South African Fintech Startup, Revio, Secures $1.1m Seed Funding to Launch New Products
Revio, a South African fintech startup that provides software-as-a-service (SaaS) businesses with subscription billing and payments, has secured US$1.1 million in a seed investment round led by SpeedInvest and joined by RaliCap Ventures, The Fund, and Two Culture Capital and several angel investors, including payment and revenue recovery experts from Sequoia Capital, Quona Capital, and Circle Payments.
Founded in 2020 by Ruaan Botha, Revio is a SaaS company that offers automated recurring billing, easy reconciliation, electronic invoice delivery, and acceptance of any payment method in its basic form as well as support developing or scaling e-commerce and subscription-based businesses.
“We’re 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 the revenue they’ve earned. We know that growing a business is hard, but getting paid shouldn’t be. I’m excited to partner with our investor community to accelerate our growth and the value we deliver to our customers.”
Hayden Simmons, the partner at RaliCap Ventures, said Revio was building a category-leading product to enable businesses to manage their cash flow better 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.
Revio has landed more than 50 customers in just one year of trading and processes thousands of transactions each month. The client base is diverse, spanning large-scale enterprises, mid-market corporates, and fast-growing scale-ups across multiple industries.
“Revio’s leadership team has bold ambitions and deep industry experience, which is a powerful combination. They have attracted some of the best talents in the market and are executing at pace. We are excited to be investing at this inflection point in their journey,” said Scott Hartley, co-founder and partner at The Fund.
The funding will be used to introduce new products, grow the workforce, and penetrate new emerging markets, all of which will help Revio achieve its goal of reducing churn and payment failure rates. With the help of its solutions for revenue recovery, billing automation, and payments orchestration, companies can passively, actively, and proactively recover lost transactions, boost sales, improve cash flow, and extend customer lifetime value.