The Latest from Tage Kene-Okafor
African credit-led fintech Finclusion raises additional capital amidst rebrand
African credit-led neobank Finclusion Group has raised an additional $2 million in equity financing as it officially rebrands to Fin, the company said in a statement shared with TechCrunch. The news
FTX marked down Chipper Cash’s $2B valuation to $1.25B
African fintech Chipper Cash saw its valuation slashed from $2 billion to $1.25 billion before FTX’s bankruptcy, according to documents shared by the Financial Times on Alameda’s venture c
Future Africa teams up with TLG Capital to set up $25M venture debt fund for portfolio companies
Lagos-headquartered venture capital firm Future Africa is teaming up with TLG Capital, a London-based open-ended credit fund, to launch a $25 million venture debt fund reserved for portfolio companies
African fintech unicorn Chipper Cash lays off about 12.5% of staff
Chipper Cash, an African cross-border payments company valued at $2.2 billion last year, has laid off a portion of its workforce. Yesterday, a few affected and non-affected employees took to LinkedIn
Orda raises millions to digitize African restaurants with its cloud-based operating system
Most large restaurant chains across Africa have grown accustomed to using legacy systems and point-of-sale providers to manage operations. However, for smaller restaurants — which represent the
SWVL reduces its headcount by 50% six months after axing 400+ staff
Cairo-born and Dubai-based mass transit and shared mobility services provider SWVL has carried out its second round of layoffs affecting 50% of its remaining headcount, according to a statement shared
Cameroonian crypto and savings platform Ejara raises $8M, led by Anthemis and Dragonfly
Ejara, a Cameroonian fintech offering an investment app that allows users to buy crypto and save through decentralized wallets, has raised $8 million in Series A investment. London-based venture cap
South Africa’s Revio allows businesses to connect to multiple payment methods and reduce failures
Three out of every 10 payments in Africa fail, according to reports. Factors behind this range from a fragmented payments landscape and invalid cards to dormant accounts and higher dispute rates; they
Pivo powers up Nigerian freight carriers with a bespoke digital bank, gets $2M seed funding
Most small and medium enterprises (SMEs) in supply chains across different sectors in Africa execute orders in days but receive invoices after several weeks and sometimes months. It’s such an ineffi
Consumer finance app Djamo eyes Francophone Africa expansion, backed by new $14M round
Last February, Djamo announced that it got accepted into Y Combinator, the first from Ivory Coast. Months later, the two-year-old fintech has raised $14 million in funding from the famed accelerator,
FTX processed billions monthly in Africa before going bust
On November 14, Nestcoin, one of the startups leading crypto and web3 efforts in Africa, announced that it was laying off several employees. At least 30 employees across various departments were let g
Jumia to cut products and overhead as new management chases profits
Last Monday, Jumia co-founders Sacha Poignonnec and Jeremy Hodara resigned from their roles as co-CEOs, just ten days before the company’s third-quarter 2022 financial report. The end of their tenur
Valar Ventures leads $20M round in online brokerage platform baraka
Stock-trading apps have multiplied over the past couple of years, targeting varying demographics and audiences that they feel need to partake in investment activities to live healthier financial lives
Modus expands to sub-Saharan Africa with the launch of its AI and blockchain-focused $75M fund
New York-based venture platform Modus has launched Modus Africa, a venture capital fund for AI and blockchain startups across sub-Saharan Africa, TechCrunch has learned. The fund is expected to reach
Silkhaus gets $7.75M to digitize short-term rentals across emerging markets
Silkhaus, a Dubai-based platform for short-term rentals coming out of stealth, has raised $7.75 million in seed funding, money it plans to use for expansion across South Asia, Southeast Asia and the M
African web3 startup Nestcoin declares it held its assets in FTX, lays off employees
African web3 startup Nestcoin has laid off some employees as FTX’s demise impacted its business. This information was shared by the startup’s CEO, Yele Bademosi, who, in a tweet, said FTX&
Blnk, a fintech that provides instant consumer credit in Egypt, raises $32M in debt and equity
Credit card penetration in Egypt is low, with just over 4 million cards used in a population of more than 100 million people. As such, people in the country have little or no access to credit, given t
Kuda takes digital banking play to the UK with its remittance product
Kuda, the London-based and Nigerian-operating startup taking on incumbents in the country with a mobile-first and personalized set of banking services, is expanding to the U.K. by offering a remittanc
Jeremy Hodara and Sacha Poignonnec step down as Jumia co-CEOs
African e-commerce giant Jumia has made a change in management as co-founders Jeremy Hodara and Sacha Poignonnec step down effective today as co-CEOs, according to a statement seen by TechCrunch. The
Yassir pulls in $150M for its super app, led by Bond
Yassir, an African super app platform that offers on-demand services such as ride-hailing, food and grocery delivery, and payments, has raised $150 million in Series B funding, five times what it rais