Chipper Cash launches with free P2P money transfers in South Africa

SOUTH AFRICA – Chipper, a fintech start-up that facilitates free peer-to-peer (P2P) money transfers and instant cross-border payments in Africa, officially launched Chipper Cash to offer domestic P2P money transfers in South Africa. Chipper Cash will enable South Africans to enjoy free unlimited instant domestic money transfers, invest in cryptocurrencies, and buy and send airtime and data to loved ones. Chipper was founded in 2018 by Ham Serunjogi (CEO) and Maijid Moujaled (President) and it is headquartered in San Francisco, USA. As Chipper Cash is experiencing rapid user adoption, Chipper has…

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Fintech Finclusion acquires payroll software startup HelloHR

SOUTH AFRICA – Just days after raising US$20 million from Lendable, Finclusion Group has acquired HelloHR, a South African payroll software startup, in a move that will allow Finclusion Group provide holistic financial wellness products through employers, access to its wage-streaming, financial wellness and insurance products. In a press statement, Finclusion Chief Executive Officer Timothy Nuy said the acquisition marks the start of a symbiotic partnership that enhances both companies’ individual product offerings. “HelloHR will contribute to the Finclusion Group platform, strengthening all offerings through improved customer experience and increased customer…

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Fintech startup Infibranches Technologies secures US$2m funding to provide energy solutions

NIGERIA – Infibranches Technologies Limited, a fintech startup, has secured US$2 million funding from All On, an investment company backed by oil and gas giant, Shell to provide energy solutions to communities across Nigeria. Founded in 2019 by Olusola Owoyemi, Infibranches is a startup that aims to provide digital financial services for service providers in the energy sector. It made the final cut for Nigeria’s First Resilience Digital Startup Accelerator Program by Forbes and Global Startup Ecosystem. Through its flagship products – OmniBranches and Green Energy Plug – Infibranches helps…

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Startup gnuGrid raises US$612,500 seed round, switches into fintech space

UGANDA – Ugandan startup gnuGrid has increased the size of its seed funding round to US$612,500 as it pivots its product offering to move into the fintech space. Launched in 2019 by David Opio and James Dailey, gnuGrid built Solar Sentra, which aimed to streamline and automate the highly fragmented solar industry in Uganda and beyond by using AI-optimised sensors to monitor solar systems and collect data on power usage which is used by solar companies to tailor service delivery.  gnuGrid bundled this hardware with digital payments, predictive analytics, customer profiling and…

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Fintech startup Jumuisha secures seed funding round to accelerate product development

KENYA – Jumuisha, a fintech startup that helps churches and NGOs receive donations, make payments and manage events all in one place, has raised a round of seed funding to accelerate product development. The undisclosed amount of capital came from SprintX Venture Studio, based out of Austin, United States (US). Owned by 3pm Ventures, Sprint will also provide Jumuisha with business strategy, marketing and technology expertise to help it grow. “We identified the problem during the COVID-19 pandemic when the government mandated a reduction in the seating capacity of churches…

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B2B2C payments platform dopay secures US$18m Series A round

EGYPT – dopay, a B2B2C payments platform that aims to serve 1.7 billion unbanked workers in emerging markets, has finalized an US$18 million Series A round. dopay intends to address a steady and growing demand from businesses for cashless payroll and from workers for access to virtual banking and digital payments. Globally, there are numerous companies that still depend heavily on cash payments while their employees don’t have access to standard bank accounts. Through its digital banking platform, dopay aims to digitize cash transactions from employers to workers and other…

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FinTech Finclusion Group raises US$20m investment to expand its presence

SOUTH AFRICA – Finclusion Group, an African FinTech platform, has raised US$20 million (R283) in an investment round led by Lendable, a prominent FinTech debt financing provider. Finclusion provides safe financial services by combining superior proprietary artificial intelligence (AI) algorithms with cutting-edge technology, all while retaining accurate automated credit determinations. “The team that worked on making this raise happen has been incredibly focused and inherently aware of what funding like this means to our business, and more importantly, our customers,” Tamuka Mpofu, Finclusion Group CFO said. “Partnering with a reputable institution…

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Fintech company Kashat raises US$1.75m to further support and develop its platform

EGYPT – Kashat, the Egypt-based fintech and microloan solutions provider, has successfully raised US$1.75 million in its latest funding. The Bridge round was led by the Pan-African fund Launch Africa, whose mandate is to back companies that tackle the most meaningful challenges on the continent and saw the participation of several key regional investors including previous investor, Cairo Angels. The Egypt-based fintech plans to utilise its newly acquired funds to further support and develop its platform, as well as expand its operations. “With the growth in customer purchasing power, increased…

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Mastercard and Paycode partner to improve access to financial services in rural areas across Africa

AFRICA – Mastercard has partnered with Africa’s global startup engagement program Start Path and startup Paycode to deliver their offerings into a single biometric smart card aimed at increasing access to critical services while advancing economic inclusion among Africans living in remote communities. Mastercard’s Community Pass platform will feature in Paycode’s Electronic Data and Payments Technology platform (EDAPT) that provides secure biometric identity including a digital bank account. Individuals will have access to both offline and real-time digital finance services regardless of whether they lack a formal identity document such as a passport or…

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MTN in mobile money pact with Flutterwave

AFRICA – Africa’s biggest mobile operator MTN, has entered a mobile money partnership with one of the continent’s leading fintech, Flutterwave. The partnership will allow businesses integrating Flutterwave in Cameroon, Côte d’Ivoire, Rwanda, Uganda and Zambia to receive payments via MTN Mobile Money (MoMo). MTN MoMo is a fintech platform providing consumers and businesses with an electronic wallet, enabling electronic transfers and payments as well as access to digital and financial services. According to the telco, at the end of June 2021, MTN MoMo had 48.9 million active users and 581,514 merchants.…

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