TORONTO & PALO ALTO, Calif.–(BUSINESS WIRE)–Raiven Capital, a global early-stage tech venture fund, today announced its exit from fintech company Whizmo, a mobile money startup that provides B2B and B2C financial services for customers and merchants in emerging economies.
“Raiven Capital invested in Whizmo in 2020 and exited the company this summer at a significant multiple for a private equity investor,” said Paul Dugsin, General Partner, Raiven Capital. “This is an excellent example of Raiven’s ability to find innovators from around the world and build bridges across relevant ecosystems,” he said.
Essentially, Whizmo meets the needs of the poorest by offering digital finance to the unbanked. As a B2B solution, Whizmo provides small businesses that do not have access to traditional banking services the means to move from cash to contactless payments. The low fees and instant settlement allow them to make their money more usable and safer than cash.
Whizmo worked with Raiven at the seed stage to form a Canadian holding company, where the IP is held. Raiven also structured and supported target markets for appropriate jurisdictions. Canada’s strong IP laws and corporate governance provide huge advantages to Whizmo’s female founders compared to other jurisdictions.
Whizmo received master approval from the UAE Central Bank and is fully licensed by SUGEF in Costa Rica. Now the first stage is complete; Whizmo is preparing to launch in the United Arab Emirates and Costa Rica while building go-to-market strategies for more markets to follow.
About Raiven Capital
Raiven Capital is a global early-stage technology venture fund with roots in Silicon Valley and Toronto. Raiven Capital focuses on artificial intelligence, DLT and IoT. Raiven is actively looking for passionate founders who develop companies that optimize value chains across cyber security, finance, energy, health, environment and food sectors. When growth is robust, Raiven goes out to later capital in Silicon Valley and beyond.
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About Whizmo
Whizmo is a mobile money start-up that offers B2B and B2C financial services for customers and sellers where centralized finance is not a good fit or is too expensive. Whizmo is a peer-to-peer payment fintech platform that enables customers to transfer value between each other without the need for a bank with features such as deposits and withdrawals, vendor payments, shared bills, remittances and many others in a multi-currency , agnostic payment system.
