Revio, a South African payment orchestration platform that assists merchants in optimizing their order to cash lifecycle, has announced a seed financing round of US$5.2 million to support its growth across Africa and the expansion of its capabilities.
Late last year, the startup raised US$1.1 million in venture funding; it has since added another US$5.2 million in capital. Leading fintech fund QED investors took the lead in the funding round, and they were supported by Partech and Revio’s previous investors Speedinvest, RaliCap, and Everywhere VC.
Revio is a payment orchestration platform with a specific focus on Africa that helps businesses connect and keep more customers by reducing the complexity, expense, and risk of payment operations. Global and local businesses may access more than 70 payment methods, set up programmable routing and retry rules, and dynamically engage customers along the payment experience thanks to its single PCI-compliant platform and API.
“Digital payments are growing rapidly across Africa, projected to reach US$146 billion in 2023, before taking into account US$500 billion in mobile money transactions,” said co-founder and CEO, Ruaan Botha. “However, there are unique market challenges and opportunities in how payments are made and collected on the continent. The most glaring is the immense fragmentation of the payments ecosystem, with more than 280 licensed payment service providers, 42 currencies, and the unique consumer payment cultures that exist.”
Revio intends to use the funding to increase its customer value by expanding its capabilities, deepening its routing logic, and expanding its coverage across Africa. To support its expansion, the company will look for outstanding personnel across the continent and in important overseas markets.
Read more on Tech Gist Africa:
REdimension Capital, a South African VC firm, raises more than $10 million for a proptech fund
Tyme, a South African digital bank raises $77.8 million
Quro Medical, an e-health startup in South Africa, has raised $1.3 million
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