Week in review
MFA Africa acquires US based payments co, Cross border payments heats up with more funding, local M&A continues across the continent
The Week in Review is designed to inform curious minds interested in the latest activity in the African innovation ecosystem.
Funding Rounds 🚀
GoMyCode raises $8m | EdTech | Tunisia - GoMyCode is an educational platform that trains talents on digital skills and connects them with tech opportunities around the world.
Indicina raises $3m seed funding round | Fintech | Nigeria - A digital lending platform that provides analytics-driven credit decisions for lenders.
Klasha raises $2.1m | Ecommerce | Nigeria - Klasha helps merchants worldwide sell online to Africa and receive payments in local African currencies while enjoying super fast last-mile delivery to consumers across the continent.
DXwand raises $1 million pre-Series A round | AI | Egypt - AI driven software automates text and voice conversations between customers and businesses in call centres, on Facebook Messenger, WhatsApp, SMS, or on a website.
Nice Deer raises $1 million pre-Seed round | InsureTech | Egypt - aims to bridge the gap between health care providers, health insurance companies, and beneficiaries by facilitating insurance and repayment of insurance claims.
ShopEX raises $635k pre-seed funding | Ecommerce | Nigeria - teleshopping startup offering a different ecommerce experience.
Franc raises $522k seed extension round | Fintech | South Africa - Digital wealth platform helping people save.
WafR raises $455,000 | Fintech | Morocco - An application that allows retail brands to broadcast smart promotions to grocers to increase their market share on the traditional channel.
ADVA secures seed round | Fintech | Egypt - the first online service instalment platform in Egypt.
VantagePay secures pre-Series A funding | Fintech | Mauritius - VantagePay provide white-label payment and technology solutions to the Banking, Telco, Financial Services and Consumer Product Industries.
🔦 Startup Spotlight: Klasha
What❓: Klasha is a borderless payments company for African commerce. The startup is focussing on the issue African merchants and consumers face when they pay for products online via different payment methods.
KlashaCheckout - Allows merchants outside Africa to collect payments
KlashaWire - Allows small merchants to pay their suppliers in their local currencies.
KlashaCart - Allows consumers to shop their favourite stores and pay in their local currency.
Traction📈 :
20% MoM growth in merchant acquisitions
17.5% MoM growth in transaction volume.
processed more than 210,000 transactions
over 1,700 merchants.
Market opportunity 🌍 : Africa’s cross-border e-commerce market is worth over $25 billion
Competition⚡️: Checkout.com, Flutterwave, Paypal, Chippercash
Investors: Amex Ventures, Global Ventures, Greycroft, Seedcamp, Plug and Play, Berrywood Capital and Breega
M&A
MFS Africa to acquire US-based GTP for $34 million - Africa’s largest fintech interoperability hub, MFS Africa, will reportedly acquire US-based payments software company Global Technology Partners (GTP) in a $34 million deal.
SA insurtech startup JaSure fully acquired by insurance firm Santam. JaSure offers digital insurance to clients. The startup sold a 51 per cent stake to Santam back in 2020, and said the full buyout was a significant growth enabler.
Morocco’s Chari acquires Ivory Coast startup Diago - Morocco-based B2B e-commerce and fintech startup Chari, has acquired Diago, an Ivorian app that connects local shops to FMCG producers and importers.
📢 Tell a friend to tell a friend 📩
The Week in Review is designed to inform curious minds interested in the latest activity in the African innovation ecosystem.