Standard Bank, Citi, Norfund and CDC Group partner to fund US$75m sustainability-linked facility in Kenya

KENYA – Standard Bank Group, Citi, CDC Group and Norfund have partnered to provide a US$75 million Sustainable Finance Facility for Greenlight Planet Kenya. The landmark facility is one of the first sustainability-linked deals in Kenya, and one of the largest syndicated sustainable finance deals in the region to be provided in local currency. The transaction will allow Greenlight Planet to expand access to off-grid solar solutions to off-grid communities throughout Kenya and support its ambitions to reach an additional 10 million households globally in the next 5 years by…

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Startup Autochek closes US$13.1m seed funding round for West Africa expansion

NIGERIA – Autocheck, a Nigerian auto-tech startup, has raised a US$13.1 million seed funding round to bolster its core auto loan processing platform and deepen its footprint in West Africa. Autochek aims to build digital solutions that will enhance and enable a seamless and safe automotive commerce experience across Africa, starting with Nigeria and Ghana.  The firm plans to use technology to transform the automotive buying and selling experience for African consumers, by creating a single marketplace for consumers’ automotive needs, from sourcing and financing to after-sales support and warranties. The…

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Agri-tech startup Vendease closes US$3.2m seed round to expand its operations

NIGERIA – Vendease, an agri-tech startup that lets restaurants and other food businesses buy supplies directly from manufacturers and farms, has secured a US$3.2 million seed round to expand operations and build out its technology. The funding round was led by Global Founders Capital with participation from Y Combinator, Hustle Fund, Liquid 2 Ventures, and Soma Cap. Other local investors and early backers such as Paga CEO, Tayo Oviosu, Remita CEO, John Obaro, and Magic Fund also took part. Founded in January 2020 by Tunde Kara, Olumide Fayankin, Gatumi Aliyu…

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Allianz completes acquisition of majority stake in Jubilee Holdings Uganda

UGANDA – Munich-based underwriter Allianz SE, has completed the acquisition of a majority stake in Jubilee Insurance Company of Uganda Limited. Allianz, one of the world’s leading insurers and asset managers, became the majority shareholder in Jubilee Insurance Company of Uganda Limited after completing the transaction to acquire a 66% stake in the company from Jubilee Holdings Limited (JHL), East Africa’s largest insurance group. The stake acquired by Allianz represents 29,700,000 ordinary shares of Jubilee Insurance Company of Uganda. JHL will retain a 34% stake, or 15,300,000 ordinary shares, in the company.…

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Omnia Holdings offloads stake in Umongo Petroleum for US$68.5m

SOUTH AFRICA – Diversified chemicals company Omnia Holdings, which said that it had sold a majority stake in Umongo Petroleum for R1 billion (US$68.5 million), is now ’actively pursuing’ acquisitions in mining and agriculture to add to its war chest as well as considering a possible ’special dividend’ to shareholders or a share buyback at the end of the financial year, reports IOL News. Omnia and minority shareholder Autumn Storm Investment had negotiated the deal in a transaction, which will see Orkila South Africa (Orkila), a subsidiary of Azeli, a…

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Fintech Galaxy raises US$2m Seed funding, partners GIZ

MENA – Fintech Galaxy, the UAE-based open innovation platform, has raised US$2 million in Seed funding to further bolster the development and rollout of its Open Finance platform, as it looks to expand its reach and boost financial inclusion across key Middle East and North Africa (Mena) markets. The Seed round was led by Jordan’s Ahli Fintech and joined by Raz Holding Group, OMQ Investments, Egypt’s EFG EV Fintech and INSEAD Saudi Angel Investors. Fintech Galaxy is building an Open Finance platform, with a vision to redesign financial services with…

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National Aviation Services acquires majority stake in Siginon Aviation

KENYA – National Aviation Services (NAS), the fastest-growing aviation provider in the emerging markets, has signed a strategic partnership agreement with Kenya’s Siginon Aviation Ltd. to acquire a 51% stake in Siginon Aviation Limited.  Siginon Aviation, a subsidiary of Siginon Group Limited. provides complete airport ground handling and cargo management services. Commenting on the latest partnership, Hassan El-Houry, Group CEO of NAS said: “During the pandemic, our cargo services came to the forefront by keeping crucial supply chains flowing uninterrupted. With the ongoing vaccine requirements around the world, we also…

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Nigerian digital bank Brass closes US$1.7m funding round

NIGERIA – Brass, a Nigerian digital bank delivering easy access to affordable premium banking services for small and medium-sized businesses (SMEs), has secured US$1.7 million in funding to address the heavily underserved banking needs of local entrepreneurs, traders and fast-growing businesses. The financing round saw participation from Olugbenga ‘GB’ Agboola (Co-Founder of Flutterwave), Ezra Olubi (Co-Founder of Paystack, acquired by Stripe), Hustle Fund, Acuity Ventures, Uncovered Fund and Ventures Platform. The new funding will play a key role in accelerating Brass’ expansion into South Africa and Kenya – just a…

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MFS Africa acquires Nigerian fintech startup Baxi

NIGERIA – MFS Africa, the largest pan-African digital payments hub, has announced that it had signed an agreement to acquire Baxi, one of Nigeria’s leading super-agent networks. The deal, which is subject to approval from the Central Bank of Nigeria, will be the second-highest fintech acquisition in Nigeria to date. Nigeria is home to one of the most dynamic markets on the continent; it is Africa’s largest economy and home to the largest number of SMEs and it is also the largest remittance market in Africa and home to one-third…

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Fintech Asante closes US$7.5m Series A Funding to scale its credit offerings in Africa

KENYA – Asante Financial Services Group has announced US$7.5 million Series A investment anchored by Goodwell Investments with participation by other investors including Sorenson Impact Foundation and Forsage Holdings.Asante is a high-impact fintech focused on supporting the growth of African Micro, Small and Medium Enterprises (MSMEs). The Series A investment enables Asante to scale its credit offerings to the underserved segment of MSMEs in Kenya and Uganda and expand to Nigeria and Rwanda. “We are delighted to welcome our new investors including Goodwell, Sorenson, and Forsage in our inaugural institutional fundraise. Together, we will advance…

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