CinetPay, an Ivory Coast-based business that enables merchants in Francophone Africa to accept and make payments securely, has raised US$2.4 million in seed funding from 4DX Ventures and Flutterwave to expand its sales and marketing operations across nine markets in West and Central Africa.
CinetPay has completed over 30 million transactions for 350 active merchants in nine countries, including Senegal, Cameroon, Mali, and Togo, since its 2016 start in Ivory Coast.
CinetPay, which is used by a wide variety of organizations ranging from e-commerce platforms to digital public services, insurance firms, and schools, simplifies the process of receiving payments online or via mobile Point of Sale (PoS) devices while maintaining the highest level of security. The US$2.4 million seed investment led by venture capital firm 4DX and pan-African fintech startup Flutterwave will be used to increase the company’s sales activities and customer base.
“We couldn’t have asked for a better first institutional investment partner than 4DX Ventures and Flutterwave,” said Idriss Marcial Monthe, CinetPay’s chief executive officer (CEO) and co-founder.
“We’ve personally witnessed thousands of businesses squander critical time, often up to six months, getting their payment systems in shape. Now that we have the resources necessary to market and sell our best solution throughout the region, we’re eager to ensure that no firm in our region ever misses a sale. We have chosen extremely strategic investors and are looking forward to the immediate next steps we will take together to simplify and improve digital payments in Francophone Africa.”
CinetPay provides businesses with a single interface for processing payments from over 130 different payment operators, ranging from mobile money to credit and debit cards and e-wallets, removing the need for merchants to spend months integrating with many systems to handle sales and revenues.