Fintech secures 8 million euros for African expansion
Digital payments player Bizao has received investment from AfricInvest to finance growth in North Africa.
Africa-focused investment company AfricaInvest has agreed an 8 million euro series A funding round for fintech player Bizao.
The debt and equity financing was structured with the private equity company’s financial inclusion company AfricInvest FIVE as the main investor, with additional participation from Adelie and Seedstars Africa Ventures. The investors received legal advice from Asafo & Cowith Mazars provide financial and tax advice and A point act in commercial matters. Bizao received legal and financial advice from the US international firm Kramer Levin Naftalis and Frankel and Clippertonrespectively.
Paris-headquartered Bizao provides payment services to facilitate transactions via a variety of online and offline digital payment systems across West and Central African countries, including Burkina Faso, Cameroon, Ivory Coast, Democratic Republic of Congo (DRC), Gabon, Guinea, Mali, Senegal, Tunisia and Togo.
In a statement, Bizao’s founder and CEO Aurélien Duval-Delort said: “This funding round will enable us to design new product lines for vertically integrated organizations with high potential, expand in new markets and expand the team across all our offices.”
AfricInvest’s senior manager Sinda Zakraoui Chiboub explained the rationale for the investment: “Unlike in other markets, payment institutions are not interconnected in Africa, and it is important to build partnerships and integrations with Bizao, especially for SMEs as well as unbanked and underbanked, ” and characterizes the agreement as “an ambitious mission to grow a more inclusive African economy”.
Asafo & Co used a multi-jurisdictional team led by partner Noro-Lanto Ravisy with the assistance of a colleague Max N’Goran in Paris, together with Abidjan-based partner Karamoko Fadigaadviser Benoit Dioufand employees Malick Cissé and Ophélie Pokou Mivedor.
Last month Danish Development Finance Institution (DFI) IF YOU and its Norwegian counterpart Norway also received advice from Asafo & Co on their investment to support Tanzanian financial institution CRDB Bankits expansion into the DRC.
Also last month Lagos-headquartered law firm Aluko & Oyebode advice on African fintech Dot‘s majority acquisition of health insurance provider Royal Exchange Healthcare.
