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…

Read More

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…

Read More

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…

Read More

Fintech SeerBit partners Wix to empower eCommerce businesses in Africa

NIGERIA – SeerBit, an online payment processing platform, has announced its partnership with Wix, a global SaaS platform, to create, manage and grow an online presence, to empower and scale eCommerce businesses in Africa. SeerBit is a product of Centric Gateway, an innovative Pan-African tech solutions company enabling seamless and secure payments across East and West Africa. This collaboration makes SeerBit a payment gateway for Wix on the African continent, processing payments in local currencies, and giving unfettered access to African businesses to build their unique online presence. This integration…

Read More

Fintech company Xerde launches new innovative funding solution for business

NIGERIA – Xerde, a fintech company, has announced the launch of its new application, Tudo, an innovative funding solution for businesses. The new service provides social funding solutions that will drive innovation and encourage digital transformation by offering a range of accessible solutions to organisations in Africa. The app was developed following demands for funding of social welfare initiatives in the wake of COVID-19 pandemic that hindered many small and large businesses and charities from operating and resulted in millions losing their livelihoods. Xerde technology is a startup that launched…

Read More

Solar kits firm M-Kopa seeks US$3m funding from FMO to finance growth

KENYA – M-Kopa, the Kenyan platform which provides digital financial services and solar systems and devices, is negotiating a US$3 million expansion financing with the Dutch Development Finance Bank (FMO). “The proposed facility increase of US$3 million will add up to the existing receivables facility with M-Kopa Kenya. This will allow the company to continue its growth trajectory and provide more products to its customers,” FMO said in a note. Half the amount will come from Access to Energy Fund, which is an FMO-managed vehicle dedicated to financing energy projects in developing…

Read More

First National Bank acquires 100% stake in fintech firm Selpal

SOUTH AFRICA – One of South Africa’s big five banks First National Bank (FNB), has acquired fintech firm Selpal for an undisclosed amount. In a press statement, FNB said the purchase aligns with its commitment to increase the level of financial inclusion in South Africa. “Community-based businesses have an important role to play in driving economic activity and creating employment opportunities in townships and rural areas in South Africa,” said FNB CEO Jacques Celliers. “As the banking sector, we can help facilitate this by accelerating financial inclusion through tailored financial services to elevate…

Read More

Fintech startup Bankly secures US$2m in seed round to accelerate its consumer acquisition

NIGERIA – Bankly, a fintech startup digitizing cash for the unbanked, has announced that it has raised US$2 million in a seed round to accelerate its consumer acquisition and offer direct-to-consumer (DTC) products to Nigeria’s unbanked and underbanked populations. The seed round was led by Vault with participation from Plug and Play Ventures, Rising Tide Africa and Chrysalis Capital. With the fundraise, Bankly aims to increase its 35,000-customer base in cash-dependent communities by growing the number of its physical “cash in” points by expanding its 15,000 person agent network and…

Read More

Fintech startup Afriex raises US$1.2m seed round to scale up its platform

NIGERIA – Afriex, a fintech platform, has raised US$1.2 million in its seed funding round as it bids to scale its payments and remittances platform across Africa. The seed round was led by Pan-African VC firm, Launch Africa. Other investors include Y Combinator, SoftBank Opportunity Fund, Future Africa, Brightstone VC, Processus Capital, Uncommon Ventures, A$AP Capital, Precursor Ventures, and Ivernet Holdings. Angel investors like Russell Smith, Mandela Schumacher-Hodge Dixon, Furqan Rydhan, and Andrea Vaccari also took part. This new funding will be used to grow its team and expand into…

Read More

Fintech startup Blueloop set to join Y Combinators Winter 2021 batch

NIGERIA – Blueloop, a fintech startup, has announced that it has been accepted into the Y Combinators Winter 2021 batch. The startup will be joining 10 other African startups in the batch and will get access to a US$125k seed fund from the US-based accelerator. With its YC entry, Blueloop joins an increasingly reputable rank of startups like Paystack, Flutterwave, Buycoins, Kobo360, 54gene, to mention a few, that have passed through the accelerator. The startup was founded inn 2020 by two students from Obafemi Awolowo University, Ben Eluan co-founder and…

Read More