Africa fintech – DIGIT INFO

Lengthy Licensing Stumps Kenyan Fintech Startups

DIGIT — Thu, 12 Sep 2024 22:10:24 +0000

Fintech startups face significant challenges when expanding to Kenya, primarily due to the lengthy and complex process of obtaining an operating license. Obtaining a payment service provider (PSP) license can take up to two years, forcing startups to rely on workarounds such as partnerships with established players like telcos and banks. High market entry barriers […]

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Mastercard and Scale Partner to Accelerate Fintech Deployment in Africa

DIGIT — Sun, 18 Aug 2024 03:30:01 +0000

Mastercard, the American multinational financial giant, recently revealed it has partnered with the fintech firm Scale to accelerate the deployment of fintech firms in Africa and the Middle East. Amnah Ajmal praised the partnership with Scale, saying it moves her organization closer to its goal of narrowing the digital gap. Narrowing the Digital Gap The […]

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South African Travel Fintech Turnstay Secures Funding for Regional Expansion from DCG, DFS Lab

DIGIT — Thu, 18 Jul 2024 11:30:46 +0000

Venture capital firms DFS Lab and Digital Currency Group (DCG) recently invested $300,000 in Turnstay, a South African travel-focused fintech startup. Turnstay aims to simplify payment procedures for international travelers by leveraging a global network of compliant companies. New Investment to Fund African Expansion Drive The South African fintech startup Turnstay recently secured $300,000 (over […]

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Tanzania Fintech Startup Nala Secures $40 Million via Series A Round

DIGIT — Thu, 11 Jul 2024 05:30:55 +0000

Tanzanian fintech startup Nala recently secured $40 million in a Series A funding round led by San Francisco-based venture capital firm Acrew Capital. The funds will be used to bolster Nala’s business-to-business (B2B) payment platform and support its overall growth plans. New Funding to Support Nala’s Growth Plans Tanzanian fintech startup Nala recently secured $40 […]

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Nigerian Fintech Startup Chipper Cash Lays Off Employees in US, UK

DIGIT — Mon, 18 Mar 2024 11:30:13 +0000

The Nigerian fintech startup, Chipper Cash, recently abolished the roles of 20 workers based in the U.S. and U.K. The CEO Ham Serunjogi said this decision aligns with its goal of maintaining high operational efficiency and moves the startup closer to profitability. Layoffs Set Chipper Cash on Course for Positive Cash Flow in the First […]

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Egyptian Fintech Startup Moneyhash Secures $4.5 Million in Seed Funding Round

DIGIT — Mon, 04 Mar 2024 11:35:01 +0000

Moneyhash, a digital payments fintech startup, recently secured $4.5 million in a seed funding round. The fintech startup said it will use the capital raised to enhance its technology and fund its regional expansion drive. The Impact of COVID on Payments Moneyhash, an Egyptian fintech startup, recently secured $4.5 million in a seed funding round. […]

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Nigerian Microfinance Bank Carbon Acquires Fintech Startup Vella Finance

DIGIT — Sun, 18 Feb 2024 11:00:38 +0000

Vella Finance, a Nigerian fintech startup, was recently bought by the microfinance bank Carbon. The acquisition of the fintech startup paves for Carbon to launch a new banking platform targeting Nigerian businesses. New Business to Leverage Artificial Intelligence The Nigerian microfinance bank, Carbon, has reportedly acquired the fintech firm Vella Finance for an undisclosed amount. […]

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Mastercard Study: African Fintech Sector Had One of the Highest Year-on-Year Growth Rates in Funding in 2021

DIGIT — Tue, 01 Nov 2022 06:30:01 +0000

In 2021, African fintech startups accounted for 61% of the $2.7 billion in venture capital funding that was deployed on the continent, a new study has found. While its share of global fintech funding is just over one percent, the continent’s fintech sector still recorded one of the highest year-on-year growth rates globally. ‘Record-High Number […]

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Report: Fintech Firms Received 62% of the $4.9 Billion Raised by African Tech Companies in 2021

DIGIT — Tue, 11 Jan 2022 12:30:14 +0000

Fintechs account for nearly two-thirds of the $4.9 billion that was raised by African technology firms during the past year. Fintech groups also dominate in terms of funding that exceeds $50 million, with a 40% share of the total number of tech firms. The Covid-19 Factor Out of the $4.9 billion in funding that was […]

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Creator of App for Remittances to Africa and Asia Raises $65 Million in Series B Round

DIGIT — Sun, 26 Dec 2021 11:49:42 +0000

Tap Send, the creator of a remittances app of the same name, revealed it has raised $65 million in a Series B funding round. The fintech firm plans to use the funds to build a cheaper and faster cross-border money transfer platform. Remittances to Overlooked Countries The fintech startup behind the remittances app, Tap Send, […]

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