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The Front Page of Global 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.

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Yellow Card to the moon, Moove moves internationally(TWIF - Africa 10/21)

Yellow Card to the moon, Moove moves internationally(TWIF - Africa 10/21)
Funding raised by start-ups in Africa | 2019 - Q32024

Hi Fintech friends đź‘‹,

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

  • Africa’s largest crypto startup raised $33 Million to scale its B2B services.
  • Africa’s cross-border payments platform raised $2 Million to expand its B2B services to China.
  • Nigeria based HR platform launched cross-border payroll and was in talks for a $1.5million seed round.
  • Africa’s largest Uber backed Mobility Fintech expanded to Mexico.
  • Nigeria’s B2B ecommerce platform acquired a fintech company that raised $6 Million last year.
  • Kenya's Central Bank issued an operating license to America’s largest Bank.

đź’¸Fundraise and Exits

  • OmniRetail, a B2B eCommerce startup in Nigeria acquired Traction Apps, a fintech that raised $6 Million last year, for an undisclosed fee.
Africa Fintech M&A 
  • Klasha raised an additional $2 million to expand B2B cross-border payment rails into China.
China - Africa trade
  • Ghanaian insurtech BIMA raised Investment from AAIC.

đź’° Venture Funds

  • Ethiopian venture capital firms hoped for deregulation.
Ethiopia based Fintech startups

🚀 Partnerships & Product Launches

  • Uber-backed Moove expanded to Mexico, extending its global footprint.
Debt funding accounts for 42% of Moove’s disclosed funding as of march 2024
  • Fintech startup Lendsqr launched $610K working capital for lenders.
  • PaidHR introduced new cross-border payroll and was in talks for a $1.5million seed round.
  • The Central Bank of Kenya (CBK) issued an operating license to JP Morgan and wanted to develop a new instant payment system, the biggest advance in the country’s money transfer network.
How big JP Morgan is 
  • LittleFish partnered with Visa to drive digital transformation for African MSMEs.

đź‘” Leadership Lineup

  • M-KOPA appointed former Nokia CEO Rajeev Suri as new board chairman.
M-Kopa Growth

đź“° News of the Week

  • Yellow Card, Africa’s largest crypto startup raised a $33 million Series C to fund growth and expansion.
Yellow Card has raised over $88 Million since it was founded

With this latest round, the startup's total funding has reached $88 million. Previously, it announced a $15 million Series A in 2021 and raised $40 million in a Series B round in 2023.

Yellow Card operates in 20 countries, has over 1 million consumers and 30,000 businesses on its platform, and it is now doubling down on the B2B side.Yellow Card’s transaction volumes surging from $1.7 billion early last year to over $3 billion.

đź‘€ Eye Openers

  • How can Africa attract capital? Jamie Dimon, CEO of JPMorgan, America's largest bank, on how Africa can attract more private investment:

đź“‘ Read of the week

  • Building the Next Banking Giants - What Today's Challenger Banks Can Learn from the Past. (Frontier fintech)

đź“– Other News, Reads, and Media

  • South African retail bank Capitec restricted customers from sending funds to crypto exchanges.
  • Egypt's MaxAB co-founder exited the company 2 months after merger with Kenya's Wasoko.

🎥 VIDEO INTERVIEWS/DISCUSSIONS

  • Securing Funding As A Fintech Startup In Africa with Tomi Solanke of Trove Finance which serves over 400,000 Africans and facilitated over $200 Million in four years.

🦉 Tweet of the Week

🎯 Fintech Opportunities

An opportunity to be a part of the largest special fintech event in Africa, taking place soon in South Africa and Ethiopia. Reach out to wiza@thisweekinfintech.com .

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 .