Nigerian digital bank Brass closes US$1.7m funding round

NIGERIA – Brass, a Nigerian digital bank delivering easy access to affordable premium banking services for small and medium-sized businesses (SMEs), has secured US$1.7 million in funding to address the heavily underserved banking needs of local entrepreneurs, traders and fast-growing businesses. The financing round saw participation from Olugbenga ‘GB’ Agboola (Co-Founder of Flutterwave), Ezra Olubi (Co-Founder of Paystack, acquired by Stripe), Hustle Fund, Acuity Ventures, Uncovered Fund and Ventures Platform. The new funding will play a key role in accelerating Brass’ expansion into South Africa and Kenya – just a…

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Wicrypt startup US$1.5m funding round to help in expanding to new countries

NIGERIA – Wicrypt, a blockchain-based Wi-Fi sharing startup, has raised US$1.5 million in a strategic funding round to help it expand into new countries.  The round was led by AU21 Capital, with participation from Polygon founder Sandeep Nailwal, Inclusion Capital, Outlier Ventures, Chain Capital, Pluto Digital Assets, Onega Ventures, N7 Labs, Cardano and PolkaFoundary.    “While we have formed substantial business partnerships in Africa, this funding allows us to grow into new countries by increasing our marketing efforts,” said Ugochukwu Aronu, chief executive officer (CEO) of Wicrypt.    “Wicrypt is providing last-mile internet to people of the world who need it,…

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Digital lender Tala raises US$145m Series E Funding to facilitate its geographical expansion

KENYA – Emerging markets digital lender, Tala, has raised US$145 million in Series E funding led by Upstart which was founded by Dave Girouard, Anna Counselman and Paul Gu who previously worked with Google. Participants in the investment included Stellar Enterprise Foundation, a DeFi network, together with new investors J. Safra Group and Kindred Ventures. IVP, Lowercase Capital, and Revolution Growth which are existing investors also joined the investment, bringing the funding raised to about US$360 million. Tala plans to use the new investment to facilitate geographic expansion and grow its…

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B2B payments startup Verto raises US$10m Series A round to boost its geographical expansion

NIGERIA – Verto, a B2B payments platform that provides a fast, simple, and reliable way for small and medium-sized enterprises (SMEs) to make payments to their suppliers in over 200 countries across 39 currencies, has raised a US$10 million Series A round to boost its geographical expansion. The funding round was led by Quona Capital, alongside The Treasury, Middle East Venture Partners (MEVP), TMT Investments, Unicorn Growth Capital, Zrosk Investments and P1 Ventures. Verto will use the investment to continue building out its platform, and accelerate its geographical expansion into…

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Ed-tech startup Edves raises US$575,000 funding round to help improve its product

NIGERIA – Edves, an ed-tech startup, has raised a US$575,000 seed funding round to help it improve its product and bring more schools online. The round was led by Beta.Ventures and also featured Launch Africa Ventures, Chinook Capital and Future Africa. Edves will use the investment to fuel product improvement and release new offerings to address fresh consumer needs in the Nigerian market and major segments in other African markets. Formed in 2016, Edves is an academic portal that automates operations in schools and colleges from admission to transcript generation.…

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Property startup Nomad Homes closed US$20m Series A funding round

EMEA – Nomad Homes, a property technology startup that offers an end-to-end buyer experience for real estate across Europe, the Middle East and Africa, has closed a US$20 million Series A funding round. The round is co-led by 01 Advisors, an investment fund co-founded by former Twitter executives Dick Costolo and Adam Bain, and The Spruce House Partnership, a New York based investment partnership. Nomad pairs technology with local customer service experts to equip home buyers with the confidence to buy their best home, resulting in the simplest, most customized…

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Logistics startup Yobante Express raises US$1.2m funding round for its expansion plans in Africa

SENEGAL – Yobante Express, a logistics startup, has raised a US$1.2 million bridge funding round as it looks to build on its impressive growth. This round has come ahead of a Series A it will open at the end of the year. The funding comes from Grenfell Holdings, Launch Africa Ventures, R-Ventures, Libertad via its investment branch Aguila Investments and a pool of local and high international angel investors. The funding will be used to help the startup reach critical mass in South Africa and Nigeria. According to the Co-founder…

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Cairo-based startup Shiphaly raises funding round to expand its online marketplace

EGYPT – Shiphaly, a Cairo-based startup connecting shoppers and travellers, has raised an undisclosed six-figure round from angel investors in Saudi Arabia and Egypt. The round is led by Faisal Abdulsalam the founder of Purity, and active investor in Saudi Arabia and Egypt, with the participation of well-known angel investors in Saudi Arabia. The new investment will be used to expand the online marketplace’s storefronts to Africa and other Middle Eastern nations, as well as to introduce new product features. “We are very proud of the traction that Shiphaly has…

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B2B e-commerce Capiter raises US$33m Series A funding round for its expansion plan

EGYPT – Capiter, a B2B e-commerce startup which brings together manufacturers, brands, wholesalers and retailers on one platform, has raised a US$33 million Series A funding round to power its rapid expansion into digital financial services and additional markets. Capiter is planning on providing more digital financial services and expanding into overseas markets after raising a US$33 million Series A funding round, led by fintech-focused venture firm Quona Capital and MSA, an independent and interdisciplinary investment company. The round also features Savola, Shorooq Partners, Foundation Ventures, Accion Venture Lab, and…

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Fintech company FairMoney raises US$42m Series B funding round to expand its services

NIGERIA – FairMoney, a mobile banking platform which aims to give underbanked people access to digital financial services, has raised US$42 million in Series B funding as it begins to expand into other emerging markets. The round led was by Tiger Global Management and also featuring existing investors DST, Flourish Ventures, Newfund, and Speedinvest. With the new funds, FairMoney plans to expand its services to further underline its position as a digital challenger bank for emerging markets. The company will invest the new capital to hire top global talent and…

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