UK-based fintech startup has raised £1 million in pre-seed funding to expand its suite of digital financial services across Africa and the African Diaspora, as it positions itself at the forefront of the continent’s rapidly growing fintech landscape.

The round was led by a private family office with prior investments in Eastern European fintech ventures, reflecting investor confidence in straitPay’s potential to address structural barriers to financial access on the continent.

“This funding enables us to accelerate our mission to deliver seamless financial connectivity across Africa,” said Kele Okafor, CEO of straitPay. “We’re expanding our product suite, strengthening infrastructure, and scaling to new markets where financial inclusion remains a challenge.”

Founded with the goal of simplifying payments and investment access for underserved populations, straitPay has already deployed over 20,000 digital wallets and processed millions dollars in transactions, primarily supporting individuals and SMEs excluded from traditional banking channels.

Africa remains one of the world’s most underbanked regions, with 57% of its 1.48 billion population lacking access to formal financial services. Fintech platforms like straitPay are increasingly filling that gap, offering low-cost, mobile-first solutions to a digitally connected population.

The platform is also eyeing intra-African trade—a space long hindered by fragmented financial systems and currency barriers. With intra-continental trade accounting for just 15% of Africa’s total commerce, straitPay sees an opportunity to streamline cross-border payments and unlock new economic synergies.

While still in its early stages, straitPay’s traction signals both investor appetite for African fintech innovation and a broader shift toward digitized, inclusive financial ecosystems. The company’s growth reflects a rising demand for tools that bypass legacy banking structures and empower users directly through mobile technology.

The pre-seed capital will support product development, regulatory licensing in new territories, and customer acquisition across East, West, and Southern Africa.

With digital adoption accelerating across the continent, straitPay aims to position itself as a key enabler of Africa’s next wave of financial transformation.

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