Flutterwave 3.0
- Apple Pay and Google Pay coming to merchants.
- Fintech-as-a-service (embedded finance).
- Flutterwave Capital to give merchants loans
- Card issuing: physical (Nigeria) and virtual for merchants
- Flutterwave Grow (helping businesses incorporate across Africa).
Accounts belonging to Risevest, Bamboo, Chaka, and Trove have been freezed by the Federal High Court in Abuja. The CBN filed a lawsuit against them claiming "they are responsible for making Naira weaker to US dollars."
Didn't Chaka just get a license months ago?
Hey guys, I have some personal news to share. As some know already, I'm joining
@TechCrunch
to cover stories on African startups.
I've been at
@Techpointdotng
as the Startup Reporter for the past 18 months, and I've learnt everything here; so it feels surreal to be leaving.
Abeg App has rebranded to “Pocket by Piggyvest” (
@getpocketapp
). The social commerce platform—which claims to have 2 million users—also secured an approval-in-principle from the CBN in April for a license application to operate as a mobile money company in Nigeria.
Last night, Flutterwave CEO Olugbenga Agboola for the first time, addressed financial and personal misconduct claims leveled against him and the company this month in an email to employees.
There's this Nigerian startup that got into YC. The founders are dropouts and Gen Zs, it feels like a typical Silicon Valley story. Omo, the future is really bright 🚀
@OtunbaSho
of Piggyvest and Paystack fame is launching a new VC firm, Voltron Capital, seven years after investing on his own.
Read my latest on one of Nigeria’s high profile angel investors.
nigeria had 18 startups in yc w22; the most from africa and third globally beating the likes of brazil, indonesia and the uk.
my first article for tc+ explores how it got here.
Kuda is entering the UK market with a remittance product, charging a £3 flat fee with a transfer limit of £10,000. The startup says its UK launch is part of a major global expansion drive where it plans to offer financial services to Africans 'globally.'
Six unicorns in Africa and time taken to clock $1B+ valuation.
Interswitch: 17 years (2019).
Fawry: 13 years (2020).
Flutterwave: 5 years (2021).
Jumia: 4 years (2016).
OPay: 3 years (2021).
Chipper Cash: 3 years (2021).
Another major deal by a female-led African startup. The round, led by Target, is the largest pre-seed in that category and in edtech.
On a side note: Edukoya CEO Honey Ogundeyi founded one of Nigeria's earliest female-led startups (Fashpa) in 2014.
Nigerian fintech TeamApt is now Moniepoint as it consolidates offerings (payments, banking, credit, business solutions) into one.
The London-HQ'd company, which serves over 600,000 businesses in Africa, doubled its annual revenues in 2022 and now processes over $170B annually.
Nigerian fintech
@TeamAptHQ
raises $50M+ from
@QEDInvestors
, a global fintech-focused venture capital firm and other existing investors.
It is QED’s first check in Africa after announcing its plan to focus on the continent this January.
“As a female founder, I hope that to other female founders, to young women who are considering careers in tech or starting a business, this demonstrates to them that [making an exit] is indeed achievable.”
Local VCs are stepping up and so are the LPs backing them. In the first close of its $40M pan-African fund, Ventures Platform courted individuals such as Paystack CEO Shola Akinlade and companies like the NSIA and UAC as LPs to invest in local startups.
I remember when I was about to start with TC, Henry asked me if I could write 5 articles in a week, and I was like 'nope, no way.'
Well, guess who wrote 8 this week? (my personal high). Alex, Ingrid, Manish and co. do it like it's nothing btw 😂. Anyway cheers to more growth 🥂
After helping build two unicorns and starting a VC fund,
@iaboyeji
, co-founder of Andela and Flutterwave and Future Africa founding partner, wants to create charter cities in Africa. But what are the odds of it working?
African customers and startups lost millions in FTX’s collapse this month.
“You know those days you’d laugh at people who lose money in Ponzi schemes. I never knew it could happen to me. This is the biggest Ponzi scheme ever. It’s crazy.” —
@asemota
.
YC-backed African fintech
@clevabanking
, founded by Stripe and AWS alums, has raised $1.5M in pre-seed funding.
The startup, launched last August, helps African individuals and businesses receive international payments by opening USD accounts.
Lagos-based online furniture e-commerce store
@tribe_taeillo
has raised $2.5 million from Aruwa Capital, a Nigeria-based early-stage growth equity fund.
Sony Ventures Corporation has earmarked $10 million for investing in African seed and early-stage entertainment startups across gaming, music, film and content distribution.
The fund expects its ticket sizes to range from $250,000 to $1 million.
“Even
@jack
dey read bill for yankee. What’s your excuse? If you have a stake (investor, startup, ESO) in the Nigerian ecosystem, participate or shut up!” -
@kola_aina
You don see wetin CBN dey do. There’s no better time to get involved than now:
In response to the demands to simplify this, we’re building a tool to remove the hassles of registering a business, getting a corporate bank account, debit card, access to credit, etc… Get in here :
Nigerian fintech Traction has raised $6 million in seed funding co-led by Ventures Platform to scale in a competitive merchant acquiring space that includes platforms such as FairMoney (via its subsidiary PayForce), Nomba, OPay, and Moniepoint.
There’s a new fund for African growth-stage startups. It’s backed and managed by
@norrsken_org
, four investors—Hans Otterling, Natalie Kolbe, Ngetha Waithaka, and Lexi Novitske—and thirty unicorn founders including Flutterwave CEO
@TechProd_Arch
.
Ventures Platform has appeared in the news over the past two weeks for:
- Leading a pre-seed round in insurtech Mycover. ai
- Co-leading a seed round in fintech Traction
- Co-leading a Series A round (with QED) in healthtech Remedial Health
Conviction.
As many edtech companies benefited from the disruption of the pandemic, it did feel like African startups were left out. Well, not anymore as two-year-old startup
@uLessonApp
closes a $15 million Series B round from Nielsen, Tencent and others.
Mono is one of Africa’s fastest growing early-stage startups. Last September, it completed a $500,000 pre-seed round, then raised $2M in seed in May before bagging this $15M Series A investment led by Tiger Global.
Pan-African early-stage venture capital firm
@vp_fund
has reached the final close of its oversubscribed fund at $46 million as
@DrDotun
joins the firm as managing partner.
“You cannot be profitable in mass market e-commerce with only 3 million customers across different countries... It’s like trying to have a profitable restaurant with three guests per day.”