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Mambo Fintech friends 👋,

Welcome back, here are the highlights of what happened in African Fintech this week;

  • Cross Border Startup Ceased Operations After Failing to Raise Expansion Capital.

  • Regional Remittance Network Secured $2M Investment to Scale Digital Corridors.

  • National Revenue Regulator Demanded Citizens' Crypto Transaction Records from Exchanges.

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📰 News of the Week

  • Chimoney Shut Down Operations After Failing to Raise Capital

Cross border payment infrastructure fintech Chimoney is shutting down after four years due to capital constraints. Having raised less than $1 million since its launch, the startup has halted all transactions and payment processing to execute an orderly wind down and fully refund user account balances.

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Fundraise and Exits

  • FairMoney Entered Strategic Merger and Acquisition Talks With Shara

  • JuiceMe Acquired Ajiraworks to Expand African EOR Growth

  • LemFi Raised $32.4M Series B Extension Funding

  • Cauridor Secured Fresh Series A Funding for Ivorian Fintech

  • Stablecoin Neobank Fasset Raised $51 Million to Scale Digital Payments Across Emerging Markets

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Venture Funds

  • Digital Africa Debuted New $54M Startup Seed Fund

  • Mastercard backed African Startup Fund Faced Final Court Ordered Liquidation

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Partnerships & Product Launches

  • Ozow and Happy Pay Partnered to Launch Merchant BNPL Solutions

  • Erada Finance and AgriCash Launched Digital Loans for Farmers

  • Mastercard and Letshego Launched Digital Debit Cards in Mozambique

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Leadership Lineup

  • Pawapay welcomed Jessica Gubert who Joined as Head of Crypto

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Read of the week

  • Ships vs. Speedboats: How incumbent banks built digital moats

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Other News, Reads, and Media

  • Watu Posted Record $37M Profit from Smartphone Financing

  • AfCFTA Secretariat Launched a Program to Help Fintechs Expand Internationally

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Stablecoin & Crypto Watch

  • Kenya’s Tax Regulator Demanded User Crypto Transaction Records

  • Rwandan Parliament Unanimously Passed Law Regulating Crypto and Virtual Assets

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Video Interviews/Discussions

Discover the new rails of China to Africa finance as industry experts decode a Kenyan bank’s stablecoin based cross border payment system.

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Tweet of the Week

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