African startups that raised $100 Million in the past 5 years 

Hi Fintech friends 👋,

Some news about what happened in African Fintech this week were being gathered while I held the TWIF brand at the top of Mt. Kilimanjaro.

Here are the highlights of what happened in African Fintech this week;

  • Latin America’s most valuable fintech led Africa’s latest Unicorn round.

  • Two African Fintechs secured funding to support SME financing.

  • Nigerian Wealthtech platform secured a US license.

  • Zimbabwe based Fintech received a deposit taking license.

  • Owner of Africa’s biggest mobile money accused of “business fraud” in dispute over a $23.9 million money fund.

💸Fundraise and Exits

  • Moroccan fintech startup Talaty secured funding to build AI-driven financial solutions for SMEs.

Share of financing in various sectors for African SMEs in 2023

  • South African fintech Sourcefinraised $8.2 Million to strengthen its alternative funding support for SMMEs.

💰 Venture Funds

  • 77% of African angel investors limit deals to $25,000.

A short history of Africa’s Unicorns

🚀 Partnerships & Product Launches

  • Bamboogot a US licence, unlocking stock markets for Africans.

African Wealthtech startups

  • Allaweelaunched a credit card in partnership with Mastercard.

  • Mukuru received a Deposit-Taking Microfinance Institution licence in Zimbabwe.

👔 Leadership Lineup

MTN’s leadership

📰 News of the Week

  • Tymeraised $250 million Series D to become Africa’s ninth unicorn.

Tyme Bank

South Africa’s digital lender Tyme Group has raised $250 million in a Series D round led by Nu Holdings, the parent company of Nu Bank, Latin America’s most valuable fintech, which invested $150 million for a 10% stake at a  $1.5 billion valuation. Tyme becomes Africa’s ninth unicorn, two months after Nigeria’s Moniepoint hit the billion-dollar threshold.

With 15 million customers, the company claimed to have extended over $600 million in financing to small businesses in South Africa and the Philippines. 

👀 Eye Openers

  • Cash accounts for 80% of daily transactions in Kenya but Small shop operators toldTechCabal that they were now accepting cash over fears that KRA(Kenya Revenue Authority) could use mobile money transactions to compel them to pay more taxes. Below are the most popular payment methods in Kenya 2024:

The most popular payment methods in Kenya 2024:

📑 Read of the week

  • Who cares about African unicorns?(Semafor)

📖 Other News, Reads, and Media

  • Safaricomaccused of “business fraud” in a dispute over a $23.9 million money market fund.

  • PatriciaContinued Repayment to Customers.

🎥 VIDEO INTERVIEWS/DISCUSSIONS

  • Interview with NALA CEO: Benjamin Fernandes, from starting NALA in Tanzania to over 20 countries now.

🦉 Tweet of the Week

❝

The cybernetic 'flippening' in Africa. Two newest unicorns:

1. @moniepointng: hybrid, digital+agent network

2. @tymebankza: hybrid, digital+physical touchpoint

The fully digital players are hitting rev ceilings unless they touch global flows.— Stephen Deng 邓广藻 (@mrstephendeng) December 17, 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 💚

👍🏽👎🏽  Did you enjoy this edition of This Week In Fintech Africa? Please share your feedback with me on Twitter or LinkedIn .

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