Payments innovation expert PayAngel is bridging Africa with Europe and the Americas

The company is targeting $4.4 billion in transactions with over $100 million in revenue within the next five years. With two industry awards this year alone, it’s clear there’s something noticeably special about PayAngel.

PayAngel, headquartered in the United Kingdom, is a multi-channel money transfer app developed for the African diaspora everywhere. It’s reliable, secure, and convenient, allowing customers to make fast digital transfers and payments. Importantly, PayAngel is the only company offering embedded life insurance to beneficiaries of remittances sent using the PayAngel services and allows remitters to eliminate third-party risk by making it possible for them to pay for goods and services without any middleman.

Moreover, PayAngel is built on bank-grade security leveraging Microsoft’s Zero Trust Model to protect its partners and customers. The company is known for its heroic customer service, the best exchange rates, zero fees, and innovative products that truly meet the needs of the African diaspora. The credit goes to the PayAngel team that comprises of experienced bankers, and banking and mobile technology experts with a collective experience of over 40 years.

On the technological front, PayAngel goes the extra mile, leveraging the right innovation model to deliver speedy transfers and significantly better value. 

The company was founded in 2013 and is based in Dartford, Kent in the United Kingdom. The company now has sister companies in Canada, Ireland, US, and Ghana.

The Silicon Review reached out to the founder of PayAngel, Jones Amegbor, and here’s what he had to say:

“We engage and listen to the African community and continually innovate to meet their needs. This is our top priority.”

“Personally, as a migrant who sends money back home, I faced many problems. Sending money home was an uphill task back in the day. I had to find time outside of office hours or during the weekends to visit an outlet to send funds otherwise the transfers were delayed, and the beneficiaries suffered from not having the funds on time to pay for those urgent and most often critical needs. Aside the inconvenience of making the journey and the agony suffered from missed payments, I experienced many other issues including diversion of allocated funds, extortion by deception, and of course, paying too much in charges, which were way too high for Africa compared to other continents.”

“PayAngel was born to address these issues and to present a convenient solution to the African diaspora everywhere to connect to their home countries in a meaningful way. I am glad that we are delivering on our promise.”

Growing at a Rapid Pace

Currently, PayAngel is powering transfers and payments from the UK, Canada, and Australia to Ghana, Nigeria, Kenya, and South Africa, and has rails to 28 other countries in Africa. It has consistently achieved 2x to 3x annual growth over the past four years translating into a Compound Annual Growth Rate of 146 percent.

PayAngel is looking to significantly scale up by accelerating growth and expanding operations from other European countries, and the US to several more countries across sub-Sahara Africa. The company is targeting $4.4 billion in transactions with over $100 million in revenue within the next five years.

“Over the next five years, we see PayAngel living up to its tagline of being the ‘African Payment Expert’ by connecting the African diaspora everywhere and making payments into, within, and from Africa seamless, and importantly, without any layers of middlemen. We are building a global platform that enables immigrants to participate in shaping the digital economic expansion of their home regions whilst positioning local businesses to capitalise on the cross-border commerce growth.”

Collaboration & Recognition

PayAngel has been backed by ‘Microsoft for Startups’, the UN Capital Development Fund (UNCDF) with funding from the European Union Trust Fund for Africa (EUTF), and the Swiss Government. The company is also part of two accelerator programs: 1000 Black Voices Growth Accelerator, and the Founder Institute.

The company recently won the ‘Corporate Vision Best Specialty Money Remittance Services Award’. PayAngel also just beat MFS Africa and Terrapay, other finalists at the Innovations in Payments and Remittances Conference and Awards night and won the Social Impact Awards held this October.

Jones Amegbor | Innovation

Jones Amegbor is a Chartered Certified Accountant and an experienced banker with an MBA in Information Technology and Blockchain Strategy qualification from Oxford University.

Jones started his career with Barclays where he quickly established himself as a precocious talent and made it onto the bank’s leadership program. He left Barclays to establish a life as a contractor/consultant, working on various Technical Accounting and IT Change projects within the Treasury space for Lloyds Banking Group and the Co-operative Banking Group. Prior to that, Jones had worked in internet banking, retail, corporate risk, finance, and investment banking product control functions.

The CEO Publication recently featured and recognized Jones among the “Top 20 Dynamic CEOs of 2022 in the UK” for PayAngel’s role in transforming payment solutions across Africa.

“We engage and listen to the African community and continually innovate to meet their needs. This is our top priority.”

“Over the next five years, we see PayAngel living up to its tagline of being the ‘African Payment Expert’ by connecting the African diaspora everywhere and making payments into, within, and from Africa seamless, and importantly, without any layers of middlemen.”

“We are building a global platform that enables immigrants to participate in shaping the digital economic expansion of their home regions whilst positioning local businesses to capitalise on the cross-border commerce growth.”