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…

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Fintech startup Kuda secures US$25m Series A funding for its growth plan

NIGERIA – Kuda, a digital banking startup, has announced a US$25 million Series A funding round in order to help it fund its aggressive growth plan. Launched in 2016 as lending platform Kudimoney, Kuda rebranded in June of 2019 and received a banking licence from the Central Bank of Nigeria (CBN) to launch a full-service digital bank. That regulatory approval made Kuda Nigeria’s first and only full-stack and mobile-first bank, allowing Nigerians to run a current account, save money, and earn annual interest. Kuda only raised a US$10 million seed…

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Tokyo based VC Uncovered Fund launches, targets US$15m to invest in seed and Series A stage African companies

AFRICA – Uncovered Fund, a Tokyo based, venture capital fund targeting early and seed stage startups in Africa has launched with a targeted size of US$15 million and confirmed its first five investments in African tech startups. Launched in June of last year, the fund is scheduled to close at the end of June 2021, with a total size of US$15 million. The Tokyo-based outfit founded by Takuma Terakubo in 2019 will invest $50,000 to $500,000 in African startups in seed and Series A stages. Before Uncovered Fund, Terakubo was…

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