Cameroon’s fintech startup, Diool, has raised $3.5 million in its latest funding round that was led by the Lundin group of companies plus existing investors. The round takes the startup’s total secured investment to $5.6 million.
According to the startup’s chief executive officer (CEO), Serge Boupda, they will use the funding to build a simpler way for Africa’s small merchants to access financial services, with plans to also further expand in Cameroon.
Diool’s platform makes it easier for small merchants to accept payments from their customers and repay their suppliers, using many payment methods. In the two years since the pivot, the startup has signed up more than 2,000 merchants, who have transacted more than $120 million through its platform. It has payments integrations with all of Cameroon’s mobile money providers, and also a regulatory partnership with Societe Generale, a French multinational investment bank and financial services company.
Crunchbase reports that the startup raised $1.2 million in 2020, following other rounds of $250,000 in 2018 and $600,000 in 2015. This thus brings the company’s total disclosed rounds to $5.6 million.
Diool’s $3.5 million raise makes it the third francophone startup to raise over a million in less than a year.