South African enterprise payments platform startup Revio has rebranded to Precium in a move made to signify its growth from a local processor to a global payments platform.

Precium experienced significant growth in its team, product capabilities and merchant base over the past 18 months.

After a $5.2-million seed investment last year, Precium demonstrated significant growth in its enterprise client acquisition and income, tripling its monthly recurring revenue in the past six months.

The company has extended its international reach with a pipeline of global merchants representing more than $100-million of monthly total payment volume.

Earlier than expected, the platform attracted the attention of global merchants looking to deepen their reach and realise the full potential of African consumer markets. These merchants demand the highest standards of security, processing reliability and local expertise to support their expansion ambitions, Precium said in a statement.

“Precium started as a venture to provide world-class payment technologies to South African merchants, and has since become a platform to enable global merchants to access emerging African markets.

“While our operations remain firmly rooted in South Africa, more of our clients are companies abroad. Our rebrand aims to capture our evolution into a globally competitive payment infrastructure platform, purpose-built for enterprise scale,” says Precium co-founder and COO Nicole Dunn.

There is a lot of complexity and fragmentation in the payments industry, and payments companies often amplify this complexity to merchants, said Precium co-founder and CEO Ruaan Botha.

“Our goal was to build solutions that can simplify payment operations for merchants, and we wanted our new brand to reflect this.”

Over the past two years, Precium's team has worked closely with enterprise businesses to streamline their payment operations and reduce payment failures.

“Our mission remains unchanged. In this next chapter, we are deepening our capabilities to be purpose-built for enterprise scale, and further help merchants transform payments from a cost centre to a revenue enabler,” he said.

The company's growth attracted the interest of global businesses inside and outside of the industry with similar sounding names to Revio, said Dunn.

“We decided to rebrand to future-proof our continued growth and global presence, and reintroduced ourselves as a home-grown company with an ambition to make a global impact.

“We believe that the next ten years will see merchants become increasingly strategic about which payment methods they expose to their customers, uncompromising about success rates, and demanding flexible payment technologies that can enable masterful customer experiences. Precium is excited to build on our position to help merchants get more from their payment capabilities," she said.