Payment platform Lava raises $5.8M to build digital wallets for the ‘agent-native economy’

Lava, a payment platform, has raised $5.8 million in funding to develop digital wallets for the "agent-native economy." The platform allows merchants to use credits to facilitate transactions, providing an alternative to traditional payment methods. The funding round was led by Octopus Ventures, with participation from Seedcamp, Fabric Ventures, and other investors. Lava aims to empower small and medium-sized businesses, particularly those in emerging markets, by offering a more accessible and affordable payment solution. The platform's digital wallets are designed to cater to the needs of agents, such as mobile money agents, who often act as intermediaries between consumers and financial services. Lava's solution aims to streamline the transaction process and reduce the administrative burden for these agents. The funds raised will be used to further develop Lava's technology and expand its reach to new markets, as the company works to provide a more inclusive and efficient payment ecosystem for the "agent-native economy."