africa

Ex-Network International execs raise $6M for Enza, an African fintech serving banks

Fintech /

Over the past decade, Dubai-based Network International has become one of the dominant payment processors across the Middle East and Africa, thanks in part to a pair of acquisitions. However, many large incumbents can fall prey to slower innovation, opening the door for smaller, faster-moving startups. The latest development is Enza, a fintech founded in […]

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YC-backed food supply startup Vendease restructures employees’ salaries

Startups /

Y Combinator-backed Nigerian food procurement startup Vendease has changed its employee pay structure and is seeking fresh capital, TechCrunch has learned. This is after laying off 44% of its workforce — around 120 employees —last month, marking its second round of job cuts in five months. In the latest development, the startup has now replaced

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Google, Speedinvest back Kenya’s Leta, which uses AI to make logistics cheaper

Commerce /

African businesses pay up to four times the global average to transport goods, driving up prices for essentials like food and medicine. Logistics make up 75% of product costs on the continent, according to the African Development Bank (AfDB). Many of these businesses also rely on manual logistics, leading to delays. Nairobi-based logistics software-as-a-service provider

Google, Speedinvest back Kenya’s Leta, which uses AI to make logistics cheaper Read More »

African VC LoftyInc Capital launches third fund for seed and Series A, reaches $43M first close

Venture /

One of Africa’s most active investors, known for early bets on unicorns like Flutterwave, Andela, and Wave, has secured fresh capital to invest in startups across the continent. This comes as funding deals and volumes in Africa saw only a slight dip last year, according to a report by VC firm Partech. LoftyInc Capital, which

African VC LoftyInc Capital launches third fund for seed and Series A, reaches $43M first close Read More »

Gozem nets $30M to expand vehicle financing, digital banking in Francophone Africa

Fintech /

Since its launch in 2018 as a ride-hailing service in Togo, Gozem has steadily expanded across French-speaking West Africa, integrating a wide range of services as it sought to become a super-app. The company now offers ride-hailing, commerce, vehicle financing, and digital banking across Togo, Benin, Gabon, and Cameroon. Now, in a bid to scale

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Kuda and CEO face allegations of sex discrimination and unfair dismissal from former executive, per filing

Fintech /

An employment tribunal case has placed Kuda Technologies, one of Africa’s fastest-growing digital banks, under scrutiny over allegations of workplace discrimination, harassment, and wrongful dismissal. Rosemary Hewat, Kuda’s former Group Chief People Officer (CPO), filed a complaint accusing the company and its CEO, Babatunde Ogundeyi, of sex discrimination, victimization, and unfair dismissal. According to the

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Ghanaian fintech Affinity bags $8M to scale digital banking in a mobile money-driven market

Fintech /

Africa’s top digital banking platforms typically come from high-growth, populous markets like Nigeria, South Africa, and Egypt. But Affinity Africa, an upstart from Ghana, wants to join the conversation. The startup has raised $8 million in seed funding to expand its financial products further across the country, where mobile money is the dominant financial tool.

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QED leads $11M investment in Nigerian fintech Raenest

Fintech /

As Africa’s tech ecosystem booms, more local talent is landing remote jobs with Big Tech firms and global startups. But getting paid remains a challenge for many of these freelancers and remote workers. They struggle to open accounts that accept US dollars, with foreign employers using incompatible payment platforms, and face slow invoicing and payment

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Egypt’s Khazna banks $16M for its financial super app and expansion into Saudi

Fintech /

A large portion of Egypt’s population lacks access to traditional banking, forcing many to rely on cash transactions and informal lending. Khazna, a fintech startup founded in 2019, is tackling this issue by offering financial services tailored for low- and middle-income workers. The company provides solutions like salary advances, digital payments, and microloans to help

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QED seeds $9.9M in Cedar Money, a stablecoin payment platform

Fintech /

The newest generation of startups aiming to solve cross-border payments are focusing on stablecoins — cryptocurrency coins often pegged to actual currencies or other commodities to help them keep stable prices — to build solutions that work faster and often cheaper than classic financial rails. This trend is also driving a surge in investor interest

QED seeds $9.9M in Cedar Money, a stablecoin payment platform Read More »