Bizao, a fintech company present in over 10 African countries, has announced an €8 million Series A funding round. The company hopes to accelerate its geographical footprint across the continent and invest in the design of new lines of products and services with this raise.
The funding round saw participation from investors like AfricInvest, Adelie, and Seedstars Africa Ventures.
Bizao has since 2019 facilitated payments for both local and international businesses operating in Africa. In 3 years, they have been able to scale their platform to satisfy a pipeline of payment requests that sometimes surpasses the 300 million mark monthly.
Reiterating their comment to scale the commercialisation of its payment hub and expand its operations to new countries, the CEO, Aurélien Delort-Duval, had the following to say about the raise: “We have spent the last few years working closely with our partners (telecom operators, banks, and mobile wallet providers) to improve our products and services in line with our customers’ requirements. Thanks to this close collaboration with industry players, we have multiplied the transaction volumes processed by our platform by almost 20 over the past 12 months. This round of financing will enable us to design new product lines for high-potential vertically integrated organisations, expand in new markets and grow the team across all our offices.”