Ivorian FinTech Startup Bizao Raises €8M In Series A Funding

Bizao reportedly closed Series A fundraising that secured an €8m deal, led by AfricInvest Financial Inclusion Vehicle (AfricInvest FIVE) and other venture capitalists. Bizao has additional business capital to promote its remittance as a service to the next level in line with the Ivoirian FinTech company statement. The fintech startup currently utilizes high-end API infrastructure to process cross-border remittance operations.

Bizao gain the limelight the same year it launched in the host country, Cote d’Ivoire. Still, the Ivoirian FinTech company is concerned about promoting Bizao in penetrating other commercial zones of Africa. The strategic marketing scheme enthused AfricInvest FIVE to lead Bizao in raising the €8m Series A deal. The Bizao €8m Series A deal is a collection of offerings invested by AfricInvest FIVE, Adelie, Seedstars Africa Ventures, etc.

“Through our equity investments in financial institutions including banks, insurance companies, and high potential FinTech, we support the acceleration of universal access to financial services. Our investment in Bizao is in line with this high-impact strategy aiming to support financial inclusion in Africa,” AfricInvest’s spokesman said.

Outside of serving in its home country with cross-border remittance solutions, the Ivoirian FinTech company currently sells its contract finance API system via an E2E remittance flow under one FinTech network. The solution poses as an interconnected omnichannel FinTech system serving as a mobile wallet, virtual dollar cards mobile voucher ticket purchases.

Outside of the Ivorian FinTech space, Bizao is also active in Senegal, DR Congo, Burkina Faso, Tunisia, and six other African countries – the Bizao remittance flow in Africa is encrypted across the existing marketplace. The Bizao services will no longer be spread thin as they used to, existing in just ten countries excluding Cote d’Ivoire. Bizao will also embrace issuing real-time payments via Point-of-Sale machine deployment.

The remittance system embraces technology innovation having deployed a series of POS payment issue infrastructures within the existing African countries. Bizao remittance innovative system has accelerated its product sales whereby Bizao records millions of completed payment requests seamlessly. Bizao continues to attract more capitalists having bagged the hefty €8m series A deal

“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. Thanks to this close collaboration with industry players, we have multiplied the transaction volumes processed by our platform by almost 20 over the past 12 months. This round of financing will enable us to design new product lines for high-potential vertically integrated organizations, expand in new markets and grow the team across all our offices,” Bizao CEO said.

The CEO Aurélien Delort-Duval shared a thrilling comment that aligns with its investor’s interest in offering additional business capital that will bolster their competence in completing multiplied remittance requests across its existing marketplace. Bizao’s Aurélien disclosed corporate intention to expand across Africa with 70% deployable FinTech operations – with precision, he did not reveal the countries in which the fintech solution will be entering.

The €8m deal the Ivorian startup secured will lead the FinTech company towards developing its remittance system as an open-source mechanism that can be integrated with any socio-economic operation. Bizao has reportedly integrated its FinTech solution with telecom service providers, financial institutions, mobile wallet providers, and e-commerce vendors.

Source: TechBooky Africa