Kwik Closes $2M Series a Round, Steps Up Expansion to Digitize Informal African Trade, from Logistics to Financial Services
The financing round is led by XBTO Ventures, an investor focused on digital asset and fintech investments, along with investments from several new and existing shareholders, including venture fund HUMLA Ventures, Leo STIEGELER, founder of Pulse Africa, French tech investment holding NABUBOTO, Ubisoft’s CEO Yves GUILLEMOT.
Kwik is focusing on building digital services for the three key pillars of last-mile delivery, e-commerce and fulfilment, and financial services.
“Our goal is for Kwik to become the prime app choice for African social vendors and for traditional merchants going digital. Integrating delivery, payment, and e-commerce tool seamlessly in one easy-to-use mobile app is a catchy proposition” explains Romain POIROT-LELLIG, Kwik’s Founder & CEO. “This financing round will enable us to expand across all three key verticals and in select geographic areas”.
“We are very excited to join the Kwik adventure” says Philippe BEKHAZI, CEO of XBTO. “Kwik has shown tremendous momentum since its launch and its mission to digitize local trade in Nigeria and soon around Africa resonates particularly well with us.”
Launched in June 2019 in Lagos, Kwik made its mark with its first vertical as the trusted digital platform to secure quality last-mile delivery services. The service expanded from bikes to vans and SUVs, all the way to 20-tons trucks. More than 100,000 merchants have adopted the Kwik platform so far. The company also launched a number of payment and financial services in 2021, representing already more than 10% of its GMV.