Raiven leaves fintech platform Whizmo


TORONTO & PALO ALTO, CA–(BUSINESS WIRE)–Raiven Capital, an early-stage global technology venture fund, today announced its exit from fintech company Whizmo, a mobile money startup that provides B2B and B2C financial services to customers and merchants from emerging economies.

“Raiven Capital invested in Whizmo in 2020 and exited the company this summer at a significant multiple over a private equity investor,” said Paul Dugsin, general partner at Raiven Capital. “It’s a great example of Raiven’s ability to find innovations around the world and build bridges between relevant ecosystems,” he said.

Whizmo basically caters to the needs of the poorest by providing digital finance to the unbanked. As a B2B solution, Whizmo provides small businesses that don’t have access to traditional banking services with methods to switch from cash to contactless payments. The low fees and instant settlement allow them to make their funds more usable and safer than cash.

Whizmo worked with Raiven in the seed stage to form a Canadian holding company, where its intellectual property is held. Raiven has also structured and supported target markets for relevant jurisdictions. Canada’s strong intellectual property and corporate governance laws provide great advantages to Whizmo founders over other jurisdictions.

Whizmo has obtained primary approval from the UAE Central Bank and is fully licensed by SUGEF in Costa Rica. Now the first step is complete; Whizmo is preparing to launch in the United Arab Emirates and Costa Rica while developing go-to-market strategies for other markets to follow.

About Raiven Capital

Raiven Capital is an early-stage global technology venture capital fund with roots in Silicon Valley and Toronto. Raiven Capital focuses on artificial intelligence, DLT and IoT. Raiven is actively seeking passionate founders building businesses that optimize value chains in cybersecurity, finance, energy, healthcare, environment and food. Once growth is robust, Raiven exits later-stage capital in Silicon Valley and beyond.

Find us on LinkedIn, Twitter and Facebook. To learn more about innovation, startups, read dry powder.

About Whizmo

Whizmo is a mobile money startup providing B2B and B2C financial services for customers and merchants where centralized finance is not suitable or too expensive. Whizmo is a peer-to-peer payment fintech platform that allows customers to transfer value between each other without the need for a bank with functions such as deposits and withdrawals, supplier payments, invoices split payments, remittances and more in a multi-currency, agnostic payment system.


Comments are closed.