South Africa’s fintech startup, Revio that leverages digital technology to manage payments and subscription billings for various companies has received a $1 million seed funding round led by venture capitalist, The Delta.
In 2020, Revio began its journey in helping businesses of all sizes, easily automate subscription billing and revenue operations.
“75% of South Africa consumers have at least one account in arrears, putting most businesses at risk. Revio makes it easy to avoid failed payments, customer churn and improve customer loyalty,” Louis Buys, CEO of The Delta and co-founder of Revio said.
Having integrated with Flutterwave, the startup supports all currencies and hence, the product offerings of its Software as a Service (SaaS) clients can reach all African customers.
Other fintech and e-commerce platforms the startup has partnered with include Absa, Ozow, Flash, Standard Bank, Shopify, WooCommerce, Opencart and Magento.
Leveraging the current funding raised, the startup will broaden its reach beyond the South African market. It intends expanding to other countries on the continent by the end of the year, with a goal to formally launch in East Africa by 2022.
Founded in 2020 by Brent Maropis, CEO and Louis Buys, the co-founder, the company reaches out to businesses at the risk of losing clients, so as to prevent such, and helps in avoiding unsuccessful payments and online transactions. It leverages an API that enables its clientele to communicate logically with their customers in real-time.
So far, The Delta has raised over $11 million for its ventures and is also raising funds for a disruptive market research tool with new approaches, AI-BO, and a data privacy platform, Priv.
This will help companies comply with the European Union’s General Data Protection Regulation and South Africa’s Protection of Personal Information Act.