TORONTO & PALO ALTO, Calif. — Raiven Capital, a global early-stage tech venture fund, today announced its exit from fintech company Whizmo, a mobile money start-up that provides B2B and B2C financial services for customers and merchants in emerging economies.
“Raiven Capital invested in Whizmo in 2020 and exited the company this summer at a significant multiple to a private equity investor,” said Paul Dugsin, General Partner, Raiven Capital. “This is an excellent example of Raiven’s ability to find innovative from around the world and build bridges across relevant ecosystems,” he said.
Essentially, Whizmo addresses the needs of poorest by providing digital finance for the unbanked. As a B2B solution, Whizmo provides small businesses, that don’t have access to traditional banking with methods to move from cash to contactless payments. The low fees and instant settlement, allow them to make their funds more useable and safer than cash.
Whizmo worked with Raiven in the seed stage to form a Canadian holding company, where its IP is held. Raiven also structured and supported target markets for suitable jurisdictions. Canada’s strong IP laws and corporate governance provide great advantages to Whizmo’s female founders compared with other jurisdictions.
Whizmo obtained principal approval from the UAE central bank and is fully licensed by SUGEF in Costa Rica. Now the first stage is complete; Whizmo is preparing to launch in UAE and Costa Rica while building go to market strategies for additional markets to follow.