Fintech Asante closes US$7.5m Series A Funding to scale its credit offerings in Africa

KENYA – Asante Financial Services Group has announced US$7.5 million Series A investment anchored by Goodwell Investments with participation by other investors including Sorenson Impact Foundation and Forsage Holdings.Asante is a high-impact fintech focused on supporting the growth of African Micro, Small and Medium Enterprises (MSMEs). The Series A investment enables Asante to scale its credit offerings to the underserved segment of MSMEs in Kenya and Uganda and expand to Nigeria and Rwanda. “We are delighted to welcome our new investors including Goodwell, Sorenson, and Forsage in our inaugural institutional fundraise. Together, we will advance…

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Fintech startup Mono raises US$15m Series A funding to accelerate its expansion plans

NIGERIA – Mono, a fintech startup, has announced a US$15 million Series A funding round led by Tiger Global to accelerate its continental expansion plans. The round was led by Tiger Global, the VC firm’s third major investment in Africa this year after Flutterwave and FairMoney, and also had participation from new investors Target Global (an investor in neobank Kuda), General Catalyst and SBI Investment. New investors were joined by existing ones, including Entree Capital, Lateral Capital, Golden Palm Investments, Acuity VC and Ingressive Capital, bringing Mono’s total raise to…

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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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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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Crypto exchange Yellow Card secures US$15m Series A for its expansion plan

AFRICA – Yellow Card, the Pan-African cryptocurrency exchange, has announced a US$15 million Series A, to expand its personnel, develop new products, and expand into more African countries. The round, which is the largest ever by an African cryptocurrency exchange, was led by Valar Ventures, Third Prime, and Castle Island Ventures with participation from Square, Inc., Blockchain.com Ventures, Coinbase Ventures, Polychain Capital, BlockFi, Fabric Ventures, Raba Partnership, MoonPay, GreenHouse Capital, and more. Third Prime was appointed to the crypto company’s board of directors as a result of the latest investment.…

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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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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 Wave raises US$200m Series A funding, the largest in Africa

SENEGAL – Wave, the U.S. and Senegal-based mobile money provider, has announced the raise of a US$200 million Series A financing. This landmark investment shot the valuation of the independent mobile money provider to US$1.7 billion. The round which is the largest ever Series A round in Africa was led by Sequoia Heritage, a subsidiary of Sequoia; Founders Fund; US payment giant, Stripe; and Ribbit Capital. Other investors include existing investors Partech Africa and Sam Altman, the former CEO of Y Combinator and current CEO of OpenAI. The Wave app…

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E-commerce retail startup Alerzo secures US$10m Series A round to expand geographically

NIGERIA – Alerzo, a B2B e-commerce retail startup based in Ibadan, Nigeria has announced a US$10.5 million Series A round led by New York-based Nosara Capital, report Techrunch. FJ Labs and several family offices from the U.S., Europe and Asia, including Michael Novogratz’s, participated in the round. The proceeds from this Series A round will be used to expand geographically to northern Nigeria. Alerzo also plans to launch AlerzoPay, the company’s cashless payments and lending platform, as well as a portfolio of new business support services. In total, Alerzo has…

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Fintech Pngme closes US$15m Series A to increase customer base and expand team

AFRICA – Pngme, a platform that provides financial institutions and fintech start-ups with users data via its API and machine learning infrastructure, has announced a US$15 million Series A. The round was led by European VC firm, Octopus Ventures with other participants being RaptorGroup, Lateral Capital, EchoVC, Future Africa, Two Small Fish Ventures, and US-based early-stage VC firm for immigrant-founded start-ups, Unshackled Ventures.  The list concludes with several angel investors, including Hayden Simmons, Dan Kahn, Richard Talbot, and Kyle Ellicott of Intersect VC.  This investment follows a US$3 million seed announced in February 2021 and a US$500k…

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