The rate of Series A financings across Africa
Hi Fintech friends 👋,
Here are the highlights of what happened in African Fintech this week;
Four Fintechs raised over $38 Million.
Two Fintechs secured partnerships to power cross border payments.
Nigerian startup that raised $2.1 Million and shut down, returned the remaining $357K to investors.
Africa’s biggest payments startup hired a new CFO.
The World’s largest Crypto exchange urged Nigeria to end “unjust detention” of its executive after a viral video.
💸Fundraise and Exits
Cercliraised $4 Million seed funding to streamline payroll management in North Africa.
MENA Fintech in Q1 2024
💰 Venture Funds
August 2024 brought a funding slump, a sharp decline in Africa's investment landscape, and a surprising surge in investor activity in MENA.
August records the lowest funding in the emerging venture markets
🚀 Partnerships & Product Launches
Zambia's ChitChatpartnered with Mastercard to launch virtual cards for cross-border payments.
Zambia Fintech Players
Cryptocurrency adoption in Africa
👔 Leadership Lineup
Flutterwavenamed ex-Citi executive Mitesh Popat as new CFO, nine months after former CFO Oneal Bhambani left the company.
Mitesh Popat
Binanceurged Nigeria to end “unjust detention” of its executive after a viral video.
“This is fvcked uppp”
Binance executive cries out in Nigerian court. pic.twitter.com/ZS0qNVpg86— @𝗼𝗻𝗲𝗷𝗼𝗯𝗹𝗲𝘀𝘀𝗯𝗼𝘆 (@OneJoblessBoy) September 2, 2024
📰 News of the Week
Thepeerreturned $357K as investors moved on from demands for an audit.
Michael Okoh and Chike Ononye, Co-founder of Thepeer. Image Source: Google
Thepeer, the fintech that raised $2.1 Million in June 2022 at $5 Million valuation and shut down in April 2024, returned $357,960 to investors in June, 2024, completing the shuttering of the startup founded in 2021. The refund suggests that an angel investor who wrote a $10,000 cheque would have received a $2,280 refund.
👀 Eye Openers
Debt now powers 5% of deals in Africa, is it the right move for the startup?
How do startup pioneers speak about debt?
Don't be fooled by the "venture" in "venture debt." Lenders don't have the same incentives as investors. You don't get how different they are till it happens to you. They're perfectly happy to kill a prosperous company to get their capital back.— Paul Graham (@paulg) June 25, 2024
What is your view on using debt as a source of capital for African startups? Let us know in the comments, and we will publish your views in next week’s newsletter
📑 Read of the week
100% insurance penetration in Africa could happen with this strategy.(Techpoint)
📖 Other News, Reads, and Media
🎥 VIDEO INTERVIEWS/DISCUSSIONS
Interview with David Adeleke, Founder & CEO of ZeehAfrica on Building Open Banking Infrastructure for Africa.
🦉 Tweet of the Week
Dear Nigerians
Instead of sending 10k on Opay, Moniepoint or other fintech platforms, kindly be sending N9,999. It’s better to loose N1 than loose N50. Let the poor breathe.— Mendex (@justmendex) September 8, 2024
🎯 Fintech Opportunities
People will be talking about this event for weeks after it happens.
3 sponsors confirmed. 2 more slots remaining. If you’re keen, this is the time. Please reach me at [email protected]. Historically, ALL our Africa events sell out completely. People will be talking about this event for weeks after it happens. @twifintech delivers. https://t.co/WGo2V74CcI— Wiza J. (f/acc) (@wizaj) August 15, 2024
Main sponsors confirmed. few more slots remaining. If you’re keen, this is the time. Please reach out at [email protected].
Made in Tanzania 🇹🇿 with 💚
