South African fintech startup Revio, a subscription billing and payments platform that powers software-as-a-service (SaaS) businesses, has raised US$1.1 million in seed funding to launch new products, expand its team, and enter into new markets.
Co-founded in 2019 by venture builder The Delta and a private investor, Revio is a SaaS company that powers growing or scaling e-commerce and subscription-based businesses. In its simplest form, Revio provides recurring billing automation, sending of electronic invoices, accepting of any payment method, and reconciling with ease.
Revio has just raised US$1.1 million in seed funding, with the round led by SpeedInvest and joined by RaliCap Ventures, The Fund, and Two Culture Capital. Several angel investors also participated, including payment and revenue recovery experts from Sequoia Capital, 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, increase revenue, optimise cashflow, and increase customer lifetime value.
“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.”
Hayden Simmons, partner at RaliCap Ventures, said Revio was building a category-leading product to enable businesses to better manage their cash flow 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.
In just one year of trading, Revio has landed more than 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.
“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.