Revio raises $1.1mn seed round led by SpeedInvest, LAF3 closes

SpeedInvest has led the USD 1.1mn seed round for South African fintech Revio with participation from angel investors, Two Culture Capital, The fund and RaliCap Ventures. With the funds, the API payments and collections company plans to launch new products, grow its team and enter new emerging markets.

The company offers a variety of solutions that enable companies to recover lost transactions. A problem it says costs Africa over USD 14bn in recurring revenue because of a fragmented payments landscape, higher dispute rates, invalid or expired card details, false positive fraud checks and more—Revio says that two to three of every ten payments in Africa fail. This is in sharp contrast to the global average of 0.7.

The company’s CEO is Ruaan Botha.

LofttyInc’s LAF3 fund closes

Venture capital firm LoftyInc has reached the final close of its over-subscribed LoftyInc Afropreneurs Fund 3 (LAF3), a fund raised in eight months and backed by African HNWIs, US family offices financial institutions and others.

Investors include Silverbacks Investments, First Close Partners and FBNQuest Funds.

The fund closed in Q1 this year and was oversubscribed by over 40%– an initial USD 10mn target became a USD 14.2mn fund.