The Front Page of Fintech

The largest fintech community in the world. Subscribe to our newsletter to stay up to date on the latest in news opinions, and all things financial technology.

Image Description

The Front Page of Fintech

The the largest fintech community in the world. Subscribe to our newsletter to stay up to date on the latest in news opinions, and all things financial technology.

Image Description

Visa onboarded 19 African fintechs to its Accelerator(TWIF - Africa 11/25)

Visa onboarded 19 African fintechs to its Accelerator(TWIF - Africa 11/25)
There are 28 active domestic IPS across 20 countries in Africa as of June 2024

Hi Fintech friends đź‘‹,

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

  • Seven fintechs including five from Tanzania, announced funding deals.
  • The Visa Africa Fintech Accelerator revealed the 19 startups selected for its third cohort of the biannual program.
  • African based VC made first exits.
  • Africa’s biggest Crypto startup secured a Crypto license in South Africa.
  • Founder of Kenyan based Wealth-tech startup stepped down as CTO shortly after the company's acquisition.

đź’¸Fundraise and Exits

  • Socium raised $5 Million to enable businesses to recruit, pay, and manage talent efficiently.
Africa’s HR startups
  • Egypt’s Amenli Secured $2.3 Million to Expand Insurtech Solutions.
Insurtech startups in Africa
  • Tanzania based Tunzaa raised undisclosed amount from Warioba Ventures.
Tanzania Fintechs
  • Tanzania based Evmak, Swahilies, Ottap and Amala raised grant funding from UNDP Tanzania’s Funguo Program.

đź’° Venture Funds

  • Early-stage VC fund Launch Africa Ventures made first exits; tweaks strategy for Fund II.
The Biggest Exits In African Tech

🚀 Partnerships & Product Launches

  • Yellow Card secured a Crypto Asset Service Provider (CASP) licence in South Africa.
Crypto awareness in South Africa is rising
  • Mama Money launched a WhatsApp-powered bank card in South Africa.
South Africans use instant messaging apps more than social media platforms.
  • Payaza secured investment-grade rating setting a new standard for African fintechs.

đź‘” Leadership Lineup

  • Wealth tech Hisa founder, Eric Jackson, stepped down as CTO shortly after company’s acquisition by Risevest.
Erick Jackson

đź“° News of the Week

  • The Visa Africa Fintech Accelerator revealed the 19 startups selected for its third cohort of the biannual program.
The selected startups

The three-month program will conclude with an in-person Demo Day, where startups will present their solutions to investors, industry leaders, and potential partners. Visa recently invested in four graduates from its inaugural cohort; Oze, Workpay, OkHi, and ORDA.

đź‘€ Eye Openers

  • Is Africa VC in trouble?

What do you think about this? Tell us in the comments, and we will publish your thoughts in our next newsletter.

đź“‘ Read of the week

  • A vision for open banking in Africa and other emerging markets(Techpoint).

đź“– Other News, Reads, and Media

  • 49% of Nigerian startups founded in the last 10 years made less than ₦10 million(~$6K)  in revenue.

🎥 VIDEO INTERVIEWS/DISCUSSIONS

  • Discussion on Ecosystem & Human Capital powering Fintech Innovation

🦉 Tweet of the Week

🎯 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 .