Vesti Technologies Inc announced that it has raised five hundred thousand dollars ($500,000) as part of a pre-seed funding round to improve its product platform, solidify its market penetration into the African market as well as increase its users base.
Participants in the round include Oxygen Group, Microtraction, Prunedge Technologies, Terramax Ventures, GB Digitals, and Midlothian Angel Network. This is the start-up’s first equity raise since it launched in May last year.
Olusola Amusan, co-founder and CEO of Vesti Technology Inc said Vesti’s entrance to the market was as a result of his personal experience as an immigrant, where he witnessed a gap in the market.
“Olusola Amusan founded Vesti with his brother, Abimbola Amusan. The duo said they started Vesti due to payment challenges people encounter when they want to make international fees associated with migration. They saw a gap in the market and developed the Vesti app to help mitigate it.”
Vesti app crossed the $1m mark in processed transactions, with 26,000 active users in December 2021. As of today, the platform has grown by 33% Month- on -Month to 32,000 active users organically. The startup boasts operations in Dallas, Texas in the United States and in Lagos, Nigeria.
The migrant Neo Banking application plans to expand its operations to Ghana and Rwanda by Q2 of 2022 to further solidify its market positioning for intending migrants transiting to North America (the US and Canada) and Europe for work and education opportunities.
“We have built infrastructure for modern banking for the 21st-century migrant who wants to go global, and our technology and that of our partners will make shared prosperity possible for migrants everywhere”, Amusan continued. The Vesti app plans to provide migration pathways and Neo Banking services to 200 million migrants across the globe by the year 2030.
Vesti application is a financial solution platform that provides peer-to-peer payments and migration-related fees settlement for Africans and gives a support structure for immigrants in accessing investment opportunities.
It gives people the opportunity to do short-term investments as they plan their relocation and long-term investments on local and international stock exchanges. Also, for migrants seeking opportunities to move to Europe and North America for work and study, the Vesti app allows them to receive money, transfer money, and make international payments through the app.
“With Vesti, it is easy for people to monitor their investments, whether they are a first-time investor or an expert. Our interface has no jargon. What you see is what you own”, Olusola Amusan explained in a chat with Enterprise CEO.