Egypt based fintech Khazna raises seed funding to promote financial inclusion

EGYPT – Cairo-based fintech Khazna has raised seed funding to enable it offer “customer-centric services” to over 20 million active smartphone users in Egypt who lack access to formal banking and financial services. Menabytes reported that the Egyptian VC Algebra Ventures led the seed round which also featured Accion Venture Lab, Accion’s seed-stage fund that recently closed US$33 million in fresh funds. Founded last year by Omar Saleh, Ahmed Wagueeh, Fatimah El Shenawy, and Omar Salah, Khazna aims to provide mobile financial services to over 20 million underbanked Egyptian. Khazna…

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Nigeria based startup Field Intelligence raises US$3.6m to expand operations in Africa

NIGERIA – Nigeria based startup Field Intelligence has announced that it has closed a US$3.6-million Series-A funding round. Field Intelligence in a press statement said that the funds would be used to further roll out its product: Shelf Life, a supply chain finance platform for pharmacies in Africa. According to the statement, the round was led by Blue Haven Initiative, with investors including Newtown Partners via the Imperial Venture Fund and Accion Venture Lab. The statement said that the new investment will fund Shelf Life’s expansion throughout Nigeria and Kenya,…

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Accion Venture Lab secures more funds to support African Fintech Startups

AFRICA – Accion Venture Lab, a seed-stage investment initiative has secured US$ 33 million in additional funds to finance fintech startup globally, with the team estimating up to 30 percent of this will go to fintech startups in emerging markets in Africa. Accion committed US$10 million to the fund and acquired the remaining balance of US$23 million from a co-investment vehicle with third party funds, including the Ford Foundation, Blue Haven Initiative, Proparco, Prudential Financial, Stichting Hivos-Triodos Fund, and Visa. Despite the advances made in technology, many people especially those…

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