Opareta, a pioneering Ugandan startup, has secured a strategic investment from Renew Capital to introduce an innovative Mobile Money Operator Solution. Recognizing the pivotal role of mobile money transactions in Africa’s financial landscape, Opareta aims to bridge technological gaps with a comprehensive digital operating system.
According to GSMA, in 2022, over $831 billion in mobile money transaction value was facilitated by four million active agents across sub-Saharan Africa. Opareta’s digital operating system is designed to address challenges faced by mobile money operators, offering efficient oversight of agent networks. The platform boasts cutting-edge tools for cash reconciliation, float approvals and disbursements, and effective loan management.
Mike Schwartz, co-founder of Opareta, emphasized the need for a departure from outdated tools such as physical ledgers and USSD codes. He stated, “We address this challenge head-on with our digital operating system, designed to improve liquidity management, performance analytics, and digital identity creation for agents. This shift promises not only improved operational efficiency but also a leap toward financial inclusivity.”
Opareta’s platform provides a suite of services, including performance analytics, field team management, KYC capture, and CRM services, ensuring enhanced efficiency and customer engagement. The startup aims to create robust digital infrastructure and tools to significantly enhance the operational efficiency of mobile money operators and other digital financial services providers.
Diana Njuguna, Senior Investment Manager at Renew Capital, expressed enthusiasm for Opareta’s approach, stating, “Opareta’s approach aligns with the needs of an evolving financial landscape where mobile money operators seek to drive efficiency and agents seek more than just transactional tools.” The investment from Renew Capital, an Africa-focused impact investment firm, is intended to support Opareta in reshaping the financial transactions and services landscape across the region.
Founded in 2020, Opareta’s team, made up of Raymond Besiga and Mike Schwartz, brings a wealth of experience from leading companies in the industry. The company’s strong product vision extends beyond facilitating float loans, aiming to build a digital identity for agents that can be embedded by other companies to approve loans, sell financial products, and leverage existing agent networks for various businesses.
Renew Capital manages investments made on behalf of the Renew Capital Angels, a global network of angel investors, foundations, and family offices that seek both financial returns and sustainable social impact. Opareta’s strategic funding is poised to propel the startup into a new era of revolutionizing mobile money operations and fostering financial inclusion.
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.