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Yaoundé - 28 May 2022 -
Finance

Pan-African Fintech CinetPay raises XAF1.3 bln to boost operations

Pan-African Fintech CinetPay raises XAF1.3 bln to boost operations
  • Comments   -   Thursday, 13 January 2022 10:40

(Business in Cameroon) - PanAfrican fintech CinetPay announces it has raised US$2.4 million from 4DX Ventures and Flutterwave, two pan-African venture capital firms. The fintech aims to boost sales and marketing efforts in nine West and Central African countries where it has had 350 vendors, since 2016. Those countries are namely Cameroon, Côte d’Ivoire, Burkina Faso, Benin, Mali, Togo, Senegal, the Democratic Republic of Congo, and Guinea Conakry. 

For a first institutional investment, we couldn’t have asked for two better partners than 4DX Ventures and Flutterwave. We’ve watched firsthand as thousands of merchants waste crucial time, even up to 6 months, getting their payment systems in order. Now we’ve got the resources to market and sell our optimal solution across the region and we’re excited to ensure that all businesses in our region never miss a sale again. We have selected highly strategic partners as investors and are excited about the immediate next steps we take together in terms of simplifying and improving digital payments in Francophone Africa,”  said Idriss Marcial Monthe, Co-founder of CinetPay.

Thanks to its mobile and computer apps, CinetPay allows its clients to accept payments through  Mastercard, Visa, and the main local payment means in its nine African markets (the payment means are notably Mpesa, MTN Mobile Money, and Orange Money). Its digital platform is used by e-merchants, utility companies, insurance companies, and schools for online payment collections. 

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