Fintech Startup Bizao Closes USD 8 Mn Series A Round

Bizao, a fintech startup for payment solutions for businesses and merchants, has closed a Series A round of financing at €8 million (USD 8.2 Mn). The funding was led by AfricInvest, a pan-African, with the participation of French VC firm Adelie and Seedstars Africa Ventures.

Bizao is developing a suite of financial services for the region by focusing on three key service areas: merchant payment, carrier billing, and money transfer. Bizao’s payments infrastructure is built on relationships with pan-African banks, telecommunications, and international payment giants Visa and Mastercard, which facilitate international transactions.