- ZirooPay to expand its payment infrastructure
Finland and Nigeria-based fintech, ZirooPay, has raised $11.4 million in a Series A round led by Zrosk Investment Management, an African investment management company.
The fund will enable ZirooPay to expand its payment infrastructure and hire more innovative minds which will help hasten the company’s growth and scale.
The round also received participation from existing investors such as Nordic venture fund Inventure, and other private and institutional funds such as Fedha Capital and Exotix Advisory.
Angel investors included Petri Kivinen, the former managing director at Deutsche Bank, Morgan Stanley and Renaissance Capital; Abiodun Ajai, the director, sub-Saharan Africa of Bank of America; and Jonas Dromberg, former Bureau chief at Bloomberg.
With parent company IroFit, ZirooPay was founded in 2014 and has since attained commendable growth. The company affrms to have over 15,000 merchants who leverage its POS terminals and mobile application. These merchants have processed $500 million — a 5,000% increase within three years — across 10 million transactions.
ZirooPay is a developer of mobile POS payment systems designed to facilitate mobile payments. The company’s POS systems bypass the Internet, as the platform automatically routes transactions through pre-configured secure basic GSM channels. ZirooPay handles the details to enable customers focus on growing their business.
Also, the mobile application allows small businesses across the retail, agency banking, hospitality and services sectors to track sales and manage business operations.
The platform does this by transmitting credit card data via universally available, secure connections, allowing merchants to receive card payments in areas where Internet connectivity is poor or non-existent, enabling vendors to increase their sales, and satisfy and retain their customers.
