Bizao raises €8mn Series A funding

Cote d’Ivoire-based fintech company, Bizao, has completed an impressive Series A funding round, raising 8 million euros. The company's Chief Executive Officer, Aurelien Duval-Delort, shared the exciting news with CNBC Africa's Kenneth Gwamoteke-Luk, highlighting the company's plans to utilize the funds to expand its operations across new territories and develop cutting-edge payment products and services to cater to the diverse needs of its customers. During the interview, Duval-Delort emphasized the significance of Bizao's unique approach in the financial technology sector, especially in the rapidly growing mobile money market in Western and Central Africa. He underscored the massive potential for financial inclusion and economic development through innovative payment solutions aimed at bridging the gap between various payment methods and stakeholders. Key Themes: The key theme of Bizao's funding and expansion strategy is centered around driving financial inclusion and fostering financial services innovation in Africa through a comprehensive payment infrastructure. Key Points: 1. Geographic Expansion and Market Consolidation: Bizao currently operates in 10 countries in Francophone Africa and plans to further expand its footprint into North Africa and other regions. The company aims to strengthen its market presence and gain additional market share through strategic hiring and market-driven initiatives. 2. Mobile Money Growth and Market Potential: With a significant year-on-year growth rate of 40% in mobile money accounts, Bizao recognizes the vast potential in serving over 200 million mobile money users in the region. The focus is on enabling a wide range of payment services to meet the evolving needs of consumers and businesses, fostering financial inclusion and economic growth. 3. Strategic Partnerships and Industry Collaboration: Bizao has forged partnerships with telecom operators, regional banks, and FinTech companies to establish a robust ecosystem for financial services innovation. By serving as an enabler for other companies to build innovative financial solutions on top of its infrastructure, Bizao aims to drive collaboration and efficiency in the payment space. In his interview, Duval-Delort highlighted the importance of interconnectivity and cooperation among stakeholders in the payment industry to facilitate seamless financial transactions across borders and currencies. The company's focus on multi-stakeholder partnerships and building a unified payment gateway underscores its commitment to driving growth and innovation in the African financial landscape. Quote: Aurelien Duval-Delort stated, 'Our objective is to make sure that we become profitable and we expand at a reasonable rate. Of course, when you look at the landscape across Africa and the opportunity here, I'd like you to speak to the potential that you've seen in the near-to-middle term across that from the Western Central Africa.' With its recent funding success and strategic vision, Bizao is poised to play a pivotal role in shaping the future of financial services in Africa, driving economic empowerment and fostering inclusive growth across the continent.