The fund will drive the company’s expansion, particularly in Asia, where it plans to open a new office in Hangzhou, China; a known hub for e-commerce and payment service providers (PSSPs), home to major companies like Alibaba. 

Klasha also aims to strengthen its B2B payment solutions, offering businesses the ability to send and receive payments across Africa and Asia more efficiently.

Existing investors in the round included Expert Dojo, Alumni Ventures, Practical VC, Breega, My Asia VC, Resilience17, and Magic Fund. Brian Mac Mahon, founder and CEO of Expert Dojo, said: “We’re excited to re-invest in Klasha at a time when they’re rapidly scaling into B2B payments between emerging markets and Asia, providing more seamless, faster payment rails to their global merchants.”

Klasha’s platform supports payout and collection APIs, enabling businesses to pay partners in local African currencies such as NGN, KES, and UGX, while paying in USD, EUR, or CNY. 

This eliminates the challenges of currency exchange, allowing businesses to process payments swiftly to bank accounts or mobile wallets.

Again, Klasha’s Payment Links service allows businesses without e-commerce stores to collect payments online from African customers, receiving payouts in their chosen currency without needing a website or complex technical setup. 

Klasha Wire offers another key solution for businesses, enabling them to pay global suppliers from emerging markets in local currencies, with no hidden fees or monthly charges. Payments are typically settled within one to three business days, providing a reliable solution for international transactions.

Klasha is focused on ensuring high security for all transactions, with compliance to PCI-DSS and ISO-270001 standards. Its platform includes advanced Know Your Customer (KYC) verification, two-factor authentication, and regular audits to maintain transparency and protect users’ data. 

The company is also regulated in multiple jurisdictions, further strengthening its position in the global payments industry.

In addition to its Asian expansion, Klasha has obtained a Money Services Business (MSB) license in the United States, allowing it to operate as a currency exchange and money transmitter. This strengthens Klasha’s presence as a global payment facilitator, expanding its reach beyond Africa and Asia.

Jess Anuna, CEO of Klasha, commented on the latest developments: “We’re thrilled to announce our latest funding round and investment into the Asian market. We already work with merchants at scale in the region and are looking forward to expanding our capabilities there, fostering more seamless B2B payments between the two continents. With this investment and the addition of Justin Fan, we are confident that we can tap into the immense B2B payment opportunities in the Asian market and drive sustainable growth for the company.”

Currently, Klasha serves over 10,000 merchants and has processed more than 140 million transactions across emerging markets.

The company’s growth is supported by partnerships with major Asian PSSPs such as Coda Pay, Fomo Pay, and Easy Transfer, and it continues to deliver competitive foreign exchange rates and faster transaction times for businesses globally.

The funding round was led by Bonfire Ventures, an early-stage venture capital firm that invests exclusively in B2B software companies at seed stage, with participation from Newfund Capital, and Alumni Ventures.

Rwazi was founded in 2021 by CEO Joseph Rutakangwa and COO Eric Sewankambo, with the aim of providing businesses with real-time market intelligence and insights. The platform aggregates data from various sources, producing data based on the needs of the subscribers using its SaaS product, and uses artificial intelligence and natural language processing algorithms to analyze the data and provide actionable insights to businesses.

Present in over 40 countries in Africa and South Asia, Rwazi leverages a network of qualified mappers to collect data from localities. The platform is designed to help businesses make data-driven decisions, identify new opportunities, and stay ahead of their competitors. Rwazi’s clients include companies in the e-commerce, retail, and consumer goods industries, as well as financial institutions and consulting firms.

With the new funding, Rwazi plans to bridge the language gap that exists in regions it operates by rolling out new products that support several languages before the end of this year. The company aims to increase its customer base and expand into new markets across Africa, as well as enhance its technology and product offerings.

Rwazi has already helped businesses in Nigeria and other African countries, including Dangote, Gillette, Dettol, and Hima Cement, among others, to make informed decisions and stay ahead of their competitors. The company has the potential to transform the way businesses operate in Africa, and the new funding will help the company to achieve its goals.

Last year, Rwazi participated in the Techstars Los Angeles accelerator program. The company currently has a network of 50,000 consumers, and 18 multinationals tracking more than 200 different products, in various sectors including fast-moving consumer goods, healthcare, telecommunications, and financial services.

Overall, the $4 million seed funding is a significant milestone for Rwazi, and will enable the company to take further steps in achieving its goals and expanding its offerings. The platform’s focus on real-time market intelligence and insights is particularly relevant in today’s fast-paced business environment, and has the potential to transform the way businesses operate in Africa.