Nigeria’s ZirooPay Raises USD 11.4 Mn Series A Round To Scale

Lagos- and Helsinki-based fintech startup ZirooPay, has raised a USD 11.4 Mn Series A round led by Lagos-based VC fund Zrosk Investment Management. Existing investors Nordic venture fund Inventure and other private and institutional funds such as Fedha Capital and Exotix Advisory also participated. Individual investors like Petri Kivinen, the former managing director at Deutsche Bank, Morgan Stanley, and Renaissance Capital; Abiodun Ajai, the director, Sub-Saharan Africa of Bank of America; and Jonas Dromberg, former Bureau chief at Bloomberg, also took part.

ZirooPay is a mobile platform for small businesses to accept card payments via a mobile app and EMV-certified card reader, operated in areas where there is no data coverage, particularly in emerging markets. Its mobile application allows small businesses across the retail, agency banking, hospitality, and services sectors to perform tasks such as tracking sales and managing business operations. The new capital will be deployed toward expanding its payment infrastructure, accelerating growth, and growing its team.