CinetPay, a fintech startup primarily based within the Ivory Coast, receives $2.4 million in a seed spherical led by Flutterwave and 4DX Ventures
CinetPay, an Ivory Coast-based enterprise that permits retailers in Francophone Africa to just accept and make funds securely, has raised US$2.4 million in seed funding from 4DX Ventures and Flutterwave to broaden its gross sales and advertising operations throughout 9 markets in West and Central Africa.
CinetPay has accomplished over 30 million transactions for 350 energetic retailers in 9 nations, together with Senegal, Cameroon, Mali, and Togo, since its 2016 begin in Ivory Coast.
CinetPay, which is utilized by all kinds of organizations starting from e-commerce platforms to digital public providers, insurance coverage corporations, and colleges, simplifies the method of receiving funds on-line or by way of cellular Level of Sale (PoS) units whereas sustaining the best degree of safety. The US$2.4 million seed funding led by enterprise capital agency 4DX and pan-African fintech startup Flutterwave can be used to extend the corporate’s gross sales actions and buyer base.
“We couldn’t have requested for a greater first institutional funding accomplice than 4DX Ventures and Flutterwave,” mentioned Idriss Marcial Monthe, CinetPay’s chief government officer (CEO) and co-founder.
“We’ve personally witnessed hundreds of companies squander important time, usually as much as six months, getting their cost programs in form. Now that we have now the assets essential to market and promote our greatest answer all through the area, we’re keen to make sure that no agency in our area ever misses a sale. We have now chosen extraordinarily strategic traders and are wanting ahead to the rapid subsequent steps we are going to take collectively to simplify and enhance digital funds in Francophone Africa.”
CinetPay gives companies with a single interface for processing funds from over 130 totally different cost operators, starting from cellular cash to credit score and debit playing cards and e-wallets, eradicating the necessity for retailers to spend months integrating with many programs to deal with gross sales and revenues.
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