South African financial technology (fintech) startup Lipa Payments has secured a R10-million investment from Empowerment Capital’s Imvelo Ventures, which is backed by financial services firm Capitec Bank, for its software solution that enables informal sector merchants to accept contactless payments directly from a mobile phone. The solution was developed in 2019 by fintech entrepreneurs Thando Hlongwane and Roger Bukuru, and the Lipa Payments solution was one of the finalists in Capitec Bank’s Life 2.0 Hackathon in 2020.
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