Top 10 Fintech equity Fundraises in Africa 2023
Hi Fintech friends 👋,
Here are the highlights of what happened in African Fintech this week;
A Nigerian fintech startup processed $150 billion in 2023.
Y Combinator added a banking-as-a-service African startup to its portfolio.
An African VC ran a "stay default alive" masterclass for its portfolio.
A Buy Now Pay Later African startup pivoted its business model to focus on cross-border payments.
A fintech startup shut down despite having one year of runway.
Opportunity to work at one of four amazing African fintech companies.
💸 Fundraise and Exits
Miden raised $500K from Y-Combinator forit’s Banking as a Serviceto enable African companies build and launch financial products such as virtual card programs, credit systems, reconciliation, and expense management systems.
List of African “Banking as a Service” startups
💰 Venture Funds
Here are the key insights African VC Ventures Platform shared with it’s portfolio companies.
🚀 Partnerships & Product Launches
Interswitch and OPaypartnered for secure payments, following reported fraud cases.
Fraud data on most attacked ID documents Across Africa
Visa and Pesaflowpartnered to improve digital payments in Kenya.
Zilladiscontinued its buy-now-pay-later (BNPL) service to focus on Zillawire, it‘s newly launched cross-border payment.
Africa’s BuyNow Pay Later market projections(2021-2028)
📰 News of the Week
Moniepoint (previously TeamApt) processed more than 5 billion transactions worth over $150 Billion in 2023 .
MoneyPoint key products
In 2023, Moniepoint(previously TeamApt) one of Nigeria's largest payments startups, processed an impressive 5.2 billion transactions (~433 million transactions monthly) worth over $150 Billion. It represents a 205% increase from 2022, when the startup processed 1.7 billion transactions worth over $100 billion.
MoniePoint funding rounds
Moniepoint currently boasts over 2 million business accounts and 800,000 active POS terminals used daily nationwide. Its business clientele spans various sectors, with the majority coming from retail (38.29%), followed by food and drinks (17.77%), oil and gas (9.11%), IT and electronics (6.12%), beauty and personal care (4.5%), and agriculture (4%).
📑 Read of the week
Fintech and energy illuminate DR Congo’s nascent startup ecosystem. (Techcabal)
Global interest, local impact: Seedstar’s Cyrine Ben Fadhel's outlook for African VC. (Benjamindada)
📖 Other News, Reads, and Media
Nigerian fintech startup, Covashut down after two years.
African startups that shutdown in 2023
Access HoldCofinalized stages of regulatory approval to acquire ARM Pensions.
Largest Banks in Nigeria by total assets: Access Bank being the Top
Opay’s journey; from launch to $2 Billion in valuation
M-PESAfaced another outage in January for undisclosed reasons.
How big is M-PESA by figures
🎥 VIDEO INTERVIEWS/DISCUSSIONS
In Conversation with Aigboje Aig-Imoukhuede who is one of the most successful and esteemed businesspeople on the continent. In 2002, he led the acquisition of Access Bank, which under his 11-year leadership grew into the largest bank in Nigeria and one of the largest in Africa.
🦉 Tweet of the Week
Shout out to the startups that did fantastic work in 2023!
- SmileID's acquisition of @AppruveHQ
- @PiggyBankNG's $1.42 billion payout in 6 years.
- @theflutterwave's product year & racking up licences like infinity stones.
- @moniepoint's move into retail banking and new… pic.twitter.com/a9OF03yqOI— Backstories with Fatu is live on YouTube! (@fatuogwuche) January 25, 2024
🎯 Fintech Opportunities
Made in Tanzania 🇹🇿 with 💚
