Fundraising platform Raise secures US$25,000 investment from VC Microtraction

KENYA – End-to-end fundraising platform Raise, has raised US$25,000 funding from VC firm Microtraction to help it build out its platform and scale. Founded in 2018 by Marvin Coleby and Eugene Mutai, Raise launched its alpha in 2019 and went public in June 2020. A simple fundraising and equity management platform for Africa, Raise drives founders to a faster product-market fit by empowering them with affordable online tools to raise faster and distribute equity to hire talent. Startups can manage electronic cap tables, automate financing contracts like SAFEs and share private deal rooms. …

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Cooperative Bank gets a nod to acquire 90% stake in Jamii Bora Bank

KENYA – The Central Bank of Kenya has announced the acquisition of 90 percent of the shareholding of Jamii Bora Bank Limited by the Co-operative Bank of Kenya Limited effective August 21st, 2020. The banking regulator said in a gazette notice that the deal has received all the required regulatory approval, the latest being by National Treasury on August 4. Co-op Bank early March opened talks to buy a majority stake in Jamii Bora Bank. The two parties valued the deal at KSh1 billion (US$9.26m), which was endorsed by Jamii…

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