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Abba Newsroom FOR IMMEDIATE RELEASE Abba Platforms Inc. Secures $11 Million in Funding Round Led by Run4 Capital to Drive Expansion Across Africa NEW YORK, NY, October 10, 2024 – Abba Platforms Inc., the parent company of Abba Payments Ltd. and developer of Africa’s rapidly growing peer-to-peer mobile payment platform, Abba App (formerly Abba Wallet), today announced the successful closing of $11 million in a funding round, led by Run4 Capital, the investment arm of RUN4 Consultoria e Gestão de Negócios, a Luanda, Angola-based business management firm. Abba App, now available on Google Play, enables verified users to transfer money up to 250,000 of any transacted currency, make payments, and receive funds in real-time using QR code scanning and wallet-to-wallet transfers. Users can also create free events on the platform to crowdfund for critical needs, such as weddings, funerals, school fees, church events, and small business expenses. With this new funding, Abba Platforms Inc.’s post-money valuation reaches $3.7 billion. The company’s mission is to expand its reach across Africa, aiming to serve over 1 billion people and more than 500 million small businesses over the next seven years. “Properly harnessing Africa’s vast natural resources can catalyze industrialization and economic growth. This funding will enable Abba Platforms Inc. to accelerate its efforts to provide essential financial services across Africa, contributing to the continent’s transformation,” said Simon Kapenda, Founder of Abba Platforms Inc. The newly raised capital will fuel the startup costs and growth of Abba Platforms Inc.'s ecosystem, which includes six key brands: Abba App, Abba RailX, Abbain.com, Abba Bank, Ekse, and Swyws. The investment will support the expansion of Abba App, the development of Abba Bank and its banking license application, the growth of Abbain.com, and a feasibility study for Abba RailX, a planned urban mass transit system in Luanda, Angola and Northern Namibia covering Oshikango, Oshakati, Ondangwa and Eenhana. “We are at a pivotal point in Africa’s development, and Abba Platforms Inc. is poised to lead the way in providing access to essential services like money transfers, transportation, and payments for goods and services,” said Dr. Carlos Luvambano, Founder and CEO of Run4 Capital. Julius T. Gbayange, President of Abba Payments Ltd., added, “Africa’s economic development has long been hindered by limited financial access and barriers to cross-border trade. Abba Platforms Inc. is addressing these challenges by delivering innovative solutions that will help drive the continent’s economic growth.” Abba RailX, an eco-friendly urban transit system using UK-based Urban.MASS Floc® Duo Rail™ technology, aims to ease traffic congestion in African cities. Commuters will be able to purchase tickets for Abba RailX through the Abba App. “Abba RailX will reshape urban mobility in Africa, promoting economic integration and fostering regional growth,” said Imraan Sescas, Project Manager for Abba RailX. Additionally, Abbain.com, Africa’s leading business intelligence platform, connects verified buyers, sellers, and service providers. Powered by AI, Abbain.com provides a secure, escrow-based solution for cross-border transactions across Africa. Swyws, a payment gateway to be integrated into Abba App and Abba Bank, will offer users a suite of APIs to manage payments and control their finances seamlessly. “Abba Bank will play a critical role in our ecosystem by acting as the sponsoring bank for Abba App and facilitating transactions between merchants, card networks, and users,” said Ndawedwa Muandingi, CEO of Abba Bank. Dr. Luvambano added, “We are proud to support the growth of an innovative, African-born platform that connects people, resources, and services within Africa and beyond.” Abba Platforms Inc. is committed to fostering transparency and trust in intra-African trade through its AI-driven solutions, aligning with the African Union’s AfCFTA Agenda 2063 vision of economic integration across the continent. “We are thrilled to welcome Run4 Capital as a key partner in our journey. Together, we are building an ecosystem of innovative solutions to unlock Africa’s potential and drive its economic growth,” said Edgar Songanga, CEO of Abba Platforms Inc. The $11 million investment is part of Abba Platforms Inc.’s broader $800 million pre-IPO fundraising goal under U.S. Securities Act Regulation D Rule 506(c), aimed at scaling its solutions across Africa. For more information about Abba Platforms Inc. and its offerings, visit abbaplatforms.com. --- About Abba Platforms Inc. About Run4 Capital --- Media Contact: --- Social Media Copyright ©: 2024 Abba Platforms Inc. All rights reserved. |