Hi Fintech friends 👋,
Here are the highlights of what happened in African Fintech this week;
Seven fintechs including five from Tanzania, announced funding deals.
The Visa Africa Fintech Accelerator revealed the 19 startups selected for its third cohort of the biannual program.
African based VC made first exits.
Africa’s biggest Crypto startup secured a Crypto license in South Africa.
Founder of Kenyan based Wealth-tech startup stepped down as CTO shortly after the company's acquisition.
💸Fundraise and Exits
Sociumraised $5 Million to enable businesses to recruit, pay, and manage talent efficiently.
Africa’s HR startups
Egypt’s AmenliSecured $2.3 Million to Expand Insurtech Solutions.
Insurtech startups in Africa
Tanzania based Tunzaa raised undisclosed amount from Warioba Ventures.
Tanzania Fintechs
Tanzania based Evmak, Swahilies, Ottap and Amala raised grant funding from UNDP Tanzania’s Funguo Program.
💰 Venture Funds
Early-stage VC fund Launch Africa Ventures made first exits; tweaks strategy for Fund II.
The Biggest Exits In African Tech
🚀 Partnerships & Product Launches
Yellow Cardsecured a Crypto Asset Service Provider (CASP) licence in South Africa.
Crypto awareness in South Africa is rising
Mama Moneylaunched a WhatsApp-powered bank card in South Africa.
South Africans use instant messaging apps more than social media platforms.
Payazasecured investment-grade rating setting a new standard for African fintechs.
👔 Leadership Lineup
Wealth tech Hisa founder, Eric Jackson, stepped down as CTO shortly after company’s acquisition by Risevest.
Erick Jackson
📰 News of the Week
The Visa Africa Fintech Acceleratorrevealed the 19 startups selected for its third cohort of the biannual program.
The selected startups
The three-month program will conclude with an in-person Demo Day, where startups will present their solutions to investors, industry leaders, and potential partners. Visa recently invested in four graduates from its inaugural cohort; Oze, Workpay, OkHi, and ORDA.
👀 Eye Openers
Is Africa VC in trouble?
What do you think about this? Tell us in the comments, and we will publish your thoughts in our next newsletter.
📑 Read of the week
A vision for open banking in Africa and other emerging markets(Techpoint).
📖 Other News, Reads, and Media
49% of Nigerian startups founded in the last 10 years made less than ₦10 million(~$6K) in revenue.
🎥 VIDEO INTERVIEWS/DISCUSSIONS
Discussion on Ecosystem & Human Capital powering Fintech Innovation
🦉 Tweet of the Week
How do you build an African bank from scratch?
Almost all our banks in Africa were built by former bankers. Some of our earliest banks were formerly foreign banks. The largest African banks till today have foreign roots. Can new banks be started from scratch without bankers?— Osaretin Victor Asemota (@asemota) November 24, 2024
🎯 Fintech Opportunities
Post revenue African startups in Kenya, Tanzania and Rwanda are invited to apply for EUR 100,000 in non-dilutive funding and technical assistance.
Made in Tanzania 🇹🇿 with 💚
