As part of the trend of banks investing in fintech start-ups, Lipa Payments, backed by Capitec, has received R10m in fresh funding to expand its service that helps informal businesses to accept contactless payments through mobile phones in SA and Nigeria. 

Lipa Payments said it had secured a R10m investment from Empowerment Capital’s Imvelo Ventures, which is backed by Capitec Bank. Lipa Payments was one of the finalists in Capitec Bank’s Life 2.0 Hackathon in 2020...

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