Revio has raised $5.2 million in a seed round led by QED Investors. Making Revio QED’s third investment in an African startup following its Moniepoint and Remedial Health investments. Other investment companies like Everywhere VC, Speedinvest, Ralicap, and Partech also joined the round.
With less than 10% of payments in Africa occurring via digital channels, Africa’s fintech service provider market appears to be unsaturated. According to McKinsey, the electronic payments sector in Africa will see a positive growth projection of 20% in revenue each year, resulting in a $40 billion valuation in 2025.
Revio, a three-year-old startup offers simplified payment solutions to meet the needs of many businesses by providing them with an API for seamless payment collection.
Revio provides businesses with over 70 payment options, ensuring their clients can choose any convenient payment option. It also provides a revenue recovery tool, enabling Revio users to reduce failed payments. Companies that use this service can re-engage users through WhatsApp, email, or SMS to recover payments. Revio’s shrewd services has helped it realise 1000% revenue growth in the last year but has slightly changed its target market.
Co-founder and COO of Revio, Nicole Dunn said: “We’re going for very high-value clients that have very complex payment needs. We’ve switched off things like product-led onboarding to being able to build and dominate in the enterprise sales. These companies are typically in multiple markets but headquartered in Africa, or recurring revenue businesses that are somewhat underserved and have unique risks and complexities around collecting payment tokenization and tackling high failure rates. They’re the ones that benefit from Revio’s services,”
Revio currently serves over 20 African countries. Their over 40 clients include: Standard Bank, Flutterwave, Old Mutual, Innovation Group, and Alpha Direct.