Qolo

Qolo offers an omnichannel business-to-business (B2B) payment infrastructure platform for FinTechs. Through its application programming interface (API) platform connecting to several payment networks, cross-border platforms, and financial institutions, Qolo reportedly handles hundreds of types of payment transactions, including gig worker payouts, distribution payments (real-time or at customized intervals), and cross-border business transactions.

The platform can handle multiple payment instruments including cards, wallets, and automated clearing house (ACH) transactions, among others. Moreover, Qolo also offers embedded fraud detection systems, through its patent-pending “qoloCrypt” technology.

Qolo claims to be the only 100% cloud-native omnichannel B2B platform in the market and believes its cloud nativity reduces the transaction times. The company also claims that users can build payment solutions in hours using its platform, and reports that its infrastructure accommodates regional regulatory standards.

Qolo released the beta version of its “Qolo Accelerator” in July 2021, an engagement model enabling clients to get to market faster.

Key customers and partnerships

Qolo partnered with MX in April 2022, to enable FinTechs and neobanks to fast-track the development of mobile banking solutions. The company leveraged MX’s aggregation services to offer APIs to deliver banking services, while serving as the payment processor for such transactions.

Funding and financials

In August 2021, Qolo raised USD 15 million in Series A funding led by The Raptor Group, just four months after the company raised USD 4 million in seed funding in April. The newly raised funds have been earmarked for recruitment, new product launches, and global expansions.

Qolo also noted that it had processed more than USD 1 billion in payments in Q4 2022.