Flutterwave, 4DX Ventures led $2.4 M seed funding raised by Ivory Coast-based fintech startup CinetPay
CinetPay, an Ivory Coast-based digital finance platform that enables merchants in Francophone Africa to accept and make payments with ease, has raised US $2.4 million in seed funding from 4DX Ventures and Flutterwave to expand its sales and marketing efforts in nine markets across West and Central Africa.
CinetPay has completed over 30 million transactions for 350 active merchants in nine countries since its 2016 start in Ivory Coast, including Senegal, Cameroon, Mali, and Togo. Its platform allows companies to process over 130 different payment operators, ranging from mobile money to credit and debit cards and e-wallets, using a single interface, removing the need for merchants to spend months integrating with several systems in order to manage sales and revenues.
CinetPay, which is used by a wide range of organisations from e-commerce platforms to digital public services, insurance firms, and schools, makes receiving payments online or via mobile Point of Sale (PoS) devices simple and secure. The $2.4 million seed round led by VC firm 4DX and pan-African fintech startup Flutterwave will be used to increase the company’s sales activities and client base.
CinetPay is extending a successful business engagement that began in 2019 by bringing Flutterwave on board.
“For a first institutional investment, we couldn’t have asked for two better partners in 4DX Ventures and Flutterwave,” said Idriss Marcial Monthe, chief executive officer (CEO) and co-founder of CinetPay.
“We’ve watched first hand as thousands of merchants waste crucial time, even up to six months, getting their payment systems in order. Now we’ve got the resources to market and sell our optimal solution across the region and we’re excited to ensure that all businesses in our region never miss a sale again. We have selected highly strategic partners as investors and are excited about the immediate next steps we take together in terms of simplifying and improving digital payments in Francophone Africa.”
4DX Ventures co-founder and general partner Walter Baddoo said his business has been watching the Francophone African industry for a while and was pleased by CinetPay’s ambitious objective of digitising payments throughout the continent.
“The company has demonstrated deep product knowledge with a differentiated offering and a strong brand with customers. We look forward to partnering with the CinetPay team alongside our long-time portfolio company, Flutterwave, to help usher in the next phase of digital payments across the Francophone region,” he said.
Olugbenga Agboola, the creator and CEO of Flutterwave, and CinetPay expressed a vision for streamlining payments on the continent.
“CinetPay is well-positioned for the next chapter of growth and we’re excited to work with the team to help scale the business to achieve maximum impact and value for its customers,” he said.
