Cameroon: Fintech company raises $3.5m seed round

Cameroonian fintech company Diool has announced a $3.5 million seed round from existing angel investors and the Lundin Family.

Back in 2015, Diool started as a mobile recharge venture, offering small merchants a single app that enabled them to sell prepaid packages from several mobile network providers.

Eventually, the company added mobile money recharges (cash deposits and withdrawals) and payments, which quickly led to user and transaction volume growth (2,000 merchants and $120 million-plus in transaction volumes in less than two years).

The strengthening of the local payments regulation, a block critical to building financial services, led Diool to strike a partnership with Société Générale Group and its subsidiary YUP Management, starting with Cameroon, with the aim of replicating it in other countries.

Diool’s next goal is to grow the team and the product to scale in Cameroon, before expanding to other countries.

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