Nigerian Fintech Map 2024
Hi Fintech friends 👋,
Here are the highlights of what happened in African Fintech this week;
Three Funding deals worth over $100 Million were announced.
Tanzania based Fintech startup planned $120 Million in next round.
Nigeria’s latest Unicorn raided Top talents from big banks.
Most valuable African Fintech secured license in Zambia.
African VC cut jobs as its Mastercard partnership ends.
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💸Fundraise and Exits
Gozem raised $30 Million to expand vehicle financing and digital banking in Francophone Africa.
SAMPLE OF CAR OWNERSHIP IN AFRICA VS WORLD
Fawryinvested $1.6 Million in three Egyptian tech companies.
Top 20 Fintechs in Egypt
Flow48raised $69 Million to expand SME lending in South Africa.
South African Alternative Lending Market
💰 Venture Funds
Africa Tech Venture Capital Report 2024 by Partech.
2024 AFRICA TECH VC - EQUITY & DEBT FUNDING
🚀 Partnerships & Product Launches
Flutterwave secured payment licence in Zambia.
Flutterwave funding rounds
Onboardpartnered with Coinbase to become the global onramp to the onchain economy.
👔 Leadership Lineup
MoniepointraidedAccess and Stanbic Bank for top talent as it expanded its business.
Moniepoint by numbers
📰 News of the Week
54 Collective VCto cut jobs as Mastercard Foundation partnership ends.
2024 African Tech deals and volumes
Since the partnership began, over 40 startups have been supported, with more than 17,500 direct and indirect jobs created. 54 Collective has also awarded 600 grants to SMEs through the Entrepreneur Academy.The partnership will end on April 30, 2025.
A redundancy consultation process is expected to follow, potentially impacting multiple roles.The closure does not affect 54 Collective’s $40 million venture capital fund, UAF1, which will continue investing in startups across Africa.
👀 Eye Openers
ahmmm... To the final consumer, the math adds up. I actually forsee the birth of virtual credit cards, just like the success normal credit apps on both telecos have received.
As long as transaction fees online are less & access is easier (attached to MM), it's a viable threat— Engineer Faisal (@PyeparFaisal) February 27, 2025
Can Mastercard and Visa succeed in issuing cards to Africans through partnering with telecom companies?
Share your thoughts, and I will publish them in the next newsletter.
📑 Read of the week
Why the rush into remittances won’t end well (Adedeji)
The New Stable Payments Era in Africa? (John Haule)
📖 Other News, Reads, and Media
Tanzania based, Accel-Backed Fintech Startup, Nalaplanned $120 Million in Next Round.
Nala’s TPV
🎥 VIDEO INTERVIEWS/DISCUSSIONS
Interview with Melvyn Lubega, a Partner at Breega, one of Europe's fastest-growing VC firms ($700m) which recently launched its first Africa-dedicated fund.
🦉 Tweet of the Week
Moove,
Flutterwave,
Moniepoint,
Paga,
Opay,
Palmpay,
Lapo,
Creditdirect,
Interswitch,
Mono,
OnePort360,
Sabi,
Venco,
Reliance healthcare,
Piggyvest,
Helium Health,
Paystack,
Techcabal,
GIGM,
Alerzo,
Sabi,
SeamlessHR https://t.co/owXEviMrVr— Retired Polysaccharide Patriarch (@bigbrutha_) February 25, 2025
🎯 Fintech Opportunities
Applications open for 4th Visa Africa Fintech Accelerator. Apply
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