Introducing The Payper’s Payment Methods Report 2023

Hi Fintech friends 👋

Here are the highlights of what happened in African Fintech this week;

  • 2 Fintech deals worth $10 million were announced including one acquisition

  • Fintechs dominate the Top 10 most funded African startups in 2023

  • 2 Venture Capital firms launched funds to back African startups 

💸Fundraise and Exits

  • FrontEdgeraised $10M to enable the growth of African cross-border trade.

  • South Africa’s Payment24acquired Switzerland-headquartered Inergy 24.

💰 Venture Funds

  • Aduna Capitallaunched a $20 million fund focused on the Northern Nigerian startup ecosystem and aims for 50% female representation, typical investments will range from $50,000 to $200,000 .

  • Saviu Venturesmade an initial close of €12 million for its second fund.The VC firm invests in seed stage startups, and is sector agnostic, but, with the current fund, it is keen on fintechs, health-techs and climate-techs.

  • Vula detailed their plan to simplify fundraising for African startups.

🚀 Partnerships & Product Launches

  • Klashaacquired Money Services Business (MSB) license to operate in the United States.

  • Bloc MFBreceived an Approval-in-Principle from the Central Bank Of Nigeria.

  • Nigeria’s Access Bank unveiled plans to launch in Asia in first quarter of 2024.

  • ClickPesa and Pendulumteamed up to finance African SMEs.

  • Stitchlaunched ‘Pay With Crypto’  solution.

📰 News of the Week

  • M-KOPAexpanded to South Africa with pay-as-you-go solar panels.

After unlocking $1 billion in credit and impacting 16 million lives across four regions, M-KOPA expanded its reach to South Africa, introducing Pay-as-You-Go solar panels. With 2 million smartphone users, half gaining access for the first time, M-KOPA, which has raised more than $500 million since its inception in 2011, aims to replicate its Kenyan success in a market often disrupted by power outages due to load-shedding. In South Africa, M-KOPA strategically launches in Soweto, given the township's similarity to the markets where M-KOPA has previously thrived.

📑 Read of the week

  • The Hard Things About Subscription Payments in Africa (Wiza Jalakasi)

  • How to protect digital lenders from bad borrowers (Techpoint)

📖 Other News, Reads, and Media

  • Lagos startup filed Police complaint against GetEquity founders over unpaid funds

  • Despite the growth of many payment channels, Africans continue to use USSD more for making payments across banking and mobile money.

  • The 10 Most Funded African Startups in 2023 Include 4 Fintech Ventures

🎥 VIDEO INTERVIEWS/DISCUSSIONS

🦉 Tweet of the Week

❝

Cryptocurrencies seem a world away, lost amid the lofty towers of finance in New York and London. But look closer at Africa, where ordinary people propel peer-to-peer digital assets in everyday transactions.

Far from speculative bets made by suits behind screens, individuals… pic.twitter.com/nHpeUpFfJD— Wiza Jalakasi (@wizaj) November 24, 2023

Made in Tanzania 🇹🇿 with 💚

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