- Panache Ventures, a Canadian pre-seed venture fund, has partnered with Kora, an African-focused fintech, to assist tech founders in Africa in obtaining venture capital funding.
- The partnership, announced at a recently concluded event in Lagos, Nigeria hosted by Panache Ventures in collaboration with Kora, is in response to the challenges that African tech entrepreneurs face in accessing funding, which frequently impedes their operations and growth.
- In the same event, Somtochukwu Ifezue, CEO of another fintech PiggyVest, announced that the company could go public (IPO) "in a few years."
Kora was founded in 2017 as a payment gateway for both local and global merchants, facilitating payments across Africa's various markets, including Nigeria, Ghana and Kenya.
The fintech supports multi-currency transactions, allowing a Kenyan business owner to receive payments in Kenyan Shillings from Ghana customers, and a Ghanaian merchant to do the same for Kenyan customers.
Other solutions Kora offers cuts across gaming and betting, hospitality, e-commerce, and travel. It also allows users to accept USD payments through its USD card-acquiring feature, which was launched in March 2023.
In 2022, the fintech opened a UK office in partnership with the West Midlands Growth Company, which is part of the Birmingham government. The partner company focuses on driving regional investment and economic growth for the West Midlands and the UK.
At the event, Kora's CEO, Dickson Nsofor, emphasised the goal of Kora's partnership with Panache Ventures, stating, "By fostering partnerships, providing mentorship, and providing guidance around funding opportunities, we hope to nurture groundbreaking startups that will redefine the technology landscape in Africa."
Other speakers at the event include Prashant Matta, General Partner at Panache Ventures, who leads the firm's investment in Kora. Matta acknowledged the entrepreneurial spirit in Africa's tech space and stated that the event's collaborations and discussions will be critical for innovative startups throughout the region.
