Revio, which is on a mission to solve the payments failure problem in emerging markets, has raised $1.1m in funding.
SpeedInvest led the round, with commitments also coming from RaliCap Ventures, The Fund, and Two Culture Capital. Angel investors also participated in the round, including payment and revenue recovery experts from Sequoia, Quona Capital, and Circle Payments.
This capital injection will help launch new products, expand the team and enter new emerging markets.
It stated that in Africa, two/three out of every ten payments fail. This is significantly higher than the global average of 0.7. Reasons for this include the fragmented payments landscape, higher dispute rates, invalid or expired card details, false-positive fraud checks, multiple or dormant accounts, and insufficient funds.
These failures are costing billions of dollars in lost revenue. It added that in Africa, it is estimated that $14bn in recurring revenue is uncollected each year and the continent has a 320% higher churn rate than mature markets.
Revio aims to fix the problem. It offers payments orchestration, billing automation, and revenue recovery solutions to help businesses recover lost transactions and optimise cashflow.
Clients can leverage the Revio API to accept and reconcile over 20 payment methods across 25 African markets. Some features include smart payment routing and failover, configurable auto-retries, dunning rules, and proactive card expiry management, real-time analytics and reporting, and data-driven interactions to recover lost revenue.
SpeedInvest FinTech investor Alvaro Perezcano said, “Having been part of multiple payment orchestration and billing automation platforms across the world, we can see the incredible potential of using this toolset to increase revenue recovery for businesses in a region where three out of ten payments fail.
“With a team as experienced as Revio’s at the helm of tackling this massive opportunity we’re convinced that they can fundamentally change the payments landscape for businesses in their target markets and are excited to be backing them on that journey.”
In a year of trading, the company has landed 50+ customers and processes thousands of transactions each month.
Earlier in the month, North African “super app” Yassir collected $150m in its Series B round. The company offers rideshare, food delivery and banking services.
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