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Africa Banking FinTech Information Technology Payments Software

Nigerian fintech Appzone raises $10M for expansion and proprietary technology

– Appzone, a fintech software provider, raised $10m in Series A funding.
– The round was led by Naspers Ventures and joined by other investors.
– The company plans to use the funding to expand its product portfolio and grow its customer base.

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Africa Apps Business Development Financial Services FinTech Insurance Mobile

MFS Africa leads $2.3M seed round in Ugandan fintech startup Numida

– Ugandan fintech startup Numida is announcing the close of its $2.3m seed round.
– The round was led by Africa-based VC firm Savannah Fund, and joined by other investors including 500 Startups, and angel investors including Y Combinator’s Adora Cheung, and others.
– Numida is tackling the challenge of financial inclusion in East Africa.
– The company offers a digital platform that enables semi-formal micro and small businesses to access credit.

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Africa Blockchain Cryptocurrency Internet

Ovex Raises $4M in Funding

– Ovex is a Cape Town, South Africa-based cryptocurrency exchange platform specializing in OTC trading and arbitrage, offering South Africa’s largest selection of digital asset markets.
– The company raised $4m in funding.
– The round was led by Quantitative cryptocurrency trading firm Alameda Research,  developer of  FTX, a crypto derivatives exchange.
– The company intends to use the funds to expand into Dubai, Nairobi, Quebec, and London, as well as Lagos when the Nigerian central bank loosens its cryptocurrency ban.

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Africa Car Sharing Financial Services Logistics Transportation Web Development

Uganda’s Tugende closes $3.6M Series A extension to meet the demand for its asset finance products

– Ugandan technology-enabled asset finance company Tugende today announced that it has closed $3.6 million in a Series A extension round.
– The investment, which, according to the company, was agreed on and structured in 2020, follows the $6.3 million raised in November 2020 and led by Toyota Tsusho investment fund Mobility 54. This brings Tugende’s total Series A financing to $9.9 million.
– San Francisco and Paris-based VC firm, Partech led the round. Enza Capital participated, alongside some unnamed angel investors.
– Michael Wilkerson founded Tugende in 2012. The company uses asset finance, technology and a customer support model to help micro, small and medium-sized enterprises own income-generating assets.

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Africa Finance Financial Services Peer to Peer

Nigerian fintech of the unbanked Bankly raises $2M led by Vault

– Bankly, a Nigerian fintech startup digitizing cash for the unbanked, announced that it has closed a $2m seed round.
– The round was led by 500 Startups and joined by other investors including the co-founder of Transferwise.
– The company is digitizing the informal thrift collections system known with different names such as esusu or ajo in Nigeria.

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Africa Fitness Health Care Pharmaceutical Wellness

Ghana’s Redbird raises $1.5M seed to expand access to rapid medical testing in sub-Saharan Africa

– Ghanaian healthtech startup Redbird raised $1.5m seed funding.
– Investors who participated in the round include Johnson & Johnson Foundation, Newton Partners (via the Imperial Venture Fund), and Founders Factory Africa.
– The company was launched in 2018 by Patrick Beattie, Andrew Quao and Edward Grandstaff.
– It enables pharmacies in Ghana to add rapid diagnostic testing for 10 different health conditions to their pharmacy services.

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Africa Digital Marketing Digital Media Email Marketing Marketing Automation Messaging SMS

Nigeria’s Termii raises $1.4M seed led by Future Africa and Kepple Africa Ventures

– Termii, a Nigerian communications platform-as-a-service startup, raised $1.4m seed funding.
– The round was co-led by African early-stage VC firm Future Africa and Japanese but Africa-focused VC Kepple Africa Ventures.
– Other investors include Acuity Ventures, Aidi Ventures, Assembly Capital, Kairos Angels, Nama Ventures, RallyCap Ventures and Remapped Ventures.
– Angel investors like Ham Serunjogi, co-founder and CEO of Chipper Cash; Josh Jones, former co-founder and CTO, Dreamhost; and Tayo Oviosu, co-founder and CEO of Paga also participated.

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Africa Automotive E-Commerce Rental Subscription Service

South Africa’s FlexClub adds $5M to seed round to scale its car subscription marketplace

– FlexClub, a South African company, has been provided with $5m to improve drivers’ experience in emerging markets.
– The company is an online marketplace that connects customers looking for flexible access to long-term cars with its partners.
– It offers car subscriptions.

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Africa Financial Services FinTech

Stitch emerges from stealth with $4M for its API fintech play in Africa

– Stitch, a South African fintech startup, is coming out of stealth and announcing its seed round of $4 million.
– This makes it the largest round raised by any API fintech startup in Africa at the moment.
– The company wants to provide full API access to financial accounts across Africa starting from its first market, South Africa.
– With its API, developers can connect apps to financial accounts. This allows users to share their transaction history and balances, confirm their identities and initiate payments.

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Africa Banking Financial Services Information Technology Payments

South African digital bank TymeBank lands $109M from UK and Philippines investors

– TymeBank, a South African digital bank, secured an investment from new investors in the U.K. and Philippines.
– The company made this known via a statement.
– This investment will be used to bolster TymeBank’s growth and drive its commercial expansion across the country.
– The company offers a transactional bank account with zero or low monthly fees and a savings product.
– Most of its customers are onboarded via physical kiosks, usually in Pick n Pay and Boxer stores around the country.
– Since launching in February 2019, TymeBank has grown rapidly and now has about 2.8 million customers.
– The company says that it’s on track to reach 3 million by the end of next month.

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