Nigerian fintech startup Vepay has announced plans to raise $1.5 million in seed funding to strengthen its operations and expand into new African markets. The company, which launched in Nigeria and Kenya in July 2025, is positioning itself to build a simpler payments gateway for businesses across the continent.
Since its launch, Vepay has attracted a growing user base and generated discussions within fintech circles. Its early growth points to demand for reliable and affordable cross-border payment solutions in Africa.
A central feature of Vepay’s platform is its instant virtual dollar card. The product allows users to fund wallets with local currency, convert to dollars at competitive rates, and make payments for goods, services, and subscriptions on international platforms. This has created a payment alternative for freelancers, entrepreneurs, and remote workers who often face challenges in accessing dependable cross-border payment channels.
The company’s broader focus, however, is on businesses. Part of the proposed capital will be directed towards building a B2B payments gateway designed to support multiple currencies, enable cross-border settlements, and integrate with business systems through APIs. This will allow African businesses to transact with international partners without delays or unnecessary barriers.
“Our mission has always been to bridge the gap between Africa and the global economy,” said Oluwagbenga Agunbiade, Vepay’s founder and chief executive officer. “This raise is about accelerating that mission — making it just as easy for a small business in Lagos to transact internationally as it is for a freelancer in Nairobi to pay for global services.”
The funding will also be used to scale technology infrastructure, strengthen compliance and security measures, and expand into more African countries where demand for cross-border payments is high.
Unlike many fintech companies that focus solely on either consumers or enterprises, Vepay is seeking to serve both. Industry observers are watching closely to see whether the company can convert its early growth into wider adoption across the continent.
