Bizao, a fintech startup located in the Ivory Coast, has acquired $8.2 million in Series A funding to increase its commercialization and enter other African markets.
Investors including AfricInvest, Adelie, and Seedstars Africa Ventures participated in the funding round.
In just three years, Bizao has grown its business into nine additional African countries, primarily in Francophone Africa, and developed a cutting-edge infrastructure that can handle more than 350 million payment requests each month. With telco operators, banks, and mobile money service providers, the startup has more than 30 agreements.
Bizao, which was founded in 2019, makes it easier to process end-to-end payment flows to and from the major digital payment systems in Africa, including mobile wallets, airtime, and credit cards.
Customers can collect and issue payments online and in-store using the startup’s modular and scalable technology (POS).
“Over the past few years, we have worked closely with our partners to improve our products and services to better meet the needs of our customers. According to Aurélien Delort-Duval, founder and CEO of Bizao, “We have tripled the transaction volumes processed by our platform by approximately 20 over the previous 12 months thanks to this tight engagement with industry participants.
Bizao will build up the commercialization of its payment hub with the help of this funding and extend its reach to more new nations.
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