Hi Fintech friends 👋,
Here are the highlights of what happened in African Fintech this week;
NASDAQ-listed South African fintech planned to finalize its $85 million fintech startup acquisition in October 2024.
Nigeria based Fintech expanded in Kenya with acquisition of a Kenyan startup.
Egypt based payments startup raised $22 Million in series B extension.
Africa based VC raised $1 Million to invest in Fintech startups.
The Uber-backed Fintech mobility African startup expanded in the US.
Two African Unicorns secured licenses to expand services in new markets.
UK based money transfer fintech restarted naira transfers to Nigeria for the third time after a two year pause.
💸Fundraise and Exits
Nigerian investment fintech Risecompleted acquisition of Kenya’s Hisa.
African Fintech M&A
Paymob raised $22 million in Series B extension, achieving profitability in Egypt.
Mastercard New payments index 2022(Egypt)
💰 Venture Funds
First Circle Capital Africaraised $1 Million from Nyala Facility to invest in Fintechs.
About First Circle
🚀 Partnerships & Product Launches
Uber-backed Moovetook its search for profitability to America.
Moove has disclosed funding at least twice every year since 2021.
Safaricom is the most valuable company in East Africa
Flutterwave commercially launched its remittance product Send App in Malawi.
Flutterwave funding rounds
Chipper Cashreceived a broker-dealer license by Ghana's Securities and Exchange Commission (SEC).
Chipper Cash stats
State of Mobile Money in Sub-Saharan Africa 2023
👔 Leadership Lineup
US Authorities piled fresh Pressure on Nigerian Government to Release Binance Executive.
Tigran Gambaryan
📰 News of the Week
NASDAQ-listed Lesakaplanned to finalise $85 million Adumo acquisition in October.
Image Source: Lesaka.
First announced in May, the deal will expand Lesaka’s consumer and SME merchant financing services into Botswana, Kenya, Namibia, South Africa and Zambia.Through the acquisition, Lesaka claims it will reach 1.7 million customers and 119,000 merchants in the Southern African region. The company currently has 1.5 million customers.
👀 Eye Openers
If mobile money companies had access to customer deposits , would their fees drop?
Let us know your thoughts in the comments, and we will publish them in next week’s newsletter.
📑 Read of the week
📖 Other News, Reads, and Media
M-KOPAlost an appeal and so it must pay taxes to Kenya.
M-Kopa Journey
🎥 VIDEO INTERVIEWS/DISCUSSIONS
Interview with Sim Shagaya, one of Nigeria's leading entrepreneurs who built groundbreaking ventures like E-Motion, Konga, uLesson and now he entered venture capital space with “The Honey Badger Fund”
🦉 Tweet of the Week
In 2015, four friends quit their jobs to revolutionize payments in South Africa.
Nine years later, @Yoco_ZA has processed over $2 billion with 400+ employees.
Here’s how a small device revolutionized payments for small businesses in South Africa: pic.twitter.com/sZiNb0M7gL— The Flip (@TheFlipAfrica) September 13, 2024
🎯 Fintech Opportunities
People will be talking about this event for weeks after it happens.
3 sponsors confirmed. 2 more slots remaining. If you’re keen, this is the time. Please reach me at [email protected]. Historically, ALL our Africa events sell out completely. People will be talking about this event for weeks after it happens. @twifintech delivers. https://t.co/WGo2V74CcI— Wiza J. (f/acc) (@wizaj) August 15, 2024
Main sponsors confirmed. few more slots remaining. If you’re keen, this is the time. Please reach out at [email protected].
Made in Tanzania 🇹🇿 with 💚
