Revio, a South African payment orchestration platform helping merchants optimize their order to cash lifecycle, has announced a seed investment round of $5.2 million.
The funding round was led by leading fintech fund QED Investors, joined by Partech, and continued participation from Revio’s existing investors, Speedinvest, RaliCap, and Everywhere VC.
Details
The company plans to use the capital to further grow Revio’s coverage across Africa, deepen its routing logic, and expand its capabilities to add more value to customers. The company will be scouting for top talent across the continent and in key international markets to support its growth.
By The Numbers
“Digital payments are growing rapidly across Africa, projected to reach $146 billion in 2023, before taking into account ~$500 billion in mobile money transactions,” explained 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.”
About Revio
Through its single payment API and orchestration platform, Revio creates new opportunities for merchants, payment providers, and platforms to work together to increase customer acquisition, success rates, and retention.
The company helps global and local merchants optimize their end-to-end payment processes, through features such as intelligent transaction routing, automated failover and retries, and real-time customer engagement workflows.
What They’re Saying
“We have a strong conviction that payments in Africa hasn’t been fully solved. Revio is building a platform that can unlock increased e-commerce and digital payment activity on the continent, and help both global and local merchants reach new customer segments. We are excited to back the exceptional team that has proven they can execute even in tough market conditions, and localize very strongly to win enterprise customers,” shared Gbenga Ajayi, Partner and Africa Lead at QED Investors.
Said Botha: “We are grateful for the support of leading global and local investors, especially those as well-regarded as QED and Partech. With this funding, we are excited to double down and unlock new adjacent opportunities for value creation for our growing base of clients.”
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