Subscription billing start-up Revio has raised R15 million in seed funding, led by venture builder, The Delta.
The funds will be used by Revio, which was founded in 2020, to pursue opportunities in the growing fintech space in Africa.
The start-up helps companies, particularly those in software as a service, get more from their billing subscriptions.
Revio uses machine learning and an analytics platform, which proactively reaches out to customers at risk of churn, automates customer arrears management and rewards them for good behaviour, with human-to-human touch points when necessary.
The start-up counts Absa, Ozow, Flash and Standard Bank among its integrations, as well as e-commerce platforms like Shopify, WooCommerce, Opencart and Magento.
Commenting on the investment, Louis Buys, CEO of The Delta and co-founder of Revio, says: “Seventy-five percent of SA consumers have at least one account in arrears, putting most businesses at risk. Revio makes it easy to avoid failed payments, customer churn and improve customer loyalty. While providing customers with the payment methods they expect has never been more important, managing customer subscriptions has never been so complicated.”
“Revio is currently focused on the South African market, but will be expanding to other African countries in support of multinational clients towards the end of 2021. The plan is to formally launch in East Africa in 2022.”
In the past year, The Delta has raised R170 million for its ventures, including a recent R4 million funding round for its employee wellness venture Strove. It is also in the process of raising funds for a disruptive market research tool, AI-BO, and a powerful data privacy platform, Priv, which helps companies become GDPR and POPIA compliant.