Bizao, a fintech developing a payments hub for local and international companies in Africa, is raising EUR 8 million in Series A to accelerate its geographic expansion in several countries across the continent and to invest in the development of new product lines and services.
Founded in 2019, Bizao is a fintech that enables companies to transparently process payment flows to and from all major digital payment systems in Africa (phone or call credit, mobile wallets, etc.) with the best security standards. Money and credit card ). In 3 years, Bizao has deployed its activities in ten African countries (Burkina-Faso, Cameroon, Ivory Coast, Guinea, Mali, Democratic Republic of the Congo, Senegal, Tunisia, Togo, Gabon) and built a technological infrastructure that allows more than robust processing 350 million payment requests per month.
Thanks to its modular and scalable platform, Bizao allows its customers to collect and issue payments online and at points of sale through payment terminals. The developed technology ensures the complete traceability of transactions and makes it possible to meet the growing demands of banks and regulators in the fight against terrorism and money laundering, allowing Bizao to deepen the trusting partnerships with these actors.
“We have been working closely with our partners (telecom operators, banks and mobile wallet providers) over the last few years to improve our products and services according to our customers’ needs. This proximity to the different market participants has allowed us to multiply the flows processed by our platform by almost 20 times in the last 12 months. This fundraising will allow us to develop new product lines for sectors with very high potential, expand our activities in new countries and strengthen our recruitment policy,” explains Aurélien DelortDuval, Founder and CEO of Bizao.
This roundtable was chaired by AfricInvest, a major player in private equity in Africa through its financial inclusion vehicle Financial Inclusion Vehicle “FIVE”, Adelie, a multi-stage technology investment fund, and Seedstars Africa Ventures, a venture fund dedicated to early-stage startups in Africa.
“With a lack of electronic payment interoperability systems in Africa hampering the mass adoption of mobile finance, Bizao offers an appropriate response that will facilitate affordable access to a wide range of transactional financial services for the benefit of the under-banking population as well as small and medium-sized enterprises. This quest to converge and connect the various payment channels used (mobile wallets, bank cards and phone balance) through the Bizao platform fits perfectly with the powerful strategy of the AfricInvest-FIVE fund, which supports financial inclusion in Africa through equity investments in financial institutions, including Banks, insurance companies and fintechs with high potential to accelerate their growth.” says Omar Bekkali, Partner at AfricInvest
“It is the future of financial services that is playing out in Africa; The advent of mobile money has finally enabled more than 60% of the continent’s residents to access basic financial services. The penetration rate of mobile telephony on the continent is close to 100% and we are seeing relative growth in the use of bank cards. We believe that a platform that combines all of these payment methods has exceptional growth potential.says Jean-Manuel Costa, Managing Partner at Adelie.
” With more than 600 million mobile money accounts, Africa is the mobile payment continent par excellence. However, 90% of transactions are still made in cash. Bizao is responding to an important societal issue that can help unlock Africa’s trade potential. The Bizao Hub is one of the most technically robust and its African internationalization strategy matches that of the companies we support.», analyzes Tamim El Zein, Partner at Seedstars Africa Ventures.
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