Fintech Finch Technologies takes up majority stake in FundingHub to boost SME funding

SOUTH AFRICA – Cape Town-based fintech Finch Technologies has “significantly” upped its investment in finance marketplace FundingHub inorder to boost Small and Medium Enterprises funding, the company has announced. In a statement, Finch Technologies says its investment will see it become the majority shareholder in FundingHub. “We made a second investment in FundingHub, due to its dramatic growth over the past 18 months,” states Michael Bowren, Finch Technologies Chief Executive Officer. “We are confident about the ongoing expansion of this business. We are particularly interested in investing in technology-driven businesses that…

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Amazon Payment Services launches first global FinTech lab to support regional startups

MENA – Payment processing business Amazon Payment Services has set up its first global FinTech lab at the DIFC Innovation Hub, UAE, to support regional start-ups and companies driving innovation in digital payments. According to the company, the initiative aims to increase FinTech adoption in the region by providing a forum for discussions on digital payments and addressing challenges customers face in making payments. “The region is going from a frontier stage to an emerging stage of financial technology. Through the Amazon FinTech Lab, we work with innovators and visionaries…

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Fintech startup Khazna, partners launch Khazna Card to empower Egypt’s labor force

EGYPT – Khazna, a fintech startup in Egypt, has partnered with ADIB Egypt & Masria Digital Payments (MDP), to launch Khazna Card, the first of its kind Meeza prepaid card, linked to Khazna’s super app to empower Egypt’s labor force by extending world-class financial services. Their project has received approval from Egypt’s Central Bank. Khazna’s super app provides its users with earned wage access, bill payment and purchases of electronics and household products all in-app, thereby significantly minimizing cash transactions. Through the Khazna Card, Khazna’s users have instant 24/7 access…

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B2B SaaS company MarketForce acquires Digiduka to consolidate distribution of consumer goods

KENYA – MarketForce, an end-to-end retail distribution platform for consumer brands, has announced the strategic acquisition of Digiduka, a digital payments solutions provider which aims to bring informal retailers in Africa into the digital economy. Launched in 2018, MarketForce enables consumer brands to optimise how they deliver essential goods and services to retailers and consumers by bridging the information gap in last mile distribution, while maximising efficiency across the sales and distribution value chain.  The startup’s platform leverages mobile devices by enabling field agents to record all customer interactions as they happen in…

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Kenswitch Kenya appoints Karimi Ithau as new boss as it plans to rebrand

KENYA – The Board of payments service provider Kenswitch Kenya Limited, has appointed Ms. Karimi Ithau as managing director as the company rolls out its new market direction. The board described Ms. Karimi Ithau as a seasoned professional with a wealth of experience spanning over 20 years in sales of innovative products and services in the information technology markets related to payments for financial and non-financial institutions across Africa.  She also has a proven track record as an executive team manager. “We are confident that Ms. Karimi Ithau has what it takes to…

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Telkom SA and fintech Ukheshe partner to launch virtual card for transactions through WhatsApp

SOUTH AFRICA – Telecommunications company Telkom SA has launched what it calls Africa’s first Mastercard virtual card for use on WhatsApp, enabling Telkom Pay customers to make e-commerce payments. According to the integrated telecommunications company, this move is expected to empower millions of South African customers even those without a bank account – to access the digital economy and transact online. Launched in 2020, Telkom Pay is a digital payments wallet that enables its users to make and receive payments using WhatsApp on their mobile phone. With the addition of the Mastercard virtual (non-plastic)…

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Fintech startup MoneyHash closes pre-seed funding round to launch across MEA

EGYPT – MoneyHash, a fintech startup, has closed a six-figure US dollar pre-seed funding round to launch its services across the Middle East and Africa (MEA) region. The six-figure round was led by UAE-based venture capital firm COTU Ventures, with participation from Ventures Platform, Kepple Africa Ventures, and various angel investors. MoneyHash uses a universal API and a unified checkout experience to help businesses consolidate and grow their payments and financial tech stack. Founded in late 2020 by Nader Abdelrazik, Mustafa Eid and Anisha Sekar, MoneyHash provides a unified checkout…

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Fintech startup Kuda gives its early investors opportunity to exit investment

NIGERIA – Kuda, a fintech startup, has presented an opportunity for early investors to exit their investments through a secondary sale after recently closing US$37 million Series A round. An investor, SM River, the consortium consisting of Raj Kulasingam, Haresh Aswani, Vishal Agarwal and Alwin Magimay (which was the lead investor of Kuda’s US$1.6m pre-seed round) recently existed through a secondary sale. “It was important to give Kuda’s earliest investors an exit opportunity, and we are delighted that we have been able to repay their early backing of the company…

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Fintech startup appsNmobile secures US$1m investment from Oasis Africa VC Fund

GHANA – appsNmobile, the Ghana-based fintech startup, has secured a US$1 million investment from Oasis Africa VC Fund to help in establishing itself as a prominent player in Ghana’s and the sub-payments region’s market. A portion of the funding will also be used to fulfill the Bank of Ghana’s regulatory capital requirement as well as supply other business necessities. Oasis Capital’s investment, according to CEO Richard Bansah, is a significant endorsement of appsNmobile, given the rigorous processes they went through. Oasis Capital is the Fund Manager of the Oasis Africa…

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Fintech startup Chipper Cash raises US$100m Series C funding to create new products

AFRICA – Chipper Cash, an African fintech startup, has achieved unicorn status after raising US$100 million in a C-Series funding round to create new products and to hire new employees. The round was headed by the investment division of the American Silicon Valley Bank — SVB Capital. Deciens Capital, Ribbit Capital, Bezos Expeditions, One Way Ventures, 500 Startups, Tribe Capital and Brue2 Ventures also took part in financing the startup. Founded in 2018 by Ugandan Ham Serunjogi and Ghanaian Maijid Moujaled, (two college students brought together by their academic adventures at Grinnell…

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