Klasha, a leading global cross-border payments company, recently raised an additional $2 million in funding, bringing its total funding to $6.5 million. This latest investment round saw participation from existing backers, including Expert Dojo, Alumni Ventures, Practical VC, Breega, My Asia VC, Resilience17, and Magic Fund. The primary purpose of this investment is to support Klasha’s expansion into Asia, particularly by opening a new office in Hangzhou, China, a major hub for e-commerce and payment service providers (PSSPs). Hangzhou is also home to Alibaba and other significant players in the global payment ecosystem.
Klasha’s ecosystem of virtual multi-currency accounts, collection and payout APIs, and cross-border wire services is designed to simplify business-to-business (B2B) payments between Africa and Asia. The company aims to make cross-border transactions more seamless, offering competitive pricing and faster transaction speeds. Klasha has already established partnerships with Asian PSSPs and companies like Coda Pay, Fomo Pay, and Easy Transfer, which underscores the startup’s integration in the region.
In addition to expanding in Asia, Klasha obtained a Money Services Business (MSB) license in the United States, which allows it to operate as a currency exchange and money transmitter. This move reflects Klasha’s broader ambition to cement its status as a global payment solutions provider.
Why the Investors Invested
Klasha’s ability to secure an additional $2 million in funding from its existing investors speaks to their confidence in the company’s vision and performance in a competitive market. Investors are drawn to Klasha for several key reasons. In the first place, Klasha addresses the critical need for seamless B2B payments between Africa and Asia, two regions with growing trade ties. As global commerce between emerging markets intensifies, payment bottlenecks have become a pressing issue. Klasha’s solutions directly target this gap, offering faster and more efficient payment rails. The company’s ability to save merchants time and money by enabling transactions in over 120 currencies makes it an attractive proposition.
On the other hand, Klasha’s strategic entry into the Asian market, through a new office in Hangzhou, positions it at the heart of global e-commerce and financial technology innovation. Investors like Expert Dojo, who have re-invested in the company, likely see this as a crucial step toward tapping into the vast B2B payment opportunities in Asia. Moreover, the company’s acquisition of an MSB license in the U.S. enhances its global operational reach, allowing Klasha to access one of the world’s largest financial markets.
The investors are also betting on the leadership of CEO Jess Anuna, whose vision for expanding into multiple geographies is supported by the company’s demonstrated traction in the payments space. The inclusion of Justin Fan, an experienced figure in payments, further strengthens Klasha’s ability to scale effectively. The startup’s backing from notable players like American Express, Greycroft, Seedcamp, and Global Ventures also adds credibility to its operations, making it a safer investment in a high-risk sector.
A Look at Klasha
Founded in 2021 by Jess Anuna, Klasha has quickly positioned itself as a key player in cross-border payments, especially between Africa and Asia. The company provides a platform and APIs designed to move money frictionlessly across borders, catering to the growing needs of businesses in emerging markets. Klasha enables businesses to collect, send, and hold currencies that are typically considered hard or exotic, offering extensive support through its API infrastructure.
Klasha’s primary markets include Africa and Asia, two regions with increasing economic integration but where payments remain a significant challenge due to regulatory and currency exchange complexities. By offering seamless payment solutions, Klasha not only simplifies transactions for merchants but also opens up new possibilities for trade and commerce between these regions. Its partnerships with key players like the Chinese Chamber of Commerce in Yiwu demonstrate the company’s credibility in facilitating international payments.
Aside from its core offering, Klasha is also focused on regulatory compliance, as evidenced by its MSB license in the U.S. This gives the startup a broader operational scope, allowing it to serve global merchants and enterprises. The company’s backing from renowned investors and its continued ability to raise funds point to a strong future, as it continues to innovate in the B2B payments space, focusing on emerging markets.