Cameroonian Fintech startup Diool has raised US$3.5 million from the Lundin family and previous investors raising its overall secured investment to US$4.6 million.
Diool makes it easier for small retailers, using multiple payment methods, to accept payments from their clients and repay their suppliers and distributors.
The platform which started in 2015 as mobile recharge project offering small retailers a way to sell prepaid airtime has now signed up more than 2,000 merchants in the two years since the pivot, transacting over US$120 million.
It has integrated payments with all mobile money providers in Cameroon and has a regulatory relationship with the French multinational investment bank and Societe Generale, a financial services firm.
Diool will use the funds to expand in Cameroon before raising funding to expand globally.