ZirooPay, an innovative fintech startup from Nigeria, has received $11.4M in funding

ZirooPay is a fintech startup in Nigeria that has raised $11.4 million through Series A funding from Zrosk Investment Management. 

Investors who have invested in Inventure, a Nordic venture-capital firm, received a return, along with other institutional and private investors like Fedha Capital or Exotix Advisory. 

Individual investors included Petri Kivinen, a former managing director at Deutsche Bank, Morgan Stanley, and Renaissance Capital; Abiodun Ajai, a director at Bank of America’s Sub-Saharan Africa division; Kurt Bjorklund, managing partner at Permira; Stephane Kurgan, venture partner at Index Ventures; and Jonas Dromberg, a former bureau chief at Bloomberg. 

ZirooPay, a mobile POS payment solution provider that supports mobile payments, is a development company. It was founded in 2014.

As a result, it will be able expand its payment infrastructure, accelerate its expansion, and increase its staff as a result the current fundraising round. 

According to Omoniyi Olawale (Ziroopay CEO), the high percentage of transactions that fail due to poor internet connections is one of the major obstacles to widespread adoption of card payment at retail locations. 

“No major firm is trying to handle this field with current technology, and that’s one area where we see an opportunity for us because we’re primarily a retail payment platform.” Even though we offer agency banking on the side, our primary focus is on retail, which sets us apart from the competition, ” Olawale said. 

“Within three months of onboarding, we’ve seen over 70% of our users shift from paper-based accounting to rely on in-app sales accounting,” Olawale noted.

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