Three out of every 10 payments in Africa fail, according to reports. Factors behind this range from a fragmented payments landscape and invalid cards to dormant accounts and higher dispute rates; they surface yearly leading to a $14 billion loss in recurring revenue for digital businesses across the continent.
These problems are bound to increase as digital payments in Africa continue to grow, 20% year-on-year, per some reports. And while gateways and aggregators have made it easier for businesses to accept multiple payment methods, few solutions exist to aggregate them for necessity’s sake and deal with payment failures that arise from each platform. That’s where Revio, a South African API payment and collections company, comes in. The fintech which makes it easier for businesses across Africa to connect to multiple payment methods and manage payment failures is announcing that it has raised $1.1 million in seed ...
