Yassas,
Victoria from Techpoint here,
Here's what I've got for you today:
- Bamboo gets US licence, unlocking stock markets for Africans
- Tyme’s $150M push into the big leagues
- SA’s Host Africa to acquire Nigeria’s GO54
- Cassava’s $90M equity funding
Bamboo gets US licence, unlocking stock markets for Africans
Bamboo, a Nigerian investment app that lets Africans trade U.S. stocks, just secured a U.S. broker-dealer licence through its affiliate, Bamboo Securities L.L.C.
This makes Bamboo the first Nigerian fintech to achieve such a feat, opening up exciting possibilities for retail and corporate investors across Africa.
With this licence, Bamboo can now collaborate with African brokers and businesses to offer seamless access to the U.S. stock market. Basically, companies can now partner with Bamboo to give their clients the chance to invest in U.S. stocks, making the global market even more accessible to Africans.
Why is this such a big deal? Africa’s wealth management market has long been underdeveloped, with only a fraction of global wealth held on the continent despite its vast population. Bamboo’s move directly challenges this narrative, aiming to democratise investing by making the global stock market accessible to anyone with a smartphone.
Since its launch in 2019, Bamboo has been a pioneer in this space, serving over 300,000 users who can now invest in thousands of U.S. and Nigerian stocks. But it’s not stopping there — Bamboo is expanding into remittances with its new app, “Coins by Bamboo,” designed to help Nigerians in the diaspora send money back home quickly and cheaply.
Tyme’s $150M push into the big leagues
Nubank just dropped $150 million into South Africa’s Tyme Group as part of a $250 million Series D funding round, which also saw contributions from M&G Catalyst Fund and existing shareholders. The cash injection will help Tyme expand into Southeast Asia, with plans to set up shop in Vietnam and Indonesia.
Give it a try, you can unsubscribe anytime. Privacy Policy.
This investment is a big deal for Nubank — it’s their first move outside Latin America, showing just how hot Africa’s fintech scene has become on the global stage.
Tyme Group, which runs TymeBank, has been making waves since its South African launch in 2019, backed by billionaire Patrice Motsepe’s African Rainbow Capital. The bank has already racked up over 10 million customers in South Africa and another 5 million in the Philippines. And by the end of 2023, it even hit its first profit, proving its digital-only banking model works like a charm in emerging markets.
Thanks to this new funding, Tyme is now a unicorn (valued at over $1 billion), joining the ranks of South Africa’s tech elite. But Nubank’s involvement isn’t just about the money — they’re now a 10% stakeholder in Tyme. For context, Nubank is the world’s largest digital bank by market value, worth $56 billion since its 2013 launch. Their expertise is expected to give Tyme a major boost as it scales its operations in Southeast Asia.
Tyme isn’t stopping anytime soon. After launching GoTyme in the Philippines, they’re gearing up to open a digital bank in Vietnam, already supported by 300 tech staff in the country. Their goal? To crack the top three retail banks in South Africa within three years while making waves in Southeast Asia.
This investment also highlights how Africa’s fintech space is growing fast. Revenues are expected to hit $60 billion by 2030, driven by key markets like South Africa, Nigeria, Egypt, and Kenya, with the sector growing at an annual rate of 32%.
In short, Nubank’s move into Tyme isn’t just about backing a promising digital bank; it’s a play on the massive potential of emerging markets in Africa and Asia. Exciting times ahead for fintech!
SA’s Host Africa to acquire Nigeria’s GO54
Talk of the town is that a South African digital infrastructure company Host Africa is making a big move into Nigeria, seeking regulatory approval to acquire GO54 (formerly WhoGoHost) for an undisclosed amount.
The deal involves Host Africa taking over everything essential to GO54’s operations — intellectual property, equipment, furniture, contracts, domains, and more. This will allow the company to offer its web hosting, cloud services, and domain registration solutions to Nigerian customers.
What’s the deal about? The acquisition is being executed through a Sale of Asset Agreement, which transfers all GO54’s key assets to Host Africa. To make this work, Host Africa has set up a local subsidiary, Host Africa Nigeria Limited, which was registered in October 2024, according to Corporate Affairs Commission (CAC) filings.
This move marks Host Africa’s entry into Nigeria’s fast-growing digital services market — a smart play, given GO54’s track record of steady revenue growth, a diverse customer base, and a solid product portfolio.
Why it matters: Host Africa sees GO54 as the perfect way to build an affordable one-stop shop for Nigerians’ digital needs. From retail to enterprise clients, the company plans to make online services more accessible.
The Federal Competition and Consumer Protection Commission (FCCPC) has already backed the deal, calling it a win for Nigerian consumers. According to the FCCPC, the acquisition will not only boost local tech talent but also accelerate online adoption across Nigeria.
Cassava’s $90M equity funding
Cassava Technologies is making big moves with a $90 million equity investment to power its growth in emerging markets. This comes just five months after the company launched its AI unit, focused on improving digital services across Africa.
The funding round, led by DFC, Google, and Finnfund, gives Cassava the financial boost it needs to keep pushing its mission to bridge Africa’s digital divide. CEO Hardy Pemhiwa called it a game-changer, saying the investment supports the company’s goal of expanding digital infrastructure in over 30 markets.
On top of that, Cassava’s subsidiary, Liquid Intelligent Technologies, locked in $220 million in refinancing for its South African Rand term loan. With backing from Standard Bank, Rand Merchant Bank, Nedbank, and the IFC, the funding gives them room to grow and enhance their services.
Cassava has also streamlined its operations into an all-in-one digital platform, offering broadband, cloud computing, cybersecurity, AI, fintech, and more. This move sets them up to deliver cutting-edge solutions across Africa, the Middle East, India, and Latin America.
With Google now on board as a shareholder, alongside longtime partners like Econet Group and British International Investment, the company is gaining serious backing to take its vision global.
Between the fresh funding, AI innovation, and plans to close the digital gap, Cassava is doubling down on its mission to connect and transform Africa.
In case you missed it
- Nigerian drone company Terrahaptix records $2m revenue in its first year as it begins South Africa exportation
- This is what I do to survive heavy Black Tax
What I'm watching
- How did ancient people travel without maps? | How did they imagine the world?
- The Entire Life of Jesus on a Map
Opportunities
- Compete for a $1M prize at the Startup World Cup Semi-Finals in Sierra Leone, and connect with global investors. Apply here before December 20, 2024. Apply here.
- Condia is looking for Sales and Partnership Associate. Apply here.
- Looking for jobs on X? Apply here.
- Flutterwave is currently looking to fill several vacancies. Apply here.
- Moniepoint is hiring for several roles. Apply here.
- Learn about Sleeping Sickness and other NTDs! Dial 421 on your Airtel line now — you won't be charged. You get 10 CALLS every month at zero charge. Afterwards, each call costs ₦10 regardless of duration. Alternatively, call 07080601391 at your network's regular rate.
- Follow Techpoint Africa's WhatsApp channel to stay on top of the latest trends and news in the African tech space here.
Have a wonderful Wednesday!
Victoria Fakiya for Techpoint Africa.
