Bizao, a Côte d’Ivoire-based fintech firm currently in over 10 African nations, has introduced an €8 million Sequence A funding spherical. The corporate hopes to speed up its geographical footprint throughout the continent and spend money on the design of recent strains of services with this elevate.
The funding round was led by AfricInvest Financial Inclusion Vehicle (AfricInvest FIVE), a leading private equity company with operations in Africa, Adelie, a multi-stage venture capital fund focused on technology companies – Seedstars Africa Ventures, an Africa-focused early-stage venture capital fund.
Bizao has since 2019 facilitated funds for each native and worldwide companies working in Africa. In 3 years, they’ve been capable of scaling their platform to fulfill a pipeline of cost requests that typically surpasses the 300 million mark month-to-month.
Reiterating their remark to scale the commercialisation of its cost hub and increase its operations to new nations, the CEO, Aurélien Delort-Duval, had this to say: “We’ve spent the previous couple of years working carefully with our companions (telecom operators, banks, and cellular pockets suppliers) to enhance our services according to our prospects’ necessities. Because of this shut collaboration with business gamers, we’ve got multiplied the transaction volumes processed by our platform by virtually 20 over the previous 12 months. This spherical of financing will allow us to design new product strains for high-potential vertically built-in organisations, increase in new markets and develop the staff throughout all our workplaces.”
“Through our equity investments in financial institutions including banks, insurance companies, and high potential fintech companies, we support the acceleration of universal access to financial services. Our investment in Bizao is in line with this high-impact strategy aiming to support financial inclusion in Africa,” said Omar Bekkali, partner at AfricInvest.
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