Cameroon-based fintech Diool secures $3.5m funding
Cameroonian fintech start-up, Diool, has raised $3.5 million to scale its operations.
The funding round was led by Lundin Group and other existing investors.
According to Crunchbase, the fintech has raised a total of $5.6 million in funding over five rounds.
Diool was founded in 2015 by brothers Serge and Phillipe Boupda as an app that sold prepaid recharges to customers.
By 2018, it completed its evolution by pivoting into a financial services aggregator that provides several payment methods for small merchants to accept payments or repay suppliers.
For them, this was perhaps a key pain point they observed while running the prepaid recharge business.
In the two years since the pivot, Diool has signed up more than 2,000 merchants, who have transacted more than $120 million via its platform.
It has payments integrations with all mobile money providers in Cameroon, and a regulatory partnership with Société Générale.
Boupda tells Disrupt Africa its goal was to build a simpler way to access financial services for small merchants in Africa.
“We’re doing Cameroon and payments first,” he says. “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.”
With the funding on board, Diool is now working on expanding at home, before raising further funding and scaling internationally.