CinetPay, an Ivory Coast-based fintech startup, raises $2.4m seed round from Flutterwave and 4DX Ventures

CinetPay, an Ivory Coast-based startup that provides a digital finance platform that allows merchants in Francophone Africa to accept and make payments seamlessly, has raised a US$2.4 million seed funding round from 4DX Ventures and Flutterwave to expand its sales and marketing efforts across nine markets in West and Central Africa.

CinetPay has processed over 30 million transactions for 350 active merchants in nine countries since its 2016 launch in Ivory Coast, including Senegal, Cameroon, Mali, and Togo. Its platform provides a single interface for businesses to process over 130 different payment operators, ranging from mobile money to credit and debit cards and e-wallets, removing the need for merchants to spend months integrating with various systems in order to manage sales and revenues.

CinetPay, which is used by a wide range of businesses ranging from e-commerce platforms to digital public services, insurance companies, and schools, simplifies the process of accepting payments online or through mobile Point of Sale (PoS) devices while providing best-in-class security protocols. The US$2.4 million seed round from VC firm 4DX and pan-African fintech unicorn Flutterwave is intended to expand the company’s sales efforts and customer base.

By bringing on Flutterwave, CinetPay is expanding on a successful commercial partnership that began in 2019.

“We couldn’t have asked for two better partners for our first institutional investment than 4DX Ventures and Flutterwave,” said Idriss Marcial Monthe, CEO and co-founder of CinetPay.

“We’ve seen firsthand how thousands of merchants waste critical time, sometimes up to six months, getting their payment systems in order.” Now that we have the resources to market and sell our ideal solution throughout the region, we are excited to ensure that no business in our region ever misses a sale again.

As investors, we have chosen highly strategic partners, and we are excited about the immediate next steps we will take together to simplify and improve digital payments in Francophone Africa.”

4DX Ventures co-founder and general partner Walter Baddoo said his firm had been monitoring the Francophone African market for some time and was impressed by CinetPay’s ambitious goal of digitizing payments across the region.

“With a differentiated offering and a strong customer brand, the company has demonstrated deep product knowledge.” “We are excited to work with the CinetPay team and our long-term portfolio company, Flutterwave, to usher in the next phase of digital payments across the Francophone region,” he said.

Olugbenga Agboola, founder and CEO of Flutterwave, and CinetPay shared a vision for simplifying payments on the African continent.

“We’re excited to work with the team to help scale the business to achieve maximum impact and value for its customers,” he said.