Multinational bitcoin platform BitX has raised $4m in a round led by South Africa's third largest company, the Naspers Group.
As part of the deal, James Caviness, PayU's chief product officer, will join the board of directors at BitX.
In a statement, he said:
Having invested time in building relationships on-the-ground and recruiting local staff in its branches, with the release of iOS and Android apps, it has also doubled down on mobile, which it described as the "de facto" computing device for the developing world.
High growth markets
PayU offers online payment services for 100,000 merchants in 16 of the world's high-growth markets. Like BitX, over its 10 year history the company has been focused on becoming experts in the local markets, or "local experts with a global presence".
BitX co-founder and CEO Marcus Swanepoel indicated this experience matched up with BitX's ambitions:
"Given our unique and competitive cost structure this funding round represents a significant capital injection to help expand our business," Swanepoel added.
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