ZirooPay, a Nigerian fintech startup, has secured $11.4 million in Series A funding headed by Zrosk Investment Management.
Investors that have already invested Inventure, a Nordic venture capital firm, returned, along with other private and institutional investors such as Fedha Capital and Exotix Advisory.
Individual investors included Petri Kivinen, a former managing director at Deutsche Bank, Morgan Stanley, and Renaissance Capital; Abiodun Ajai, a director at Bank of America’s Sub-Saharan Africa division; Kurt Bjorklund, managing partner at Permira; Stephane Kurgan, venture partner at Index Ventures; and Jonas Dromberg, a former bureau chief at Bloomberg.
ZirooPay is a developer of mobile POS payment solutions that support mobile payments. It was founded in 2014.
It will be able to extend its payment infrastructure, accelerate expansion, and increase its personnel as a result of the current fundraising round.
The percentage of transaction failures as a result of inadequate internet connection, according to Ziroopay CEO Omoniyi Olawale, is one of the main hurdles to the widespread adoption of card payments at retail locations.
“No major firm is trying to handle this field with current technology, and that’s one area where we see an opportunity for us because we’re primarily a retail payment platform.” Even though we offer agency banking on the side, our primary focus is on retail, which sets us apart from the competition, ” Olawale said.
“Within three months of onboarding, we’ve seen over 70% of our users shift from paper-based accounting to rely on in-app sales accounting,” Olawale noted.
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