REXIAL

REXIAL, a financial software company headquartered in Kampala, Uganda, was established in 2023 by co-founders Aeko Ongodia, who serves as CEO, and Arthur Nakkaka, the company's CPO. The firm is focused on developing a payment gateway to streamline recurring payments for merchants through direct debit. Operating within the African fintech market, REXIAL targets both business-to-business and business-to-consumer transactions, enabling merchants to collect recurring payments from customers' bank and mobile money accounts.

The company's core offering is an API-first platform that allows developers to integrate direct debit capabilities into their systems with just a few lines of code. This service provides an alternative to credit or debit card payments, aiming to reduce transaction fees for merchants. For end-users, REXIAL provides an application that acts as a central hub to manage and monitor all recurring payments for various services like subscriptions, utilities, and insurance. The business model centers on facilitating these automated, electronic payments, which helps businesses improve cash flow.

In 2023, REXIAL was accepted into the Bank of Uganda's sandbox to digitize what was previously a paper-based workflow for merchants. The company has since started to build a network that includes partners like Stanbic Bank and XENO Investments. By September 2024, REXIAL had secured approximately $520K in funding from investors, including a seed round and accelerator funding from entities like Techstars and Nordic Impact Funds. This capital is intended to expand its technological infrastructure and enhance its marketing efforts. Keywords: REXIAL, recurring payments, direct debit, ACH payments, payment gateway, fintech Africa, mobile money payments, financial software, API payments, Aeko Ongodia, Arthur Nakkaka, Kampala startup, automated payments, subscription billing, B2B payments, B2C payments, payment processing, Stanbic Bank, XENO Investments, Techstars