Diool, a Cameroonian fintech startup has raised $3.5 million to expand its digital payment services.
The investment was led by Lundin family, a Swiss-based Swedish-Canadian billionaire family, and other existing investors. This brings the total investment raised by Diool to $4.5 million.
Founded in 2015 by Serge and Philippe Boupda, the startup makes it simpler for small merchants to accept payments from their customers and repay their suppliers, using multiple payment methods.
Diool has over 2,000 merchants registered and processed about $120 million transactions via its payment platform within its first two years of operation.
On what the funding will be used for, co-founder of Diool Serge Boupda said:”The next step is to develop our team and market the products all over Cameroon before entering international markets.”