Hi Fintech friends 👋,

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

• Egyptian Fintech raised $15.7 Million to expand investment access in MENA.
• A new Fintech fund was launched to back African founders.
• Owner of Africa’s soonicorn launched a standalone stablecoin app for Africans.
• Nigerian bank launched 46,000 POS to compete with Fintechs.

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This Week in FintechSabrina Baxter

💸Fundraise and Exits

• Egyptian Fintech Thndr raised $15.7 Million to expand investment access in MENA.

💰 Venture Funds

• Lava was launched to back exceptional founders building the financial plumbing and trust tools for the African market.

🚀 Partnerships & Product Launches

• OPay backer, Opera launched a standalone stablecoin app for Africans.
  

👔 Leadership Lineup

• Meagan Rabe got promoted to Vice President: Merchant Services, Acquiring and Fintech (SSA) at Visa.

📰 News of the Week

• Fintechs dominated the list of 6 Nigerian fastest growing companies.

Six Nigerian startups—Moniepoint, OmniRetail, PalmPay, Termii, Remedial Health, and Paga have been listed on the Financial Times’ 2024 ranking of Africa’s Fastest-Growing Companies, which features 130 high-growth firms across the continent.

👀 Eye Openers

• Revenues of Africa's fastest-growing tech companies in 2023, per the FT.

📑 Read of the week

• “I didn’t know”: The Buy Now Pay Later boom that’s backfiring in rural Kenya. (Techcabal)

📖 Other News, Reads, and Media

• UBA eyed the small business market with massive pos terminal launch.

🎥 VIDEO INTERVIEWS/DISCUSSIONS

• Stablecoins in Africa: Hype or the Future of Payments? Interview with Eytan Messika (Nilos) and Nicolai Eddy (Nala & Rafiki) to unpack stablecoins in the African context-from FX innovation and liquidity provisioning to the regulatory frictions shaping adoption.

🦉 Tweet of the Week

🎯 Fintech Opportunities

• This Week in Fintech is hiring for a Senior Marketing Manager. If you are interested or know of anyone who might be a good fit, get in touch!

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