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Kenyan fintech, Zanifu clinches $1M to close MSME financing shortfall in Africa, plans Ghana and Uganda expansion

Kenyan fintech, Zanifu clinches $1M to close MSME financing shortfall in Africa, plans Ghana and Uganda expansion

Zanifu, a Kenyan fintech startup is set to upgrade its platform and expand the number of micro, small and medium enterprises (MSMEs) it offers stock-financing to after raising $1 million in Seed funding. This round is the second investment from Saviu Ventures, having earlier invested in the startup’s pre-seed

Nigerian startups Moni, Topship, confirm participation for Y Combinator’s W22 batch

Nigerian startups Moni, Topship, confirm participation for Y Combinator’s W22 batch

Two Nigerian startups Moni and Topship, have now been confirmed as participants of the YCombinator Accelerator Program, Winter 2022 Batch. The program would run from January through March. Participants receive seed funding to upscale their startups as well as other investment opportunities at demo day. Founded by Femi Iromoni, Moni

Kenya’s Poa Internet Service raises $28m Series C to expand across the country

Kenya’s Poa Internet Service raises $28m Series C to expand across the country

Poa Internet Service, a Kenyan startup that provides unlimited WiFi internet service to dwellers of low-income areas in Nairobi, the Kenyan capital, has closed a $28 million Series C funding. The round was steered by Africa50 with participation from Novastar Ventures. Africa50 is an infrastructure financier backed by the Africa

Egyptian ExpandCart closes $2.7m pre-Series B round

Egyptian ExpandCart closes $2.7m pre-Series B round

Cairo-based e-Commerce startup builder ExpandCart has announced it raised $2.7m in a pre-Series B bridge funding round, led by Hong Kong-based Betatron Venture Group with participation from existing investors: Sawari Ventures from Egypt, and Agility Ventures from Kuwait. ExpandCart is the fastest growing Arabic eCommerce platform in the Middle

Finclusion closes $20M Pre-Series A funding to build out credit-led neobank offering across Africa

Finclusion closes $20M Pre-Series A funding to build out credit-led neobank offering across Africa

Finclusion Group, a fintech that uses AI algorithms to provide financial services to African customers via an array of credit-centric products, has raised $20 million in debt and equity pre-Series A financing. Investors in the round include Andela and Flutterwave co-founder Iyinoluwa Aboyeji (who invested via his VC firm Future

Nigerian restaurant management platform, Orda, raises $1.1M to expand across Africa

LoftyInc Capital

Nigerian restaurant management platform, Orda, raises $1.1M to expand across Africa

Orda, formerly known as StarKitchens, a Nigerian cloud-based point of sales for small, medium, and large-sized restaurants have today announced that it has closed a $1.1 million pre-seed round to scale its software across the continent. The company, which describes itself as a ‘cloud-based restaurant operating system built for

Morocco launches MoroccoTech to strengthen its digital hub position

Morocco launches MoroccoTech to strengthen its digital hub position

To position itself as a hub for digital innovation in North Africa, the Moroccan government has launched MoroccoTech, a digital hub for techies in Morocco. The hub was launched by Dr. Ghita Mezzour, the minister for Digital Transition and Reform of the administration in Morocco. In his remarks, he emphasized

Uganda Lowers Bank Cheque Limits To boost e-Transactions

Uganda Lowers Bank Cheque Limits To boost e-Transactions

To shore up mobile money and electronic transactions in the country, the Bank of Uganda has announced that it will lower cheque value limits for amounts above the equivalent of about $2,800 in local and foreign currency starting Jan. 15. NOTICE: NEW CHEQUE VALUE LIMITS EFFECTIVE JANUARY 15, 2022.

Ugandan fintech startup, Asaak raises $30M to provide seamless asset financing for Africans

African financing startups

Ugandan fintech startup, Asaak raises $30M to provide seamless asset financing for Africans

Asaak, a Ugandan asset financing startup has secured $30 million in Pre-Series A equity and debt funding to finance motorbikes and smartphones debt purchase schemes for Africans. New and existing investors took part in the round, including Resolute Ventures, Social Capital, HOF Capital, Founders Factory Africa, End Poverty Make Trillions,

Egyptian Edtech Orcas raises $2.1 million

Egyptian Edtech Orcas raises $2.1 million

Cairo-based live learning Edtech startup, Orcas, has raised $2.1m in a pre-series A funding round from CIRA’s NFX Ventures and Access Bridge Ventures. Algebra Ventures, Launch Africa Ventures, Cairo Angels Syndicate Fund, and Seedstars International also participated in the round. Co-founded by Hossam Taher and Amira El Gharib

Ghanaian fintech startup, Float, raises $17 Million to boost cash flow for commerce in Africa

Ghanaian fintech startup, Float, raises $17 Million to boost cash flow for commerce in Africa

There are at least 44 million formal SMBs in Africa. 71% of them require more finance to grow their businesses than they can currently access. However, obtaining credit isn’t easy and for most, it’s impossible as traditional banks prefer to focus on large corporations. To solve this problem,

Africa’s Funding Gap: The case of Anglophone and Francophone Africa

Africa’s Funding Gap: The case of Anglophone and Francophone Africa

Unwanted Attention Was Wave’s $200 million Series A financing in September last year unwanted attention to Francophone Africa? With African startups being particularly hyped for global funding and investment over the past years, much of this funding has been skewed particularly towards Anglophone Africa and this is a huge

Microtration invests in Pivo

Microtration invests in Pivo

In its first deal for the year, VC firm, Microtraction, has announced an investment in fintech startup Pivo, a financial platform for small and medium-sized businesses. In a Medium post, the firm stated that it was excited to be on the journey with the founders as they work hard to

Fintech Farm secures $7.4M investment, set to launch in Nigeria and other emerging markets

Fintech Farm secures $7.4M investment, set to launch in Nigeria and other emerging markets

Fintech Farm, a British fintech company that creates neobanks in emerging markets, has raised a $7.4M investment to launch neobanks in 8 countries during the next two years. The round was led by Flyer One Ventures and Solid, while Jiji, TA Ventures, u.ventures, and AVentures Capital also participated.

Nigeria’s SeamlessHR closes $10m Series A round led by TLcom Capital

Nigeria’s SeamlessHR closes $10m Series A round led by TLcom Capital

SeamlessHR, a Nigerian startup that offers payroll and HR software-as-a-service (SaaS) solutions, has raised a $10 million Series A round led by TLcom Capital. Existing investors such as Lateral Capital and Enza Capital also took part in the round. Other investors include Capria, Ingressive Capital, and several strategic private investors.

Lipa Later, a Kenyan BNPL startup raises $12m to expand credit footprint in Africa

Green House Capital

Lipa Later, a Kenyan BNPL startup raises $12m to expand credit footprint in Africa

Lipa Later, a Kenyan tech-led consumer credit startup, raised $12 million in pre-Series A funding. This brings the company’s total funding to about $16 million to date. The startup says it will use this new funding to expand into Tanzania, Nigeria, South Africa, and Ghana and deepen its presence

Nigerian Government Lifts Ban on Twitter After Six Months

Nigerian Government Lifts Ban on Twitter After Six Months

The Nigerian government has lifted the ban on the popular social media platform Twitter, six months after the suspension was made. The government also said the social media company has agreed to its terms of operation in the country. The announcement was made yesterday via a statement by the Chairman

Egyptian Foodtech 3attar raises Seed investment

Egyptian Foodtech 3attar raises Seed investment

Cairo-based Foodtech startup, 3attar, has secured an undisclosed seed investment to expand its user base and develop its tech stack. AUC Angels, UI Investment, and a group of angel investors all participated in the round. 3attar was launched in 2019 by Mohamed Ali, as a B2C online platform with its

8 African startups pitch at Techstars Toronto Demo Day

8 African startups pitch at Techstars Toronto Demo Day

Last year, two African startups Plentywaka (now Treepz) and TalentQL made it into the Techstars Toronto Accelerator program, alongside 8 other startups. Since then, these two startups have recorded significant growth and traction. With Treepz raising $2.8 million in seed funding and expanding to Ghana and Uganda. On the

Ajim Capital Launches $10M Fund for early-stage African Startups

Ajim Capital Launches $10M Fund for early-stage African Startups

Early-stage VC firm, Ajim Capital has announced the launch of a $10 million fund to invest in startups in Africa. The funding will help founders focus and grow their businesses rather than worry about funding. Ajim Capital is looking to invest in exceptional African founders, with potential for rapid growth

Tunisia Launches InnovaTech to High Growth Startups

Tunisia Launches InnovaTech to High Growth Startups

Tunisia has announced the launch of its “InnovaTech,” initiative aimed at stimulating growth for innovative small businesses. The initiative involves a $43m investment fund for Tunisian startups. The fund also intends to mobilize private savings, leveraging co-investment to promote the startup ecosystem in the country. Private-sector actors will be able

Orange Ventures invites Egyptian Fintechs to apply for its Seed Challenge

Orange Ventures invites Egyptian Fintechs to apply for its Seed Challenge

Early-stage VC firm, Orange Ventures, has announced the launch of its Seed Challenge, which will see the VC firm grant $570k in capital to one Egyptian fintech startup. This comes less than a month after the VC launched its Orange Digital Centre in Cairo, Egypt. Applications are invited from seed-stage

Afrikrea Raises $6.2m Pre-Series A Round, Rebrands as ANKA

Afrikrea Raises $6.2m Pre-Series A Round, Rebrands as ANKA

Afrikrea, an Ivory Coast-based startup and e-commerce platform for all things made of Africa, has raised a $6.2 million pre-Series A funding round and rebranded as “ANKA.” ANKA means “ours” in Bambara, a shared language in the region from Mali and Ivory Coast, and across West Africa. It aims

Y Combinator Increases Standard Deal Size to $500,000 for Startups

Y Combinator Increases Standard Deal Size to $500,000 for Startups

The foremost tech accelerator program, Y Combinator has announced an increment to $500,000 in funds to invest in participating startups. The Silicon Valley tech accelerator will now offer an additional $375,000 in the form of an uncapped simple agreement for future equity (SAFE) note from the traditional $125,

Energise Africa, Solarise Africa raises over $1.13M funds to fund solar projects in Africa

Energise Africa, Solarise Africa raises over $1.13M funds to fund solar projects in Africa

Energise Africa and Solarise Africa, in partnership with crowdfunding companies in the UK, raised over $1.13M million in the space of eight days to fund large-scale energy projects in Sub-Saharan Africa. “We are humbled by the support we’ve received from the Energise Africa investor community”, said the CEO