ZirooPay, a POS service provider firm reportedly conducted a Series A fundraising round led by Zrosk Investment Management, in which it raised USD 11.4 million. The latest round also saw participation from existing investors Exotix Advisory, Nordic venture fund, Inventure, and Fedha Capital.
According to credible sources, IroFit, the parent company of ZirooPay had first envisioned the provision of internet-free technology, where small businesses could accept card payments via a mobile app and an EMV-certified card reader, especially in areas where there was no data coverage.
That pitch hasn't changed in the past three years, and ZirooPay has grown tremendously over time. For those unaware, the company's POS machines, and mobile app were used by over 15,000 merchants who have handled a sum as large as USD 500 million in 10 million transactions, which is a 5,000% increase in three years.
According to the company, the fresh funds will be deployed for the development of its payment infrastructure, accelerating expansion, and increasing its working staff.
Omoniyi Olawale, the company's CEO, had stated that the funds obtained (USD 600,000 in seed) would be used to start a business in Nigeria. However, the company did not launch in Lagos until five years later.
Zrosk's Managing Director and Chief Investment Officer, Samson Esemuede stated that ZirooPay offers a patented technology advantage and distribution model that boosts the chances of digitizing the offline economy at a low unit cost, making the prospect exceptionally attractive.
To create an omnichannel arrangement for retailers, the firm will use the investment to expand its product offerings and introduce newer payment methods and possibilities.
The ZirooPay mobile application allows small businesses in agency banking, hospitality, retail, and services sectors to provide various services including tracking sales and managing operations.
Source Credit: