SA Fintech start-up Revio East Africa as Flutterwave goes zero-rated for SMEs
South Africa Fintech start-up, Revio intends to expand to East Africa next year in addition to launching support services for multinational clients after securing a US$1-million funding round from regional venture builder, The Delta.
Revio allows enterprises and SMEs to automate subscription billing and revenue operations. It has already integrated with Absa, Ozow, Flash and Standard Bank, while other e-commerce platforms such as Shopify, WooCommerce, Opencart, and Magento are also present on its platform.
“Revio is currently focused on the South African market, but will be expanding to other African countries in support of multinational clients towards the end of 2021. The plan is to formally launch in East Africa in 2022,” said The Delta CEO and Revio co-founder, Louis Buys.
On Thursday, The Delta announced closure of a R15-million (about US$1-million) funding round for Revio.
The Fintech company’s platform “supports all currencies and integrates with Fintech start-up Flutterwave” which enables it to encompass other African clients, such as multinationals.
With “75% of South African consumers having at least one account in arrears, putting most businesses at risk,” Revio’s platform seeks to help companies “avoid failed payments, customer churn and improve customer loyalty”.
It’s new funding round and plans to expand to East Africa came as another Fintech company Flutterwave, announced on Thursday that it is removing transaction costs for SMEs in South Africa.
Munya Chiura, the head of growth for rest of Africa segment at Flutterwave wrote on LinkedIn that there are “over 50,000 informal traders & 40,000 businesses (that) were affected” by the violent protests and looting that rocked South Africa after the jailing of former President Jacob Zuma.
“SMEs make up 98.5% of all businesses in South Africa & are the lifeblood of the economy. In response to this, we at Flutterwave will support South Africa’s Rebuilding Effort with Zero Transaction Fees for All SMEs,” said Chiura.