Funding raised by start-ups in Africa | 2019 - Q32024
Hi Fintech friends 👋,
Here are the highlights of what happened in African Fintech this week;
Africa’s largest crypto startup raised $33 Million to scale its B2B services.
Africa’s cross-border payments platform raised $2 Million to expand its B2B services to China.
Nigeria based HR platform launched cross-border payroll and was in talks for a $1.5million seed round.
Africa’s largest Uber backed Mobility Fintech expanded to Mexico.
Nigeria’s B2B ecommerce platform acquired a fintech company that raised $6 Million last year.
Kenya's Central Bank issued an operating license to America’s largest Bank.
💸Fundraise and Exits
OmniRetail, a B2B eCommerce startup in Nigeria acquiredTraction Apps, a fintech that raised $6 Million last year, for an undisclosed fee.
Africa Fintech M&A
Klasharaised an additional $2 million to expand B2B cross-border payment rails into China.
China - Africa trade
Ghanaian insurtech BIMAraised Investment from AAIC.
💰 Venture Funds
Ethiopian venture capital firms hoped for deregulation.
Ethiopia based Fintech startups
🚀 Partnerships & Product Launches
Uber-backed Mooveexpanded to Mexico, extending its global footprint.
Debt funding accounts for 42% of Moove’s disclosed funding as of march 2024
Fintech startup Lendsqrlaunched $610K working capital for lenders.
PaidHR introduced new cross-border payroll and was in talks for a $1.5million seed round.
How big JP Morgan is
LittleFish partnered with Visa to drive digital transformation for African MSMEs.
👔 Leadership Lineup
M-KOPAappointed former Nokia CEO Rajeev Suri as new board chairman.
M-Kopa Growth
📰 News of the Week
Yellow Card, Africa’s largest crypto startup raised a $33 million Series C to fund growth and expansion.
Yellow Card has raised over $88 Million since it was founded
With this latest round, the startup's total funding has reached $88 million. Previously, it announced a $15 million Series A in 2021 and raised $40 million in a Series B round in 2023.
Yellow Card operates in 20 countries, has over 1 million consumers and 30,000 businesses on its platform, and it is now doubling down on the B2B side.Yellow Card’s transaction volumes surging from $1.7 billion early last year to over $3 billion.
👀 Eye Openers
How can Africa attract capital? Jamie Dimon, CEO of JPMorgan, America's largest bank, on how Africa can attract more private investment:
Jamie Dimon, CEO of @JPMorgan, America's largest bank, on how Africa can attract more private investment:
"Capital goes to where it's taken care of... For capital to flow, you need sustainable policy."
It's a good reminder of how damaging uncertainty can be over the long run 🌍 pic.twitter.com/xOz9aZZnYN— Emeka Ajene ✍🏽 (@eajene) October 16, 2024
📑 Read of the week
Building the Next Banking Giants - What Today's Challenger Banks Can Learn from the Past. (Frontier fintech)
📖 Other News, Reads, and Media
South African retail bank Capitecrestricted customers from sending funds to crypto exchanges.
Egypt's MaxAB co-founder exited the company 2 months after merger with Kenya's Wasoko.
🎥 VIDEO INTERVIEWS/DISCUSSIONS
Securing Funding As A Fintech Startup In Africa with Tomi Solanke of Trove Finance which serves over 400,000 Africans and facilitated over $200 Million in four years.
🦉 Tweet of the Week
✨ Let's do an A-Z on cross-border payments, shall we? pic.twitter.com/3cCsipjl9o— Benjamin Dada (@DadaBen_) October 15, 2024
🎯 Fintech Opportunities
An opportunity to be a part of the largest special fintech event in Africa, taking place soon in South Africa and Ethiopia. Reach out to [email protected] .
Sooo - we're back soon in Cape Town during the week of @africatechfest 🥳
Date: Nov 14th - sponsorship slots now open. Interested? Please email me for the details → [email protected] https://t.co/LKzhtjh8o0— Wiza Jalakasi (@wizaj) October 19, 2024
Made in Tanzania 🇹🇿 with 💚
