Payvost To Rival Payment Giants, Paypal, And Stripe, Clinch $50 million In Pre-Seed Funding

A Canada-based startup, Payvost Inc founded by Pamilerin Coker, a Nigerian established digital entrepreneur who has decided to revolutionalize payments, banking, and investment with the introduction of the payvost app, a mobile and web-based app aimed at integrating all finance solutions into a single codebase.

The Founder Of Payvost (Pamilerin Coker)
Founder of Payvost Inc

With the growth rate of financial services in the technological sector, the market is predicted to grow by 65.3% annually to reach US$23 billion in 2023 and record a compound annual growth rate of 54.2% between 2022–2028,

Adefisayo Kolade, the product manager of the company, disclosed the development of the company’s partners with a capital venture company to begin its funding rounds with participation from Plug & Play Ventures, SHL Capital, Magic Fund, Jedar Capital, DFS Labs, FirstCheck Africa Angel Program, E62 Ventures, Club 14 and Fast Forward Ventures.

It would feature a B2B (Business to Business) and (B2C) Business consumer model which would allow the product to be available for both business owners and consumers across 89 countries. It would become the first fintech company to run its independent card issuance without partnering with any issuance merchants.

Payvost Headquarters
The international headquarters of Payvost Inc

The card can be used with over 50 currencies globally without having to purchase a new card to travel across several countries. The company plans to expand from 89 to 149 currencies and countries respectively. It also plans to integrate crypto into the payvost cards so it could be also used at crypto teller machines.

While meeting compliance levels with a minimum of 50 countries before commencing operations, the company has since been educating developers on using and implementing their tools and API integration with third-party software and payment system.

The CEO and Founder further stressed the problem of having several finance apps on mobile devices when users can just enjoy everything in one single codebase saying it’s going to be the most sophisticated financed solution ever built.

Users can easily switch between personal and business profiles seamlessly, with the business profile, business owners can receive payments via websites, QR codes, links, and business payment ids. The company’s payment gateway would further amplify the emergence of crypto as a mode of payment for business owners.

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Lead Javascript developer, Token Joe had revealed that an official plugin for 4 major CMS (Content Management Systems) including WordPress would be available as part of the business tools to improve the integration process with a single click. Detailed code documentation would also be available on the company’s official website.

Among other great features that would be introduced on the platform users can send and receive the money within and across borders for free, invest and trade stocks, trade, buy and sell cryptocurrencies, and track income, and expenses among several other features.

Toluwa Akimbola
Toluwa Akimbola

Toluwa Akimbola has a keen interest in technology and brand storytelling, allowing readers to comprehend and feed their curiosity.

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