South African API payment and collections startup, Revio, has raised $1.1 million in funding to address the problem of payment failure in emerging markets.
SpeedInvest led the round. Other investors, including RaliCap Ventures, The Fund, Two Culture Capital, Sequoia, Quona Capital, and Circle Payments, took part.
The company will use the funds to launch new products, expand the team, and enter emerging markets.
Founded by Ruaan Botha in 2020, Revio enables businesses to connect to multiple payment methods while reducing failures.
It assists businesses in recovering lost transactions to increase revenue and optimise cash flow.
It offers several fintech solutions for payment orchestration, billing automation, and revenue recovery.
In Africa, Revio says it aggregates and orchestrates payment methods such as cards, bank transfers, debit orders, mobile money, vouchers, and QR codes.
It claims its Payments Orchestration, Billing Automation, and Revenue Recovery solutions enable businesses to recover lost transactions. It also claims the products increase revenue, optimise cash flow, and increase customer lifetime value.
Payments are collected and settled in over 40 markets via payment providers including Flutterwave, Paystack, Ozow, and Stitch.
Along with multiple payment methods, it has “smart payment routing”, automated billing processes, auto-retirements, and real-time analytics and reporting.
Revio claims to be Africa’s first payment failure and revenue recovery platform.
Per the startup, it has onboarded over 50 clients and processed thousands of transactions monthly in its first year of operation.
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