africa

Y Combinator-backed Rulebase wants to be the AI coworker for fintech

AI /

Y Combinator-alum Rulebase is betting that the next wave of automation in financial services won’t be about flashy AI interfaces, but the unglamorous back-office tasks like compliance. The startup, founded by Gideon Ebose and Chidi Williams, two Nigerian engineers who met in London, just raised a $2.1 million pre-seed round led by Bowery Capital, with […]

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Microsoft and Uber alum raises $3M for YC-backed Munify, a neobank for the Egyptian diaspora

Fintech /

Khalid Ashmawy remembers the first time he wired money home while studying in Europe. He had just received his monthly stipend as a master’s student in Stuttgart and wanted to send part of it back to his family in Cairo. It was usually a slow and expensive process, he recalled. A $400 wire transfer, for

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Nigerian profitable food delivery Chowdeck lands $9M from Novastar, Y Combinator

Startups /

Chowdeck, a Lagos-based food delivery startup that has stayed profitable in a notoriously tough and low-margin market, has raised $9 million in Series A funding to launch a quick commerce strategy and expand into more cities in Nigeria and Ghana. The equity round was led by Novastar Ventures, with participation from Y Combinator, AAIC Investment,

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Moroccan founder raises $4.2M for her YC-backed startup building the next layer of AI search 

AI /

As generative AI reshapes industries, one of its most important yet invisible challenges is retrieval, the process of fetching the right data with relevant context from messy knowledge bases. Large language models (LLMs) are only as accurate as the information they can retrieve. That’s where ZeroEntropy wants to make its mark. The San Francisco-based startup,

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Better Auth, an authentication tool by a self-taught Ethiopian dev, raises $5M from Peak XV, YC

Startups /

It’s rare to see a solo founder building a widely adopted developer infrastructure tool. Even more so if the founder happens to be from Africa. Bereket Engida, a self-taught programmer from Ethiopia, is quietly building what some developers say is the best authentication tool they’ve ever used. Engida’s startup, Better Auth, offers an open source

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After raising $38M, African e-commerce startup Sabi lays off 20%, pivots to traceable exports

Commerce /

African B2B e-commerce startup Sabi has laid off around 20% of its workforce (~50 employees) as it pivots from its original retail-focused platform to double down on a growing business in commodity exports. The layoffs, confirmed by the company on Thursday, are part of a broader restructuring aimed at aligning resources with what it describes

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Stripe’s former growth lead helps African diaspora invest in startups, real estate

Startups /

When Joe Kinvi joined Touchtech Payments in 2017 as head of finance, the Irish startup couldn’t afford his full salary. So he negotiated for stock to make up the difference. Eighteen months later, Stripe acquired the company, and that equity converted into Stripe shares, enough to let Kinvi leave his job, bootstrap a side project,

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Profitable African fintech PalmPay is in talks to raise as much as $100M

Fintech /

PalmPay, an African digital bank fintech, is in talks to raise between $50 million and $100 million in a Series B round, according to multiple sources familiar with the matter. It’s unclear what valuation it hopes to get, but its last round, in 2021, ranked it among the continent’s most valuable startups, estimated just shy

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Sylndr, with fresh $15.7M, allows users to buy, sell, finance, and service used cars in Egypt

Transportation /

Cairo-based Sylndr has raised $15.7 million as it expands beyond online used car sales into auto financing, servicing, and tools for dealers. The round was led by Development Partners International’s Nclude Fund and included follow-on investments from Algebra Ventures and Nclude. The company, which operates in Egypt’s fast-growing but under-digitized vehicle market, said the latest

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OmniRetail shakes up Africa’s B2B e-commerce market with $20M Series A

Commerce /

When Deepankar Rustagi last raised money for OmniRetail in 2022, excitement was high for African startups addressing the supply chain and operational challenges in the fast-moving consumer goods (FMCG) sector. At one point, these startups received more capital than all sectors, except fintech. Recently, though, the industry’s enthusiasm and venture capital’s interest have faded, as

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