Korapay

Kora is a payments infrastructure platform, founded in 2017, that supports businesses across Africa by providing a seamless and secure payment system. Headquartered in Toronto, Ontario, Kora offers a variety of payment solutions through an API that allows businesses to scale quickly. The platform provides services like accepting payments globally in any currency, high transaction success rates, flexible payment methods (including card, bank transfer, and QR payments), and secure payouts.

Kora caters to startups, fintechs, and logistics companies, offering tailored solutions for each. For example, MyXalary uses Kora’s bulk payout feature to process salary payments, and GIGL uses Kora’s pay-in product for customer wallet funding. Kora's infrastructure ensures compliance with PCI DSS and ISO standards, with strong security measures such as fraud detection, multi-factor authentication, and real-time monitoring.

The company is trusted by several brands like GIG, MyXalary, and Oystr. Kora's support extends globally with features such as instant settlements, bulk payouts, and multicurrency transactions, aimed at businesses seeking secure and fast financial services.

Kora emphasises diversity and offers employee benefits like stock options, health insurance, and flexible working styles. Its hiring process includes an application, technical assessment, and cultural fit interview.

Kora’s goal is to eliminate digital financial barriers in Africa by offering an all-encompassing payment solution. The company also provides extensive documentation and support for developers looking to integrate its API and create custom payment experiences for their customers.

Kora was founded in 2017 by Dickson Nsofor, with the initial idea of creating financial tools for NGOs using blockchain technology. The company began its journey by focusing on providing remittance services, aiming to help people in Africa send and receive money more efficiently.  Dickson Nsofor’s vision stemmed from his experience working at a fintech company in London, where he recognised the need to solve the problem of a significant portion of the world’s population lacking access to financial services.

In 2019, Kora made a strategic decision to pivot from its original remittance service to a business-to-business (B2B) model. This shift allowed the company to provide a comprehensive payment infrastructure that could help local and global businesses operate more efficiently across Africa. In the same year, Kora participated in the Techstars Toronto accelerator programme, which helped the company gain exposure and grow its operations.

By 2022, Kora had obtained a commercial Payment Service Solution Provider (PSSP) licence from the Central Bank of Nigeria. This licence allowed the company to offer its services more extensively within the region. Later that year, Kora expanded its operations to the United Kingdom by opening a fully functional office in Birmingham. This was part of a collaboration with the municipal government of Birmingham and was announced during the Commonwealth Games opening ceremony, marking Kora’s growing presence in the global fintech space.

However, in mid-2022, Kora faced fraud allegations in Kenya. After several months of investigation, the Kenyan authorities, including the Asset Recovery Agency and the Department for Criminal Investigation, cleared the company of all accusations. The case was formally dropped in October 2022.

Today, Kora provides a wide range of payment solutions, including pay-ins, payouts, settlements, and multi-currency transactions. It serves various industries and businesses across Africa, facilitating transactions both locally and globally. The company continues to grow, supporting African businesses by offering secure and scalable payment solutions.

Korapay's mission is to enable individuals and businesses in Africa to participate in the global economy by providing them with easy access to affordable and reliable financial services. The company aims to accomplish this by building a pan-African payment infrastructure that connects local and global businesses to popular payment channels across Africa. Korapay's goal is to make cross-border payments and settlements faster, cheaper, and more secure, and to help drive financial inclusion and economic growth on the continent.

As a pan-African payment infrastructure company, Kora aims to be the leading provider of financial services and products that enable local and global businesses to seamlessly accept payments, make payouts, and get settled across popular payment channels in Africa. Their vision is to promote financial inclusion, reduce poverty, and drive economic growth across Africa by leveraging technology and innovative payment solutions.

Korapay has gained recognition in the Nigerian fintech space for its innovative products and services. In 2019, Korapay was one of the top 10 finalists in the Techstars Dubai Accelerator program. Additionally, Korapay has received positive reviews from customers and media outlets for its user-friendly platform and efficient services.

Korapay offers a variety of products and services designed to simplify and streamline payment processes for businesses. These include:

• Virtual Accounts: Korapay provides businesses with virtual accounts that allow them to receive payments in multiple currencies. This service is particularly useful for businesses engaging in cross-border transactions, as it simplifies the process of managing international payments.
• Payment Links: Businesses can create customised payment links through Korapay’s platform. These links make it easy to receive payments without needing a website or complex infrastructure. Customers can pay using multiple methods, and the links can be shared via email, social media, or directly with customers.
• APIs for Developers: Korapay offers a range of APIs that enable developers to integrate payment solutions into their applications. These APIs allow businesses to build custom payment experiences, including automated payment processing and integration with their existing systems.
• Cross-Border Payments: One of Korapay's key services is facilitating seamless cross-border payments. The platform simplifies the process of receiving and making international payments, providing businesses with a reliable solution for expanding globally.
• Bulk Payouts: Korapay allows businesses to process bulk payments quickly and efficiently. This service is ideal for businesses that need to send payments to multiple recipients, such as payroll processing or vendor payments.
• Payment Gateway: Korapay provides a secure payment gateway for businesses to accept payments through various methods, including debit and credit cards, bank transfers, and other electronic payment methods.
• Mobile Payments: The platform also supports mobile money services, enabling businesses to receive payments from customers who use mobile wallets, a feature that is particularly popular in regions with limited access to traditional banking.

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