Fintech Company Bizao Raises €8 Million to Become Africa’s Leading Payment Hub –
Summary
Bizao, a fintech that facilitates payments for both local and international businesses operating in Africa, announces an 8 million series A funding to accelerate its geographical footprint across the continent and invest in the design of new lines of products and services. Now providing a coverage of 200 million end-customers, Bizao already supports around 100 companies in the digital transformation of their online and in-store payment transactions. The new investors strengthen Bizaos governance while consolidating the R&D strategy aimed at designing innovative payment products and services to address the needs identified across news business linesLaunched in 2019, Bizao facilitates, in a transparent and secure manner, the processing of end to-end payment flows to and from the main digital payment systems in Africa (airtime, mobile money wallets, credit card).Within 3 years, Bizao has expanded its operations in 10 African countries (Burkina-Faso, Cameroon, Cote dIvoire, Guinea, Mali, Democratic Republic of Congo, Senegal, Tunisia, Togo, Gabon) and has built a robust and cutting-edge infrastructure that processes over 350 million payment requests per month.Bizaos modular and scalable platform allows clients to collect and issue payments online and in-stores via point-of-sale (POS).The technology used by Bizao ensures end-to-end transactions traceability and is hence, up to the latest standards of banking and finance regulation to prevent fraud and money laundering. This, ultimately, enables Bizao to deepen its relationship with its partners.We have spent the last few years working closely with our partners (telecoms operators, banks and mobile wallet providers) to improve our products and services in line with our customer requirements. In addition, Bizaos African internationalization strategy matches that of the companies we support said Tamim El Zein, Partner at Seedstars Africa Ventures.