some of the funds realized will remain in the company’s purse and used as working capital.
