Transtura Acquires FinTech Startup WazoMoney

Nigerian ride-hailing and shared mobility startup Transtura on Monday (Feb. 7) finalized the acquisition of FinTech payments startup WazoMoney as part of a plan to create payment and marketplace solutions for the mobility sector across Africa, Business Insider Africa reported Monday (Feb. 7).

Transtura debuted its shared mobility service in October in Lagos and has thousands of riders across three major routes for its shared transportation service. The marketplace solution Transtura is adding will be “a one-stop shop for vehicles and mobility needs,” the report says.

“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,” said Vincent Adeoba, Transtura’s CEO.

“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,” he said. “We are leveraging on 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.”

The Transtura marketplace will include vehicle registration, documents renewal, auto insurance, vehicle parts and accessories purchase, auto repairs, car care and other related vehicles and mobility needs. The platform will let riders pay for intracity rides and interstate travel, automate bills payment and manage expenses.

“We want to continue to innovate local solutions to the challenges facing the transportation sector,” said Transtura CTO Philips Olajide. “We are not afraid to make mistakes and learn from them as we continue to solve important problems in the mobility space.

“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,” he said.

Related: Nigerian Mobility Tech Startup Metro Africa Xpress Nets $31M for Expansion

In December, Nigerian mobility tech startup Metro Africa Express (MAX) has raised $31 million in a Series B funding round. The money will go toward extending vehicle financing credit to more than 100,000 drivers in the next two years and help MAX expand into Ghana and Egypt by the first quarter of this year and into Francophone, East and Southern Africa by the end of 2022.