Cameroonian Fintech Startup Diool Secures $3.5m in Funding
The start-up platform makes it easier for small retailers, using multiple payment methods, to accept payments from their clients and repay their suppliers. Diool has signed up more than 2,000 merchants in the two years since the pivot, transacting over US$120 million via its website. It has integrated payments with all mobile money providers in Cameroon and has a regulatory relationship with the French multinational investment bank and Societe Generale, a financial services firm.
Diool has now disclosed that it has received $3.5 million funding from the Lundin family and previous investors, raising its overall secured investment to $4.6 million. The CEO of the startup, Serge Boupda, in a session with Disrupt Africa said that the platform aims to create an easier way for small merchants in Africa to access financial services.
“We’re doing Cameroon and payments first. We’ve also spent some time rebuilding operational architecture and processes, to match new payments regulations in Cameroon – a critical building block for financial services distribution in the region.” He said.
Diool is now focusing on expanding at home with the funds on board, before raising more funding and scaling up globally.
“Our next stage is growing the team and product to scale in Cameroon ahead of entering other countries,” Boupda said.
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