Cash flow is a major pain point for small businesses in Africa. Long payment cycles, which can take 30-90 days after services or products have been rendered, and little or no capital, of which research says 85% of African small and medium businesses are subject to, are the main culprits of cash flow issues. Many […]
Fintech Farm nabs $7.4M to launch neobanks in Nigeria and other emerging markets
Fintech Farm, a newly launched fintech startup based in the U.K. that creates digital banks in emerging markets, confirmed to TechCrunch today that it has raised $7.4 million in seed funding. The company said it plans to use the investment to launch neobanks in eight countries over the next 24 months. Flyer One Ventures and […]
Kenyan BNPL startup Lipa Later eyes more African markets after raising $12 million
Lipa Later, a Kenyan tech-led consumer credit platform, is planning to expand to new markets in Africa after raising $12 million in pre-Series A funding. The equity and debt funding round saw the participation of Cauris Finance, Lateral Frontiers VC, GreenHouse Capital, SOSV IV LLC, Sayani Investments and Axian Financial Services. The startup, a buy-now-pay-later […]
Nigeria lifts ban on Twitter, says the social media giant has met conditions
The Nigerian government has lifted the suspension of Twitter operations more than six months after it first declared a crackdown on the social media giant in the country. Kashifu Inuwa Abdullahi, the director-general of Nigeria’s tech agency, National Information Technology Development Agency (NITDA), made this announcement via a statement today. He was put in charge, […]
At least 200 villagers killed by bandits in north-west Nigeria
Attacks by militants in Zamfara state are believed to be in response to military air strikes on hideoutsAt least 200 people are believed to have been killed in villages in the north-western Nigerian state of Zamfara during deadly reprisal attacks by ar…
Nigerian ethical credit-recovery fintech Bfree secures $1.7M, expands to Asia, Europe, South America and across Africa
Bfree, a Nigerian credit management fintech has embarked on global expansion after raising $1.7 million in a pre-Series A round, to tap the opportunities in emerging markets, where digital lending apps have recently sprung up in droves. Funds that participated in the latest round included 4Di Capital, Octerra Capital, VestedWorld, Voltron Capital, Logos Ventures, and […]
Goldfinch raises $25M from a16z to power its DeFi lending protocol for borrowers in developing countries
For all of the excitement pulsing through the so-called web3 space in the past year, most of the heartiest sums of investor dollars have seemed to find their way towards products touching users in the United States, but an increasing number of startups are looking to tap opportunities in developing nations where existing centralized financial […]
African tech took center stage in 2021
Two years ago, the African tech ecosystem saw newfound attention from global players that translated to the continent’s best year of receiving venture capital. From varying sources, it is estimated up to $2 billion went into African tech startups in 2019. With high-profile visits from the most famous Jacks (Ma and Dorsey), a long-awaited first […]
Central Africa: fighting kills six soldiers and 22 jihadists in Lake Chad region
Three-week operation by troops from Niger and Nigeria targeted area that has become a bolthole for Boko Haram and Isis-linked militantsSix soldiers and at least 22 jihadists have died in fighting in the Lake Chad region of central AfricA, a joint force…
Nigeria’s Teesas secures $1.6M, to expand across Africa and launch tutor marketplace
After seven years in the production of electronic gadgets, under his company Imose Technologies, Osayi Izedonmwen took leave to explore an idea that he had toyed with for some time — an edtech startup, Teesas, which now offers video classes and other digital educational material for learners in Nigeria. Teesas, which was launched less than […]