Transtura acquires fintech WazoMoney to launch payment and marketplace solutions
The acquisition will enable Transtura to launch its payment and marketplace solutions in the transportation sector.
Transtura, a ride-hailing and shared mobility Nigerian startup, has completed the acquisition of Nigerian fintech startup WazoMoney which provides simplified payment solutions.
The acquisition will enable Transtura to launch its payment and marketplace solutions in the transportation sector. The company also believes it will be able to tap into the increasing demand for mobility by Nigeria’s (and Africa’s) fast-rising young population.
The acquisition comes four months after Transtura launched in Lagos with a vision to redefine commuting and interstate travel across Africa. Since it launched, the company has recorded massive traction with thousands of riders queuing in its popular routes to use its shared ride service and growth from an initial five buses to over 20.
The mobility startup provides top-grade services for intra-city transportation in Lagos. Some of its many routes within Lagos include; Adekunle Yaba to VI/Lekki, Iyana Oworo to VI/Lekki , and Abraham Adesanya to CMS. The services on the app are: Share Ride (smart intra-city commuting), Flex Ride (smart ride with loved ones), Skool Ride (ride to school), Distri (distribution of goods, logistics) and Transtura Every (low cost mobility service to commuters).
With the acquisition, the startup will now expand services across its platform to include payments and a marketplace solution to meet vehicles and mobility needs. Users will be able to leverage Transtura payments solution to pay for vehicle registration, documents renewal, vehicle parts, auto insurance, accessories purchase, auto repairs, car care and other related vehicles and mobility needs. Payment for intracity rides, interstate travel, bills payment automation and expense management will also be enabled through the acquisition.
Nigeria’s public transport system is filled with systemic inefficiencies such as poor road network and regulatory constraints. These impediments have restricted the growth of the sector. But Transtura’s technology and solution will help to remove some of these impediments stiffening the growth of the sector. Its payment service and marketplace will help to deepen and improve financial inclusion across the continent.
While commenting on the acquisition, CEO Vincent Adeoba said, “our vision as a customer-centric company is to become Africa’s everyday mobility super app by providing shared mobility, payment service, and marketplace solutions for the over 1 billion people on the continent. We are on a mission to improve the way people commute and travel around the continent and how payments are made in the transportation value chain.
“We are leveraging technology and automation to facilitate and improve the way people ride, travel and pay for service while also supporting companies in the mobility sector with spend management solutions’, Vincent stated.
Transtura’s CTO, Philip Olajide believes that “Africa is a home of enormous opportunities, with several local and innovative solutions.
“We believe only Africans can develop Africa, and we want to play an important role in building the Africa we want by unlocking and creating opportunities for people in the transportation sector”, Philip said.
Adding that, “for us at Transtura, we want to continue to innovate local solutions to the challenges facing the transportation sector. We are not afraid to make mistakes and learn from them as we continue to solve important problems in the mobility space.”