Bizao, a fintech startup on Ivory Coast, has raised $8.2M in a Series A round of funding to expand its business and move into another African market.
The investment round was engaged in by several investors, including Adelie, Seedstars and AfricInvest, among others.
Within just 3 years, the startup has spread its operations into 9 different African nations, most of which are in French-speaking parts of Africa. It has established a state-of-the-art infrastructure that can process over 350 million payment requests monthly. More than thirty agreements have been reached by the new company with mobile money service providers, banks and telcom operators,
Bizao was started in 2019, and it makes it easier to move money to and from the most prominent digital payment systems in Africa, such as airtime, credit cards and mobile wallet.
Using the modular and scalable technology developed by the business, consumers can obtain and issue payments both online and in-store .
Over the past years, we have collaborated closely with suppliers and vendors to develop new goods and services that are better suited to satisfy the requirements of our clientele. Aurélien Delort-Duval, the founder and CEO of Bizao, says, “Thanks to the close cooperation with players in the industry, we’ve tripled the number of transactions processed on our platform in the past twelve months.”
With the assistance of this finance, Bizao plans to increase the commercialization of its payment hub and extend its sphere of influence to more new countries.