Hi Fintech friends 👋,
Here are the highlights of what happened in African Fintech this week;
Uber backed Africa’s Mobility Fintech partnered with Alphabet's Waymo in the US.
Three African-Francophone Fintechs announced funding deals.
Africa based VC raised $42 million in the first close to invest and create 10,000 jobs in African startups.
Co-founders of Africa’s most valuable Fintech launched Y-Combinator alternatives for Africa.
Founder of Tanzania’s biggest Fintech shared insights on the reality of building a Tech company.
Africa’s biggest mobile money hit 34 million users.
💸Fundraise and Exits
Ivorian fintech HUB2raised $8.5 Million to become the “Stripe of Francophone Africa”.
The African fintech market is expected to grow fastest in Ghana and Francophone West Africa, by 15% and 13% per annum respectively
Tunisian payments startup Konnectsecured funding from Renew Capital.
24 FOUNDERS THAT RAISED OVER $1 MILLION
Morocco-based fintech Premium Technology & Services (PTS) raised $500K from BMCE Capital Investments.
💰 Venture Funds
Seedstars Africa Ventures I raised $42 million in the first close to invest and create 10,000 jobs in African startups.
Seedstars Africa portfolio
🚀 Partnerships & Product Launches
Tanzania based ClickPesalaunched a platform to help microfinances serve better SMEs.
African Fintechs
Paystackpartnered with Vendy to power payments on WhatsApp shops.
Paysatck 2023 in review
👔 Leadership Lineup
Co-founders of Flutterwave, the biggest African Fintech, launchedY-Combinator alternatives to back more African startups.
Co-founders of Flutterwave
📰 News of the Week
Nigeria's MoovepartneredAlphabet's Waymo in the US, breaking new ground in global fleet management.
Debt financing accounts for 42% of Moove Africa's disclosed funding as of March 19, 2024.
Moove, a Nigerian-born fintech startup, has entered into a partnership with Waymo, Alphabet's self-driving vehicle division, to manage fleets of autonomous vehicles in Phoenix, Arizona, and Miami, Florida.
Uber backed Moove, which provides revenue-based vehicle financing to mobility entrepreneurs, particularly those underserved by traditional financial institutions,has expanded its operations to multiple continents, including recent entries into Mexico and India. The company’s growth underscores the potential of African startups to contribute to advanced global technologies.
👀 Eye Openers
What does it take to build a Tech company in Africa? The Founder and CEO of Selcom, the biggest fintech in Tanzania, shared a few insights 👇🏿;
📑 Read of the week
What African Banks and Fintechs Can Learn from Spotify, TikTok, Tinder, and Netflix.(Cofounder’s Notebook).
📖 Other News, Reads, and Media
M-PESA hit 34 million subscribers in November, strengthening financial inclusion across Africa.
M-Pesa service revenue
🎥 VIDEO INTERVIEWS/DISCUSSIONS
Interview with Ifelade Ayodele, co-founder and CEO of Blaaiz, a cross-border payment and remittance company that raised $1.5 Million. He shared his journey from studying physics to working in finance and eventually founding Blaaiz.
🦉 Tweet of the Week
1/ 🚀 Are African Fintechs overvalued?
The best way to answer this question is to work backwards and say, what does success look like for an African company. Here’s a breakdown of the reality, risks, and possibilities for African Fintechs. 🧵 pic.twitter.com/kMExCWIVxR— Samora Kariuki (@SamoraKariuki) December 9, 2024
🎯 Fintech Opportunities
Post revenue African startups in Kenya, Tanzania and Rwanda are invited to apply for EUR 100,000 in non-dilutive funding and technical assistance.
Made in Tanzania 🇹🇿 with 💚
