Press Release
Revio raises $1.1 million to drive better payment experiences
Revio Leadership Team (Photo credit: Revio)
Revio raises $1.1 million from leading investors to solve the payments failure problem in emerging markets. The round was led by SpeedInvest, joined by RaliCap Ventures, The Fund, and Two Culture Capital. Several angel investors also participated, including payment and revenue recovery experts from Sequoia, Quona Capital, and Circle Payments.
The funding will be used to launch new products, expand the team, and enter new emerging markets, all contributing to Revio’s mission of reducing payment failures and churn. Its Payments Orchestration, Billing Automation, and Revenue Recovery solutions enable businesses to passively, actively, and proactively recover lost transactions, to increase revenue, optimise cashflow, and increase customer lifetime value.
The round was led by global FinTech investor SpeedInvest, joined by RaliCap, The Fund, and Two Culture Capital. Several angel investors also participated, including payment and collections experts from Sequoia, Quona Capital and Circle Payments. This is Revio’s first institutional funding round since emerging from stealth in March 2021.
“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 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 that we deliver to our customers.”
In Africa, 2-3 out of every 10 payments fail, compared to the 0.7 global average. Reasons for this include the fragmented payments landscape, higher dispute rates, invalid or expired card details, false-positive fraud checks, multiple or dormant accounts, and insufficient funds. This high failure rate results in billions of dollars in lost revenue. In Africa alone, an estimated $14 billion in recurring revenue is uncollected each year, and the continent has a 320% higher churn rate than mature markets.
With digital payments growing at 20%+ year-on-year, this problem will only intensify. While gateways and aggregators have made it easier for businesses to accept multiple payment methods, few solutions exist to deal with payment failures.
“Revio is building a category-leading product to enable businesses to better manage their cash flow and accelerate growth,” said Hayden Simmons, Partner at RaliCap Ventures. “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.”
Today, businesses can integrate with Revio’s API to seamlessly accept and reconcile 20+ payment methods across 25+ African markets, to increase their payment success rates and automate revenue operations. Based on the insight that ‘there’s more to getting paid than accepting payments,’ Revio offers:
- Smart payment routing and failover to increase payment success rates
- Configurable auto-retries, dunning rules, and proactive card expiry management
- Data-driven interactions to recover lost revenue, including secure payment links, self-service billing changes, and options to settle arrears in cash at a nearby retailer
- Real-time analytics and reporting to optimise recovery processes
Combined with real-time customer segmentation and analysis, these capabilities can help businesses increase their customer lifetime value and direct collections effort toward the customers with the highest return on investment. Through a single integration, businesses can access all these functionalities, simplifying complexity, accelerating speed to market, and increasing revenue and customer lifetime value.
In just one year of trading, Revio has landed 50+ customers 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. The current traction is just the beginning of Revio’s story. Locally grounded but globally relevant, the team aims to be the go-to revenue recovery and growth partner for businesses in all emerging markets.
“Revio’s leadership team has bold ambitions and deep industry experience, which is a powerful combination. They have attracted some of the best talent 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.
“Having been part of multiple payment orchestration and billing automation platforms across the world, we can see the incredible potential of using this toolset to increase revenue recovery for businesses in a region where three out of ten payments fail. With a team as experienced as Revio’s at the helm of tackling this massive opportunity we’re convinced that they can fundamentally change the payments landscape for businesses in their target markets and are excited to be backing them on that journey,” said Alvaro Perezcano, FinTech Investor at SpeedInvest.
Novotel Director Sales and Marketing Joesph Kimondo, PR and Marketing Manager Ivy Irungu, General Manager Fabio gonsalves, During the Media Briefing at the hotel (L-R).
Novotel, one of Accor’s flagship brands and a champion of balanced living, is proud to announce the opening of Novotel Nairobi Westlands, Kenya.
Situated in the vibrant Westlands area, the new hotel seamlessly balances moments of adventure, relaxation, business, and pleasure, offering a truly reenergising experience just 20 minutes from Jomo Kenyatta International Airport (JKIA). Guests can explore multiple attractions with ease such as the Nairobi National Park, modern shopping malls, entertainment spots, the Giraffe Centre, and the Maasai traditional Market. The hotel caters to business travellers and families eager to share quality moments.
Novotel Nairobi Westlands offers 347 stylish rooms and suites, all featuring the brand’s signature design concept by RF Studio, which emphasises adaptability and sustainability, creating a comfortable, modern atmosphere. For business travellers, the hotel offers 13 versatile, intuitive meeting and event spaces, including a ballroom that can host over 100 guests – ideal for conferences, corporate functions, and social gatherings.
For guests seeking relaxation, the hotel’s state-of-the-art spa offers a range of curated signature massage therapies, designed to provide the ultimate rejuvenation experience. Each treatment is crafted to melt away stress and restore balance. For those looking to stay active, the fitness centre provides expert-led individual and group training sessions, offering a mix of tailored workout routines to suit all fitness levels.
“We are excited to introduce Novotel to Nairobi, a city that beautifully blends rich cultural heritage with modern dynamism,” said Fabio Gonsalves, General Manager of Novotel Nairobi Westlands, Kenya. ‘’Our goal is to create a welcoming space for business travelers and families alike, where quality moments lead to a more balanced life. At Novotel Nairobi Westlands, where modern living meets the pulse of cultural fusion, we offer flexible workspaces and relaxed dining options to suit everyone. It’s a place where guests can truly unwind, connect, and leave feeling invigorated.
The hotel’s four distinct dining concepts take guests on a culinary journey. The rooftop Trunk & Tandoor Gastro Bar offers Indian-inspired cuisine paired with breathtaking views of Nairobi’s skyline, creating the perfect setting for a relaxed evening. Gemma’s Italian Kitchen & Bar provides an all-day dining experience with rich Italian flavours in a welcoming atmosphere. Located at the heart of the lobby, the Safari themed Social Hub coffee lounge and bar adds a unique local flair, inviting guests to connect and unwind. For those seeking a more laid-back experience, the rooftop Pool Bar serves light bites and refreshing drinks, perfect for unwinding under the sun while enjoying the stunning panoramic city views.
Whether complementing a safari adventure or enjoying a family getaway, Novotel Nairobi Westlands offers travellers and locals the perfect environment to connect with family, friends, and colleagues and share quality moments.
“With the opening of Novotel Nairobi Westlands, we are proud to reaffirm our commitment to Africa. The hotel offers a gateway to Nairobi’s vibrant experiences and marks a significant milestone in our growth strategy, as we continue to expand our footprint in key markets across the continent while enriching local communities.” said Paul Stevens, Chief Operating Officer Premium, Midscale & Economy Division, Middle East & Africa for Accor.
Following a longstanding commitment to support its guests’ pursuit of balance in their lives, Novotel announced a three-year agreement with World Wide Fund for Nature (WWF) to champion the protection and restoration of the world’s oceans, the greatest source of balance for the planet’s climate, through science-based action and conservation projects. Novotel has built a three-year Positive Impact Plan, rooted in three of the United Nations’ priority ocean-related actions, namely: reducing marine pollution and ocean acidification, particularly from land-based activities; fighting overfishing and promoting sustainable fishing models; and increasing scientific knowledge and research for ocean health.
To celebrate the opening, Novotel Nairobi Westlands is offering rates from Kes 20,000, including breakfast. True to the Novotel Family Promise, up to two children under 16 can stay for free in their parents’ room.
Members of the brand’s ALL loyalty programme, can unlock 4X Reward Points when booking on all.com until 24/11/2024, for stays up until 12/01/2025. Guests can join the loyalty programme for free and earn points towards a number of benefits, including free hotel stays.
Novotel Nairobi Westlands is Safe Hotels Certified, ensuring our guests peace of mind with globally recognized safety standards. This certification highlights our commitment to a secure, comfortable, and welcoming stay.
FOO, the award-winning B2B Software as a Service (SaaS) solutions provider, has partnered with eNovate (formerly known as eCards), Egypt’s premier provider of cutting-edge digital payment solutions, to build upon eNovate’s existing portfolio of products and services.
eNovate is an independent subsidiary of eFinance Investment Group (EFIG), Egypt’s leading investment management firm. Originally established in 2009 as EFIG’s card services division, it has since evolved to deliver comprehensive, integrated digital payment solutions for a range of clients, including fintechs and financial institutions; ministries and governmental entities; transportation authorities; and NGOs.
With more than 55 million cards issued to date, and millions of transactions processed annually for Meeza, VISA and Mastercard, eNovate continues to position itself at the forefront of Egypt’s digital payment ecosystem.
eNovate has strategically partnered with FOO to enhance its portfolio by leveraging FOO’s expertise, extensive range of services, and innovative approach to product development. FOO’s modular platform, built on a customizable suite of micro-services, enables the delivery of SaaS products across the financial services spectrum – from digital onboarding to digital banking – with unparalleled levels of flexibility, scalability and security.
Through this partnership, eNovate will also deliver Fintech as a Service (FaaS) solutions. Designed to help fintechs rapidly launch and scale their operations, FOO’s advanced ‘out-of-the-box’ FaaS solution streamlines the development process. This approach drastically reduces the time and resources needed to bring fintech products to market, enabling companies to move from concept to deployment within months, rather than years. By providing a comprehensive, scalable platform, this collaboration empowers fintechs across Egypt to focus on innovation and growth, accelerating their path to success in the country’s dynamic financial sector.
Both companies share a strong commitment to driving digital transformation, both within Egypt and the broader payment ecosystem. This collaboration will build on eNovate’s success to date, to further the delivery of fully compliant, end-to-end solutions that meet the diverse needs of its clients and their customers.
This ongoing partnership between FOO and eNovate includes several key projects, the first of which is an end-to-end digital solution for universities across Egypt. Integrated with each university’s learning management system, it will enable students to complete a range of actions – from payments to identity verification – via one easy-to-use app.
Further significant projects are to be announced in due course.
Ghady Rayess, Co-founder and Managing Director at FOO, commented: “At FOO, innovation is integral to our approach. We are proud to partner with eNovate, a true industry trailblazer, to contribute to the remarkable transformation taking place in Egypt’s financial services sector. With the support of the Central Bank of Egypt (CBE), we are committed to delivering robust financial solutions that will not only strengthen eNovate’s position as a leading innovation hub, but also further digital transformation across Egypt.”
Nashwa Kamel, CEO at eNovate, commented: “We are delighted to be working with FOO. Their commitment to cutting-edge technology and innovation aligns with our vision for providing digital payment solutions in Egypt and across the region. This partnership represents a milestone in our mission to revolutionize the financial landscape, providing our clients and their customers with unparalleled opportunities and enhanced experiences. By combining eNovate’s expertise with FOO’s pioneering solutions, we are positioned to set new benchmarks in the industry, driving forward digital transformation and reinforcing our role as a leader in the global payment ecosystem.”
SME Unwind, led by founder Seyi Olaniyan, is excited to bring Lagos’s first Black Friday Trade Fair to Muri Okunola Park, Victoria Island, on November 24, 2024. This exciting event will connect small and medium-sized businesses with buyers, creating a marketplace where businesses can clear inventory and shoppers can enjoy unbeatable Black Friday deals.
Some prestigious brands showcasing their offerings include Burger King, Uncover Skincare, Oriki Spa, and Zoho, along with other local and international brands. Shoppers can explore an array of products, from food and drinks to fashion, beauty, tech and lifestyle items—all at significant discounts.
The Black Friday Trade Fair will feature:
- Big Discounts – Shoppers can access exclusive Black Friday deals across various products and services.
- Fun Games and Activities – Engaging games, activities, and prize giveaways will keep attendees entertained throughout the day.
- Live Performances – A series of live shows will bring a lively atmosphere to the park.
- Networking Opportunities – Business owners and brand representatives can connect, network, and expand their reach in a dynamic environment.
“We’re thrilled to launch Lagos’s first Black Friday Trade Fair, giving local businesses a platform to reach a large audience while providing shoppers with exciting discounts in a lively, enjoyable environment,” says Seyi Olaniyan, Founder of YellowLyfe. “This event is about creating value for everyone involved, from exclusive deals and live entertainment to meaningful new connections.”
The Black Friday Trade Fair is a unique opportunity for small and medium-sized enterprises to showcase their products, gain exposure, and build valuable connections. With a variety of brands participating, visitors will discover an extensive range of high-quality items at great prices.
Join us on November 24th at Muri Okunola Park from 2 p.m. for an unforgettable Black Friday experience! Admission is free for all shoppers. This event is brought to you by YellowLyfe and powered by Zoho Africa, with additional sponsorship from Lasavannah, Kora, Bumpa, Chowdeck, Wallure, SoMe Solutions, TraceTv, SellwithAb, and many more.
SMEUnwind was created for business owners to relax and connect, but Mega Black Friday (by YellowLyfe Hq) is designed to be different, bringing Black Friday shopping live in person with a sprinkle of experiences to connect both consumers and business owners.
For more information, press inquiries, or to register your business for the Black Friday Trade Fair www.unwindfest.com/sme
Please contact:
Call: +234 904 902 7698
Email: sme.unwind@thelyfe.co or brands@yellowlyfe.com @smeunwind across all platforms
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