Revio, the payment orchestration platform helping merchants optimize their order to cash lifecycle, 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.
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.
“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.”
“On top of that, a large majority of the consumer base is still coming online, and does not have high discretionary incomes, forcing them to closely control their cash flow,”
added co-founder and COO, Nicole Dunn.
“The result is that both local and global merchants struggle to reach customers and collect revenue, with high cost of customer acquisition, painful and complex integration processes, and high rates of payment failures.”
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.
Beyond abstracting the initial complexity of multiple payment integrations and onboarding processes, 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.
