SA fintech startup Revio raises $1.1 million to launch new products, move into new markets

South African fintech startup Revio, a subscription billing and payment platform that operates software-as-a-service (SaaS) businesses, has raised US$1.1 million in seed funding to launch new products, expand its team and enter new markets.

Co-founded in 2019 by venture builder The Delta and a private investor, Review is a SaaS company that operates growing or scaling e-commerce and subscription-based businesses. In its simplest form, Revio offers regular invoicing automation, sending of electronic invoices, acceptance of any payment method and easy reconciliation.

Revio has just raised USD 1.1 million in seed funding, with the round led by SpeedInvest and alongside RaliCap Ventures, The Fund and Two Culture Capital. Several angel investors also participated, including payment and revenue recovery experts from Sequoia Capital, Quona Capital and Circle Payments.

The funding will be used to launch new products, expand the team and enter new emerging markets, all contributing to Revio’s mission to reduce payment errors and churn. Payments Orchestration, Billing Automation and Revenue Recovery solutions enable businesses to passively, actively and proactively recover lost transactions, increase revenue, optimize cash flow and increase customer lifetime value.

“We are grateful to be supported by some of the world’s best fintech investors and operators,” said Revio founder and CEO Ruaan Botha. “We have ambitions to build a global business that helps businesses reduce failed payments and recover revenue they’ve earned. We know growing a business is hard, but getting paid shouldn’t be. I am excited to partner with our investor community to accelerate our growth and the value we deliver to our customers.”

Hayden Simmons, partner at RaliCap Ventures, said Revio built a category-leading product to enable businesses to better manage cash flow and accelerate growth.

“The African payments landscape is fragmented and we believe they will play a critical role in contributing to the growth of subscription commerce and companies with pan-African scale,” he said.

In just one year of trading, Revio has gained more than 50 customers and processes thousands of transactions every month. The customer base is diverse and spans large enterprises, medium-sized enterprises and rapidly growing scale-ups across several industries.

“Revio’s management team has bold ambitions and deep industry experience, which is a powerful combination. They have attracted some of the best talent in the market and are executing fast. We are delighted to invest at this turning point in their journey, says Scott Hartley, co-founder and partner of The Fund.