Douala based fintech startup, Diool, has raised US$ 3.5 million seed funding from the Vancouver based Lundin Foundation and other investors raising its total investments so far to US$ 4.6 million.
Diool is making it easy for small merchants to accept payments from customers and repay suppliers via the many payment methods available in the country. Having piloted the product for two years, it has signed up over 2,000 merchants, who have transacted more than US$120 million in the process.
In a press statement, CEO of Diool, Serge Boupda said,
“Our next stage is growing the team and product to scale in Cameroon ahead of entering other countries.”
Their application has payments integrations with all mobile money providers in the country, and has a regulatory partnership with Societe Generale, the French multi-national investment bank and financial services company.
Its goal according to Serge is to build a simpler way to access financial services for small merchants in Africa. When he explains that they are gaining a foothold in Cameroon first with the payment service as they also are rebuilding operational architecture and processes, to match new payments regulations, which becomes a critical building block for financial services distribution in the Africa region.
With the funding on board, Diool is working on expanding at home, before raising further funding and scaling internationally.
The fintech startup was founded in 2015, with a major pivot in 2017. It is a platform that performs multiple functions offering small merchants a way to sell prepaid recharges to their customers from a single app, but eventually pivoted into financial services aggregation after realising payment interchanges and financial services access was the pain point of its target users.
Diool’s investors, the Lundin foundation, is said to be very active in the French-speaking parts of Africa. In 2015, it participated in Investisseurs & Partenaires’ US$9.5 million fundraise alongside the Rothschild Foundation, Caritas and Small Foundation.
Curacel: Insurtech Startup Secures $450K Pre-seed Funding Led by Atlantica Ventures & Consonance
The insurtech startup, Curacel, an AI-powered platform for claims processing and fraud management in Africa, reports that it has raised $450,000 pre-seed funding in a round that was led by Atlantica Ventures and Consonance with participation from Kepple Ventures and other African angel investors.
The insurtech startup already works with some of the biggest insurers on the continent, including AXA Mansard, Liberty Health and Old Mutual, as well as more than 800 hospitals in Nigeria, Ghana, and Uganda. It plans to expand into 10 new African countries by the end of 2021.
Every year, African insurers lose more than $12 billion to fraudulent, wasteful, and abusive claims. Curacel’s flagship CLAIMS platform acts as a bridge between primary care hospitals and Africa’s insurance companies, using advanced artificial intelligence to ensure that insurance companies only pay claims for the correct treatment, appropriate medications and recommended patient therapies.
Curacel is also scheduled to launch Curacel Capital, a cash advance product that makes it easier for healthcare providers to access working capital to mitigate financial challenges. Delayed payments and other inefficiencies in the payment process means many African healthcare providers often have to make the difficult choice between keeping the books balanced or providing healthcare at a loss. With Curacel Capital, healthcare providers can access lump sums of up to three times their average monthly billings, based on claims processed on the Curacel portal, ensuring that they can continue to deliver essential services without undue disruption.
With insurance penetration at just 2.8% across the continent, many Africans are one accident or health emergency away from poverty. And in Africa’s communal societies, tragedy impacts entire communities, with people emptying their savings to pay for medical expenses, burials or other disaster relief for family members and kin. By leveraging Curacel’s products and services, insurers across the continent are better equipped to close the insurance gap and safeguard prosperity.
According to Curacel Co-founder and CEO, Henry Mascot, in a press statement said,
“We are excited to have these investors on board and we are looking forward to partnering with them to drive our vision of improving insurance inclusion across Africa.”
At Curacel he shares, they are uniquely positioned to safeguard livelihoods and increase the quality of life through their unique, market-leading products and services.
IK Kanu, Partner at Atlantica Ventures noted that,
“The African insurance market represents a significant growth opportunity and we are delighted to be partnering with Curacel to drive growth in this sector. There is an opportunity to create an entirely new market of products and services here and we look forward to supporting the team to improve health outcomes across the continent.”
Finally, Mobolaji Adeoye, the Managing Partner at Consonance adds that they believe the Curacel team has what it takes to be market leaders and are therefore excited to support them. Also stressing that they have a great product and equally delighted to be coming onboard at this early stage of their growth.
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