South African fintech firm, Revio has recently announced a successful seed investment round, securing $5.2 million in funding.
This funding round was led by QED Investors, a prominent fintech fund, and saw participation from Partech, along with continued support from Revio’s existing investors, including Speedinvest, RaliCap, and Everywhere VC.
This marks the second funding round Revio has secured in the past year.
In November, the company raised $1.1 million in a seed funding round led by SpeedInvest, with the participation of RaliCap Ventures, The Fund, and Two Culture Capital.
With this fresh capital infusion, Revio intends to further expand its presence across Africa, enhance its routing logic, and broaden its capabilities to offer even more value to its customers.
The company is actively scouting for top talent in both African and international markets to support its growth initiatives.
Co-founder and Chief Executive Officer (CEO) of Revio, Ruaan Botha emphasized the rapid growth of digital payments in Africa, with projections expected to reach $146 billion in 2023, not including approximately $500 billion in mobile money transactions.
He also highlighted the unique challenges and opportunities in the African payments landscape, including fragmentation, multiple currencies and diverse consumer payment habits.
On his part, Nicole Dunn, co-founder and Chief Operations Officer (COO) of Revio, pointed out that, “A significant portion of the African consumer base is just beginning to adopt digital platforms and has limited disposable income, making effective cash flow management crucial. Consequently, merchants, whether local or global, face challenges in reaching customers and collecting payments, resulting in high customer acquisition costs, complex integration processes, and payment failures.”
Revio simplifies these complexities through its single payment API and orchestration platform, creating new avenues for collaboration among merchants, payment providers, and platforms to improve customer acquisition, success rates, and retention.
The company offers features such as intelligent transaction routing, automated failover and retries, and real-time customer engagement workflows.
Gbenga Ajayi, Partner and Africa Lead at QED Investors expressed confidence in Revio’s potential to revolutionize payments in Africa and assist merchants in accessing new customer segments.
Since its previous funding round in 2022 led by Speedinvest, Revio has expanded its presence to cover more than 25 African markets and supports 70 payment methods.
The company has secured notable clients among Africa’s largest insurers and telecommunications companies and has established a strategic partnership with a tier 1 African bank to provide distribution to its enterprise and mid-size clients.