Cameroon fintech startup Diool has continued its development drive by attracting new investors to a point of fundraising USD 3.5 million to meet its operational obligations. The funding tops up its secure investments to USD 4.6 million.
Diool launched in 2015 and is founded by Phillipe Boupda and Serge Boupda and specializes in aggregating financial services. The startup once began as a mobile top-up project offering small retailers a way to sell their prepaid top-ups using a single customer app.
Diool now gives small merchants the means to access payments from their customers while easily reimbursing their suppliers using multiple payment methods. Thus far over USD 120 million has been processed in what is a regulatory partnership with the French multinational investment bank and Société Générale, a financial services company.
Serge Boupda detailed their first investment plan involving Cameroon first then expanding its financial services across the region. The first focus will be on home expansion before raising funds to expand further globally.
Source: Financial Afrik