Bizao, a fintech company from Ivory Coast, has announced an €8 million Series A funding that will allow the company to expand outside of its home country in West Africa towards other countries on the continent. It has expanded its operations to 10 African countries since its inception.
They are: Burkina-Faso, Cameroon, Ivory Coast, Guinea, Mali, Democratic Republic of Congo, Senegal, Tunisia, Togo, Gabon. The fintech has also built a robust and state-of-the-art infrastructure that processes more than 350 million payment requests per month. The founding round was led by AfricInvest Financial Inclusion Vehicle (AfricInvest FIVE).
It is a leading private equity firm operating in Africa. Adelie, a multi-stage venture capital fund focused on technology companies, and Seedstars Africa Ventures, an Africa-focused early-stage venture capital fund, also participated in the transaction.