Key Trends Shaping African Fintech
The African fintech landscape in 2024 was marked by both challenges and opportunities, underscoring the sector’s resilience and adaptability.
Moniepoint Secures $110M in Series C Funding, Achieving Unicorn Status in African Fintech
Moniepoint has done it again! This Nigerian fintech powerhouse has been on a roll, and in 2023 alone, they handled an incredible 5.2 billion transactions. That’s right – 5.2 billion!
CapWay Shuts Down Amid Funding Challenges
CapWay, a fintech startup founded in 2016 by Sheena Allen, has officially closed its doors. The company aimed to provide financial services to underbanked communities, also known as “banking deserts,” but was ultimately unable to overcome significant funding and regulatory hurdles. In a LinkedIn post, Allen announced the closure, expressing pride in CapWay’s mission but […]
Lendsqr Launches N1 Billion On-Lending Initiative to Boost Nigerian Lenders
Lendsqr, a leading loan management software provider, has introduced an on-lending initiative aimed at boosting the capacity of Nigerian lenders to extend credit to their customers. This new initiative will set up a N1 billion line of credit, targeting lenders with state moneylender or cooperative licenses, allowing them access to the capital needed for sustainable […]
The Rise of Fintech in Africa: Transforming Financial Services
From mobile money services to cross-border payments and digital lending, these startups are providing millions of Africans with access to financial services that were previously out of reach.
As the fintech sector continues to grow and mature, we can expect to see even more groundbreaking innovations and positive impacts on Africa’s economic development.
Scale Raises $700K Pre-Seed Funding to Expand Card Issuance Services Across Africa
Scale, a South African startup specializing in card issuing orchestration for fintechs, has raised $700,000 in pre-seed funding. The round was led by 54 Collective, a sector-agnostic venture capital firm, and First Circle Capital, a fintech-focused VC. Sunny Side Venture Partners and various angel investors also participated in the round.
Lesaka Technologies Acquires Adumo for R1.67 Billion
Lesaka Technologies, a listed fintech company, has officially completed its acquisition of Adumo for a total consideration of R1.67 billion ($96 million). This deal significantly strengthens Lesaka’s payment processing capabilities, adding to its growing portfolio of fintech solutions across Africa. The acquisition was finalized with a combination of approximately 17 million Lesaka shares and a […]
Fincra Expands to South Africa with TPPP Licence, Offering Seamless Payment Solutions for Businesses
Fincra, a top African payment provider, secured a TPPP licence in South Africa, expanding its innovative solutions to businesses.
South African Fintech Startup LittleFish Secures Seed Funding to Empower SMEs
LittleFish, a South African fintech startup focused on reconnecting banks with SMEs, has successfully closed its seed investment round. The funding round was led by TLcom Capital, with Flourish Ventures joining as a co-investor. This marks TLcom’s first investment in South Africa, having previously concentrated on East and West African markets. Expanding Fintech Services for […]
Africa’s Omnisient shines at 2024 Finovate Awards
Let’s talk about the 2024 Finovate Awards and how Omnisient made Africa shine on the global stage! This South African startup recently secured $7.5 million in Series A funding from Arise. At the prestigious Finovate Awards, where the world’s top innovators in fintech are celebrated, Omnisient made history by winning the Excellence in Financial Inclusion […]