Fintech startup Dash raises US$500,000 to simplify remittances, announces plans to launch in Kenya and Ghana

KENYA – Fintech startup Dash App has raised US$500,000 pre-seed financing to expand its operations to Kenya and Ghana.  Founded in 2019 by Prince Boakye Boampong, Dash App, allows users to simplify money remittances, bill payments and allow them to send, receive, spend, and save their money, all in a single app.  Sending and receiving money to/from a dash user is free and users can send money across countries instantaneously and one can also send money to any Mobile Money user, 80% cheaper than traditional means. Dash also allows users to send money to…

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Fintech Paymob raises US$18.5m Series A round to expand its merchant network

EGYPT – Cairo-based fintech Paymob has announced that it raised US$18.5 million in a Series A round led by Global Ventures, Egypt’s largest-ever Series A round raised by a fintech company. A15 and FMO, the Dutch entrepreneurial development bank, were also involved in the transaction. The company aims to accelerate its expansion to Saudi and other regional markets this year. It will also use the funds to expand its merchant network and further enhance the suite of products. The round is made up of US$15 million in glowing funding and…

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VC firm Algebra Ventures launches US$90m fund to address specific market gaps in various sectors

EGYPT – Algebra Ventures, a venture capital firm, has announced the launch of its US$90 million second fund, which is targeting a first closing in the third quarter (Q3) of 2021 and aims to double down on the success of its first fund. The new fund will pursue opportunities in fintech, agri-tech, ed-tech, logistics and healthcare by partnering with high-potential founders to address specific market gaps in these sectors. Four years into its first US$54 million fund, Algebra Ventures has invested in 21 startups, including Trella, elmenus, GoodsMart, and Halan,…

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Verdant Capital raises US$9.9m financing for Uganda’s tech-enabled lender Tugende

UGANDA – Pan African specialist investment financial institution Verdant Capital has raised US$9.9 million Series A equity capital for Tugende, a technology enabled MSME lender in East Africa. Verdant Capital is Tugende’s financial advisor and arranger for its equity and debt capital raises The transaction is the most recent for the fintech and financial inclusion investment banking franchise of Verdant Capital. Partech Africa, a member of the Partech Group, a leading global technology venture capital fund, and Enza Capital invested in the US$3.6 million extension round agreed and structured in…

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Lafarge Egypt launches cement with lower CO2 footprint and recycled content

EGYPT – Lafarge Egypt, a cement maker and a member of LafargeHolcim Group, has unveiled EcoLabel cement, a new product comply with the company’s green criteria, the first in Egypt. Solomon Baumgartner Aviles, CEO and Chairperson of Lafarge Egypt, said at a press that the new products comply with the company’s green criteria, including having a lower CO2 footprint and recycled content. “Our Hydrocem Plus EcoLabel and Hydrocem EcoLabel represent the industry’s broadest range of green cement for high-performing, sustainable and circular construction,” Aviles said. “With the rollout of this…

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Fund manager Mahlako Financial Services establishes US$103m energy kitty

SOUTH AFRICA – Alternative investments fund manager Mahlako Financial Services, has announced the establishment of a US$103 million fund to invest in energy projects across the country that have growth potential. Speaking to Business Report Online, Mahlako Financial Services co-founder Makole Mupita said the fund hoped to unlock access to capital, especially for black businesses. “We feel that the energy industry played a critical role in the South African economy and those in the majority must also play a role,” she said. The company described itself as an investor in…

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Ethiopian Airlines marks 75 years of operational excellence

ETHIOPIA – Seventy-five years ago on this date, Ethiopian Airlines operated its 1st scheduled flight with Douglas C-47 Skytrain aircraft from Addis Ababa to Cairo via Asmara. This diamond jubilee celebration shows how Africa’s most successful airline has made managed to navigate the turbulent skies for over 75 years. For an airline that was founded on 21 December 1945 and commenced operations on 8, April 1946, maintaining that level of operational efficiency and management is no mean feat bearing in mind that its peers in the continent have either folded…

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Siemens Energy appoints Nadja Haakansson as managing director for Africa

AFRICA – Siemens Energy, a world leading energy technology company, has announced the appointment of Nadja Haakansson as managing director for Africa. Siemens Energy has a rich heritage in Africa, stretching back over 160 years, and has played a significant part in pioneering sustainable and economic developments in numerous countries in Africa. As managing director for Africa, Haakansson will be based in Morocco, and responsible for supporting Siemens Energy’s business across the continent, as well as developing opportunities to meet the challenges of the energy transition, while improving access to…

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Tech investment group Prosus to sell 2% stake in Tencent for increased flexibility

SOUTH AFRICA – Technology investment group Prosus, a unit of consumer Internet company Naspers, has announced its intention to sell more than 191 million shares, or 2 percent of its shares in tech behemoth Tencent  valued at about US$15 billion  as it seeks further acquisitions for growth amid Covid-19. Prosus will reduce its stake to 28.9 percent from 30.9 percent in Chinese tech giant Tencent and intends to use the proceeds of the sale to increase its financial flexibility to invest in growth sectors and for general corporate purposes. Naspers…

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Safaricom names Sitoyo Lopokoiyit as M-Pesa Africa managing director

KENYA – Telecommunications company Safaricom has appointed Sitoyo Lopokoiyit as the M-Pesa Africa managing director effective April 1, 2021. Lopokoiyit has been the Chief Financial Services Officer of Safaricom for the last three years. In an announcement, Safaricom Chief Executive Officer Peter Ndegwa said Safaricom will initiate the relevant talent sourcing processes to identify and appoint the next Financial Services leaders in due course but meanwhile, he will continue discharging the functions of the chief financial services office. Lopokoiyit joined Safaricom PLC from 1st April 2018, having previously served as…

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