GDP Per Capita
Hi Fintech friends 👋,
It has been a busy week with more Fintech announcements, here are the highlights of what happened in African Fintech this week;
Four African Fintechs raised over $179 Million.
African VC closed its $50 Million to invest in “made in Africa” Startups.
Co-founders of Africa’s YC backed Fintech quit quietly in 2023.
Ghanaian businesses left stranded as Nigeria’s HR Fintech fails to meet pension and tax obligations.
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💸Fundraise and Exits
Raenest raised $11 million in Series A to expand cross-border payment solutions to new markets.
B2B Payment Flows: The Africa Opportunity
Ghana's Affinity Africaraisesd $8M to expand services.
Top 5 payment methods in Ghana
Tanzania based Swahiliesraised undisclosed funding from Ennovate venture.
Fintech startups in Tanzania
💰 Venture Funds
P1 Ventures closed $50 Million fund to back global companies “made in Africa”.
Most Active Investors - By Deal Volume 2024
🚀 Partnerships & Product Launches
Ecobank and Xtransfer partnered to streamline cross-border payments for African SMEs
SMES CONTRIBUTE A SIGNIFICANT PORTION TO THE GDP OF MANY AFRICAN COUNTRIES
👔 Leadership Lineup
Founders of YC-backed Helicarrier, formerly Buycoins, quitquietly in 2023.
Founders of Helicarrier
📰 News of the Week
Tabby doubledvaluation to $3.3B in $160M funding as it looks beyond BNPL and plans an IPO.
Top BNPL companies in MENA
The round comes less than 18 months after Tabby raised $200 million in a Series D round when it was valued at $1.5 billion.
Since then, Tabby. which is profitable, has doubled its valuation and annualized transaction volume, which now exceeds $10 billion and now supports over 40,000 merchants, according to the company.
👀 Eye Openers
Nala, the Tanzania-based fintech, raised $10 million in 2022 to offer remittances and later secured $40 million to build its B2B platform, enabling other remittance, HR, and global companies to process payouts in Africa.
Ivorian fintech Cauridor launched its consumer remittance platform in 2019, and last week, it raised $3.5 million to offer B2B payments for other platforms in Africa.
Are African consumer remittance companies becoming B2B payments companies?
Africa’s Top Remittance recipients(2024)
📑 Read of the week
USAID shutdown: A $100 million setback for Kenyan startups(Techcabal)
📖 Other News, Reads, and Media
Ghanaian businesses left stranded as Bento fails to meet pension and tax obligations.
🎥 VIDEO INTERVIEWS/DISCUSSIONS
How This Stablecoin Business in Africa Is Taking on SWIFT and Big Banks.
🦉 Tweet of the Week
Reflections pic.twitter.com/psk2L0HiaW— Bernard ‘berlin’ Parah ⚡️ (@bernard_parah) February 14, 2025
🎯 Fintech Opportunities
Applications open for 4th Visa Africa Fintech Accelerator. Apply
Made in Tanzania 🇹🇿 with 💚
