South African fintech Stitch has received fresh funding of $55 million to expand its payment suite. The company is building on past acquisitions and partnerships to deepen its footprint across Africa’s digital finance space.
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Lendsqr’s AI credit scoring tool uses financial, voice, and video data to assess loan risk in Nigeria, aiming to speed up approvals and fight fraud while promoting financial inclusion.
Faced with mounting regulatory levies, a steep rate spread, and the world’s highest cash reserve ratio, Nigerian banks are left with little choice but to shift some of the burden to customers — perpetuating a disturbing trend.
POS agents have become essential to financial access in Nigeria, especially in rural areas. However, rising fees are placing a heavy burden on the very people they were meant to help.
Moniepoint has launched MonieWorld, a digital banking platform for African immigrants, starting in the UK. The service begins with remittances to Nigeria, but aims to offer full financial support to the diaspora.
OPay’s valuation climbs to $2.75B in 2024, up from $2B in 2021, driven by a growing user base and continued market expansion.
Stitch has secured new funding of $55 million to expand its end-to-end payment solutions, building on past acquisitions and partnerships to grow across Africa.
Happy Pay has teamed up with Peach Payments to bring interest-free, deposit-free BNPL options to thousands of South African online merchants.
Africa now holds over half of the world’s mobile money accounts, with 1.1 billion registered mobile money accounts.
Umba, a digital bank in Kenya, has secured $5M in funding from Star Strong Capital to grow its loan book. With a sixfold revenue increase driven by vehicle and SME financing, the fintech is poised to expand its offerings and solidify its position in Kenya’s market.
PayTic, a Moroccan fintech startup, has raised $4 million to scale its payment automation solutions across North and Sub-Saharan Africa.
Ivorian fintech Djamo has raised $17M to expand its digital banking services across Francophone Africa, now serving over 1 million users with savings, investment, and payment tools.
Flutterwave has launched its Send App in Ghana, offering a secure, low-cost way to receive international remittances via bank transfers and mobile money platforms like MTN MoMo and Telecel.
PalmPay has launched Verve debit cards to expand its services, joining rivals OPay and Moniepoint in offering physical payment options to users.
Payhippo has rebranded as Rivy and raised $4 million to support its pivot from SME lending to clean energy financing, tapping into Africa’s growing climate tech sector.
Bank transfers are rapidly becoming Nigeria’s preferred payment method, following huge investments in payment infrastructure. In this article, we explore some developments driving this shift.
Paystack has launched its first consumer product after nine years. The product called Zap is expected to help users make bank transfers in under 30 seconds.
Mukuru is expanding across Africa to tap into the mobile money boom, as digital payments rise and Sub-Saharan Africa leads global growth.
Founder vesting: Gradual equity earning over time (common: 4-year plan, 1-year cliff). Protects company, incentivizes commitment. Key terms: grant date, vesting period. Legal counsel advised for fair agreements.
Debt financing: borrow, repay with interest. Use collateral. Unlike equity, keep control. Types: loans, lines of credit, bonds. Pros: ownership, tax-deductible. Cons: repayment pressure. Assess revenue, cash flow, & market before deciding.
VC IRR: High-risk, high-reward, aiming 30%+ for seed, less for later. IRR measures profitability over time. Factors: market, stage, exits. Use with TVPI, DPI, RVPI. Diversify, target growth. IRR vs. ROI: annual vs. total return.