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ImaliPay raises $3M seed to extend financial services to underserved gig workers in Africa

ImaliPay raises $3M seed to extend financial services to underserved gig workers in Africa

ImaliPay, an African one-stop-shop financial services platform, has raised a $3 million seed in debt and equity round to extend financial services to underserved gig workers in Africa. Leonis Investments and follow-on investors from VCs such as Ten 13, Uncovered Fund, MyAsia VC, Jedar Capital, Logos Ventures, Plug N Play

How Lenco will Service 50 Million African Small and Midsize Businesses

How Lenco will Service 50 Million African Small and Midsize Businesses

Africa’s fintech sector is heating up. But, as much as we see more fintech startups launch, the industry still needs more. Millions of businesses and individuals need the services these startups provide. We have the likes of Sparkle, Prospa, Float, and consumer Neobanks Carbon and Kuda, but we still

ZirooPay secures $11.4M to make its mobile POS services available for retailers across Nigeria

ZirooPay secures $11.4M to make its mobile POS services available for retailers across Nigeria

ZirooPay, Lagos- and Helsinki headquartered fintech start-up has secured $11.4 million in a Lagos-based VC fund, Zrosk Investment Management-led Series A round to expand its payment infrastructure, accelerate growth, and hire more staff, with participation from other private and institutional funds such as Fedha Capital and Exotix Advisory. Existing

Heyfood is Raising the Standard of Food Delivery Service in Africa

Heyfood is Raising the Standard of Food Delivery Service in Africa

In a tech savvy global system, businesses that aren’t digitally oriented are more likely to fall behind. With technology disrupting the global system, more and more businesses are joining the tech frenzy to remain competitive. The thirst for convenience has prompted the enhancement of service delivery across sectors in

Egyptian health tech, O7 Therapy secures $2.1M in a UK-based VC, Hikma Ventures-led seed round

Egyptian health tech, O7 Therapy secures $2.1M in a UK-based VC, Hikma Ventures-led seed round

O7 Therapy, an Egyptian mental health digital start-up, has secured $2.1 million in a seed round led by the UK-based Hikma Ventures with participation from C-Ventures, Lotus Ventures, and numerous famous angel investors. The fresh funds will be utilized to speed up operations in the Middle East and assist

Nigeria's Apex Bank approves MFS Africa's acquisition of Capricorn Digital Limited

Nigeria's Apex Bank approves MFS Africa's acquisition of Capricorn Digital Limited

MFS Africa, a pan African digital payments platform, has completed its acquisition of Nigerian super-agent Capricorn Digital Limited (owners of Baxi) following approval of the transaction by the Central Bank of Nigeria. According to Dare Okoudjou, Founder and CEO, MFS Africa, “this deal is a pivotal step in our journey.

Kenyan social-ecommerce platform, Tushop raises $3M from 4DX Ventures-led pre-seed to accelerate across Nairobi

Kenyan social-ecommerce platform, Tushop which allows people to buy fast-moving consumer goods (FMCGs), has raised $3 million in pre-seed funding to enlarge its team, enhance its platform and expand across Kenya. The seed round was led by 4DX Ventures, with participation from JAM Fund, Breyer Capital, Chandaria Capital, TO Ventures,

Egypt financial super app, Khazna secures $38M to cater for the underbanked, unbanked

Global Ventures

Egypt financial super app, Khazna secures $38M to cater for the underbanked, unbanked

Khazna, an Egyptian financial super app has secured $38 million in Series A debt and equity funding from the US-based Quona Capital, and the UAE-based Global Ventures led round to extend its service to Egypt’s unbanked and underbanked population. Other investors in the round include Austria’s Speedinvest, Saudi

African Startups raise Over $639M in March to bring total funding in 2022 to over $1,748,897,000

African Startups raise Over $639M in March to bring total funding in 2022 to over $1,748,897,000

Africa’s tech startups looked promising when they collectively raised over $475M in January. By February, $630M was added to bring the total sum raised by African startups to $1,109,590,000. At the end of March, the space seems to be very uninterested in slowing down after recording

Egyptian Fintech PayMint Raises Seed Funding Round

Egyptian Fintech PayMint Raises Seed Funding Round

PayMint, an Egypt-based fintech startup has secured seed funding of 7 figures from AUR Fintech, a subsidiary of AUR Capital. The round will help to support PayMint’s expansion plan in fintech and SMEs’ financial inclusion in the Egyptian market. Launched in 2019 by Mohamed Yahya and Mohamed Rabie, PayMint

Egyptian health startup, Otida, raises $340k in pre-seed funding to help manage diabetes

Egyptian health startup, Otida, raises $340k in pre-seed funding to help manage diabetes

Egyptian health-tech startup, Otida, has secured $340,000 in a pre-seed funding round to expand digital treatment for diabetes across the country and the MENA region. The funding round was led by Pan-African VC firm Lofty Inc Capital Management, Flat6Labs Cairo, Afropreneurs, Jedar Capital, OQAL Angel Investors, UI Investments, and

OZÉ is Transforming SME financing and Access to Credit in Africa

OZÉ is Transforming SME financing and Access to Credit in Africa

Ghanaian Fintech startup, OZÉ has been providing digital record-keeping tools with embedded finance products to medium and small businesses in Africa since 2018. After OZÉ, several other accounting apps followed, a few of them include Kippa, Bumpa and Sabi Cash. Since accounting information is needed by business and startup owners

Egyptian Q-commerce start-up, Rabbit acquires license to operate in Saudi, to invest $60m

Egyptian Q-commerce start-up, Rabbit acquires license to operate in Saudi, to invest $60m

Barely months after its audacious entry into the Egyptian market with a record $11 million pre-seed round, Rabbitmart, the quick commerce platform announced it has received its license to operate in The Kingdom of Saudi Arabia from the Saudi Arabian Ministry of Investment. The license was awarded by Saudi’s

Cairo-based Xpovi raises $300K pre-seed funding

Cairo-based Xpovi raises $300K pre-seed funding

Cairo, Egypt-based robotic advisory startup Xpovi has recently scored a $300K pre-seed round led by some strategic angel investors. The company plans to scale-up autonomous financial and business planning services. Founded in May 2021, Xpovi provides business planning solutions through an interactive, and easy-to-answer questionnaire. The product leverages on artificial

CredPal secures $15m in debt and equity funding, to expand its BNPL product across Africa

CredPal secures $15m in debt and equity funding, to expand its BNPL product across Africa

CredPal, a Nigeria based startup that offers Buy Now Pay Later service, has announced it raised $15 million in equity and debt in a recent bridge funding round to scale its consumer credit offerings across Africa. The debt was provided by a few unnamed financial institutions while the equity was

Moroccan Al Mada launches $109.5 million VC fund for African Startups

Moroccan Al Mada launches $109.5 million VC fund for African Startups

Morocco’s Al Mada Holding Group, an investment firm managed by the Moroccan royal family has announced the launch of pan-African venture capital to invest in fast-growing startups on the continent. With a budget of $109.5 million – this is the largest venture capital fund with African funding – the Al

Waspito raises $2.7m, announces expansion in Côte d’Ivoire

Waspito raises $2.7m, announces expansion in Côte d’Ivoire

Cameroonian e-health startup Waspito has announced it raised a $2.7m seed funding round to grow its user base in its home market and expand to Ivory Coast. The oversubscribed seed round was led by Newtown Partners via the Imperial Venture Fund, Launch Africa Ventures, BLOC Smart Africa managed by

Eksab, Egyptian fantasy football platform raises $3M in 4DX Ventures-led seed funding to scale across MENA and Africa

Eksab, Egyptian fantasy football platform raises $3M in 4DX Ventures-led seed funding to scale across MENA and Africa

Eksab, an Egyptian fantasy football platform that uses gaming and online community development to make football entertaining and participatory for fans in the Middle East and North Africa, has secured $ 3 million in early investment. Darwazah Capital, Golden Palm Investments, P1 Ventures, and other angel investors from the sports and

Why sending remittances to Africa is very expensive

Why sending remittances to Africa is very expensive

Tunisia-based biotech startup WaterSpirit raises $872k

Tunisia-based biotech startup WaterSpirit raises $872k

Tunisian B2B biotech startup WaterSpirit has announced the completion of a fundraising round of $872k. The funding came from a group of undisclosed Tunisian investors and contributors. WaterSpirit was founded by Mehdi Bhouri in 2018 and obtained its startup label in March 2020. The startup focuses on extracting bioactive chemicals

Rwandan legal services startup, Hence Technologies, secures $1.8M in seed funding to expand company

Rwandan legal services startup, Hence Technologies, secures $1.8M in seed funding to expand company

Rwandan startup for lawyers, Hence Technologies has raised $1.8 million in seed funding to continue growing and expanding operations in Rwanda. This brings the total amount of funding raised in the past two years to $2.6 million. The seed funding round had various investors, including Daybreak Partners, Broad

MainOne expands Fiber Infrastructure to the Lagos Free Zone

MainOne expands Fiber Infrastructure to the Lagos Free Zone

West Africa’s leading connectivity and data centre solutions provider, MainOne, has announced the expansion of its fiber-optic network infrastructure to the Lagos Free Zone in Lekki. Being the first private free Zone in Nigeria, the Lagos Free Zone aims to be the preferred investment hub in Nigeria with best-in-class

Nigeria’s Kwik closes $2M Series A funding, to add financial services to its last-mile delivery offerings

Nigeria’s Kwik closes $2M Series A funding, to add financial services to its last-mile delivery offerings

Nigeria and French-based startup, Kwik, has announced the close of its $2million Series A funding round, led by XBTO Ventures, a crypto finance company with a VC arm that invests in digital assets, among other types of startups. New and existing investors such as Humla Ventures, Nabuboto, Ubisoft CEO Yves

7 more Nigerian startups accepted into Y Combinator W22 batch, total participants now over 350

7 more Nigerian startups accepted into Y Combinator W22 batch, total participants now over 350

With the confirmation of seven additional Nigerian start-ups – totaling eight for Africa, the number of African participants in the W22 batch of the Y Combinator Program now stands at 24, far exceeding the number of African participants in the S21 batch. The W22 batch of the Y Combinator program is

Bedaya Fund II, $150 million fund launched by UAE-based Shorooq Partners, to invest in North African early startups

Bedaya Fund II, $150 million fund launched by UAE-based Shorooq Partners, to invest in North African early startups

Shorooq Partners, a MENAP-based early-stage venture capital firm, has announced the second edition of its seed-stage-focused fund, Bedaya Fund II, with a target fund size of $150 million to invest in the North African region. Bedaya Fund II is a continuation of Shorooq Partners’ strategy, which has been in place