Ivory Coast-based startup CinetPay has raised US$2.4 million from Flutterwave and 4DX Ventures to help it expand its marketing and sales efforts in nine markets in West Africa and Central Africa.
CinetPay launched in 2016 in Ivory Coast. It has processed more than 30 million transactions for 350 merchants across nine countries including Senegal and Cameroon. The platform allows businesses to integrate with over 130 payment operators. This includes mobile money, credit and debit cards, and e-wallets. Merchants no longer have to spend months integrating different systems to manage their sales and revenue.
CinetPay is used by many businesses, including e-commerce platforms, digital public services, insurance companies, schools and schools. It allows you to accept payments online or via mobile Point of Sale devices (PoS), with the best security protocols. The seed round of US$2.4 million from VC firm 4DX, and pan-African fintech unicorn Flutterwave is aimed to expand its sales efforts and build its customer base.
CinetPay has brought Flutterwave aboard, continuing a long-standing commercial partnership.
Idriss Marcial Moone, CinetPay’s chief executive officer (CEO), stated that “for a first institution investment, we couldn’t have asked for better partners in 4DX Ventures, and Flutterwave.”
We’ve seen thousands of merchants waste precious time and even six months trying to get their payment systems in order. We now have the resources to market our solution and are excited to make sure that every business in the region does not miss another sale. We’ve selected strategic partners to invest in our solution and we are excited about the next steps that will be taken together to simplify and improve digital payments in Francophone Africa.
Walter Baddoo is co-founder and general partnership at 4DX Ventures. He said that his company had been following the Francophone African market since a while now and was impressed by CinetPay’s ambitious goal of digitizing payments in the region.
“The company is a solid brand and has demonstrated product knowledge. He said that he was looking forward to working with CinetPay alongside Flutterwave, a long-standing portfolio company, to bring about the next phase in digital payments in the Francophone region.
Olugbenga Agboola, founder of Flutterwave and CEO of CinetPay shared a vision for simplifying payment on the continent.
He stated that “CinetPay has the right foundation for the next chapter in growth” and that he was excited to collaborate with the team to scale the business to provide maximum value to its customers.