The Latest from Tage Kene-Okafor
Credable, a digital banking infra startup that wants to build Unit for emerging markets, gets funding
Embedded finance solutions in less developed markers are becoming more prominent as platforms look to provide various financial solutions to the unbanked and underserved. Banking infrastructure provid
SVB collapse forces African startups to rethink their banking options
The collapse of Silicon Valley Bank (SVB) last week sent ripples in startup ecosystems around the world, and it is emerging that millions of dollars held by African startups and venture capital funds
Nigerian credit-led fintech FairMoney acquires PayForce in retail-merchant banking play
Nigerian credit-led digital banking platform FairMoney has acquired PayForce (sub-brand of YC-backed CrowdForce), a merchant payment services that serves small businesses, as the digital lender looks
Naspers shuts down Foundry, its $100M fund focused on South African startups
Naspers, Africa’s most valuable tech company by market capitalization, has wound down the operations of its R1.4 billion (≈$100 million) South Africa-focused venture capital fund Naspers Foundry,
Nigerian B2B e-commerce startup Alerzo cuts 15% of full-time staff in second round of layoffs
Alerzo, a Nigerian B2B e-commerce platform that digitizes commerce and payments processes between FMCG suppliers and informal retailers, has laid off 15% of its full-time workforce, the company confir
Alleged security breach leaves millions of dollars missing from Flutterwave accounts
Last month, Flutterwave, Africa’s largest startup by private valuation, was involved in a hack that resulted in more than ₦2.9 billion (~$4.2 million) missing from its accounts, according to local
South African car subscription service Planet42 raises $100M equity, debt
Planet42, a South Africa-based car subscription company that buys used cars from dealerships and rents to customers via a subscription model, has raised $100 million in equity and debt from a wide ran
Chipper Cash executes second round of layoffs less than three months after axing 12.5% of staff
African cross-border payments platform Chipper Cash conducted a second round of layoffs last Friday just 10 weeks after it cut approximately 12.5% of its workforce (affecting its engineering team the
Co-Creation Hub’s edtech accelerator puts $15M towards African startups
Africa’s largest innovation hub Co-Creation Hub (CcHUB) is launching a $15 million accelerator program, dubbed The Edtech Fellowship Program, to back and support 72 startups across Nigeria and Kenya
Jumia laid off 20% of staff in Q4 2022 amid work to reduce losses by half this year
Jumia, as part of its streamlining efforts, reduced headcount among managerial roles by 60% in Dubai and undertook overall headcount reductions that resulted in more than 900 position terminations acr
Dash CEO placed on ‘indefinite administrative leave’ as the Insight-backed startup carries out financial audit
Prince Boakye Boampong, the founder and CEO of Dash, which provides an alternative payment network with connected wallets allowing interaction between mobile money and bank accounts in Africa, has all
IFC leads $17M investment in South African insurtech Naked
Naked Insurance, a South African insurtech company that helps consumers to insure their cars, homes and valuables, has raised $17 million in Series B funding led by the International Finance Corporati
Costanoa Ventures and Norrsken22 back Smile Identity in $20M Series B round
The importance of KYC and identity verification in an increasing fintech landscape like Africa’s cannot be overemphasized. As thousands of financial institutions serve millions of Africans, stringen
Nigeria’s Curacel raises funding to power insurance offerings and expand into North Africa
As many as 2.8% of Africans are insured, which is less than half the global average of 6.3%, making it the least insured continent in the world. Despite the abysmal number, there’s some good news. A
Jendaya raises funding to scale its Africa-focused luxury e-commerce platform
Fashion items are among the most — if not the most — sought after on many e-commerce platforms. In Africa, for instance, fashion has held the top spot in Jumia for the largest category of items so
After a record 2022, 8 investors explain why it’s ‘still just Day 1’ for Africa’s startup ecosystem
What drove Africa's record deal volumes when the rest of the world was reining back the enthusiasm of 2021? We polled a few investors to find out.
Egyptian health tech Yodawy raises $16M, backed by Delivery Hero Ventures
Without proper government-led public health initiatives, healthcare expenditures, including insurance and pharmaceutical drugs, can burden individuals and households. In recent years, private institut
Sendmarc nabs $7M to offer email protection from phishing attacks and email impersonation
Over 90% of cybercrime activities that lead to financial fraud or identity theft start with an email impersonation, commonly known as phishing and spoofing. Several platforms offer individuals and bus
Partech hits first close of largest Africa-focused fund, at €245M
Partech, the global VC firm with several funds, has reached first close of Partech Africa II at €245 million (~$263 million), making it the largest Africa-focused fund yet. The firm, which focus
SunFi aims to be the fastest way for Nigerians to find, finance and manage solar
SunFi, the Nigerian clean tech startup that connects people and businesses who want solar energy access to payment plans that match their needs, has raised $2.325 million in seed funding. The self-des