Revio, a South African startup specializing in payment API, has garnered seed funding of $5.2 million to expand its reach throughout the continent.
The company, committed to assisting merchants in enhancing their order-to-cash lifecycle, has declared a $5.2 million seed investment. This new funding follows the startup’s previous round, where it secured a $1.1 million funding round in 2022.
Revio plans to utilize the funding to further its expansion across the continent and onboard new clients. The firm also aims to recruit skilled professionals to bolster its growth. QED Investors and Partech led the investment round, with additional participation from Speedinvest, RaliCap, and Everywhere VC, all previous investors in Revio.
Positioning itself in the anticipated $146 billion African digital payment market by 2023, Revio offers businesses a payment collection API. The API permits businesses to accept and reconcile over 70 payment types, including major mobile money products, card schemes, direct bank payments, and wallets in 25 African countries. Additionally, Revio aids both global and local merchants to enhance their comprehensive payment processes with features like intelligent transaction routing, automatic failover and retries, and real-time customer interaction workflows.
Speaking on the investment, Ruaan Botha, Co-founder and CEO of Revio, expressed his gratitude for the backing from eminent global and local investors, especially noting the support from QED and Partech. He shared the company’s enthusiasm to leverage the funds to enhance their services and unveil additional opportunities for value creation for their expanding client base.
Revio proudly serves four of Africa’s largest insurance companies and two of the biggest telecommunications firms as clients. Moreover, the company has partnered significantly with a top-tier African bank to distribute to its enterprise and mid-sized clients.