Ivorian fintech CinetPay secures $2.4m seed funding from Flutterwave, 4DX Ventures

CinetPay, an Ivory Coast-based startup that permits retailers in francophone Africa to simply accept and make digital funds on-line or through cellular Level of Sale (PoS) units, on Wednesday stated it has raised $2.4 million seed funding.

4DX Ventures, a pan-African enterprise capital fund and Nigeria-based unicorn startup, Flutterwave are co-investors within the spherical.

On CinetPay’s cellular and web-based platform, companies can signal as much as course of funds from over 130 completely different cost operators—together with MTN cellular cash, M-Pesa, Orange Cash, Visa, Mastercard, and so on—through a single interface. This eliminates the necessity for retailers to combine with completely different techniques with a view to handle gross sales and revenues.

CinetPay thus simplifies the method of accepting funds. Its answer, which may be built-in into service provider web sites, is utilized by a big selection of companies, from e-commerce platforms to digital public companies, insurance coverage corporations, and colleges. 

Based by Idriss Monthe and Daniel Dindji in 2016, CinetPay claims to have processed over 30 million transactions for 350 lively retailers in 9 nations, together with Ivory Coast, Senegal, Cameroon, Mali, Togo, Burkina Faso, Benin, and Guinea. 

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The seed funding is predicted to spice up CinetPay’s gross sales and advertising and marketing efforts within the nations it operates throughout West and Central Africa.

“We’ve watched firsthand as 1000’s of retailers waste essential time, even as much as 6 months, getting their cost techniques so as,” CinetPay CEO and co-founder, Monthe, stated in an announcement. “Now we’ve obtained the assets to market and promote our answer throughout the area.”

For Flutterwave, backing CinetPay—a startup it’s partnered with since 2019—marks the unicorn’s first direct funding within the francophone Africa area. In accordance with Olugbenga Agboola, Flutterwave’s founder and CEO, each startups have a “shared imaginative and prescient to simplify funds on the continent.” 

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Throughout Africa, the cellular cash market is booming with West Africa being one of many fastest-growing areas within the continent. In Ivory Coast, CinetPay’s first market, as much as 75% of the inhabitants owns a cellular cash account whereas lower than 25% have a checking account.

CinetPay’s cost gateway aggregates all cellular cash out there within the area, enabling retailers, via digital accounts, to simply accept on-line funds and cut back the reliance on money.

Walter Baddoo, co-founder and Basic Companion at 4DX Ventures reveals that the VC agency has been “monitoring the francophone Africa market” for a while now and is impressed by CinetPay’s formidable purpose to digitise funds throughout the area. The corporate is an investor in Flutterwave as effectively.

“For a primary institutional funding, we couldn’t have requested for 2 higher companions in 4DX Ventures and Flutterwave,” Monthe stated. “We’ve chosen extremely strategic companions as traders and are excited concerning the quick subsequent steps we take collectively when it comes to simplifying and bettering digital funds in francophone Africa.”

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