Finland and Nigeria-based fintech ZirooPay has raised $11.4 million in a Series A funding round led by Zrosk Investment Management, an African investment management firm.
The fund will allow ZirooPay to expand its payment infrastructure and hire more innovative minds, which will help accelerate the company’s growth and scale.
The round has also received participation from existing investors such as Nordic venture capital fund Inventure and other private and institutional funds such as Fedha Capital and Exotix Advisory.
Angel investors included Petri Kivinen, the former chief executive of Deutsche Bank, Morgan Stanley and Renaissance Capital; Abiodun Ajai, Director, Sub-Saharan Africa, Bank of America; and Jonas Dromberg, former bureau chief at Bloomberg.
Along with parent company IroFit, ZirooPay was founded in 2014 and has seen commendable growth ever since. The company claims to have more than 15,000 merchants taking advantage of its point-of-sale terminals and mobile app. These merchants processed $500 million, a 5,000% increase in three years, out of 10 million transactions.
ZirooPay is a developer of POS mobile payment systems designed to facilitate mobile payments. The company’s point-of-sale systems bypass the Internet, as the platform automatically routes transactions through pre-configured secure GSM basic channels. ZirooPay handles the details to allow customers to focus on growing their business.
Additionally, the mobile app allows small businesses in the retail, banking, hospitality, and service industries to track sales and manage business operations.
The platform does this by transmitting credit card data over secure connections that are universally available, enabling merchants to receive card payments in areas with poor or no internet connectivity, allowing vendors to increase their sales, to satisfy and retain their customers.
To create an omnichannel system for merchants, ZirooPay will expand its product suite and include additional payment channels and options to accelerate the speed of business growth, becoming the go-to platform in the retail space. by retail.