AWFR Issue 2: Flutterwave Gets New CFO, Acquisitions are making the rounds, Amazon's Africa Play, + More Funding News.

What's inside?

? Flutterwave appoints American Express VP and Kabbage veteran as new CFO

? MNT-Halan acquires FMCG eCommerce platform

? Ghanaian fintech startup?Fido raises $30M USD Series A?

? Kenyan InsurTech mTek raises ~$2.9M USD, and more.

Making the news

American Express VP is appointed as Flutterwave's new CFO

Oneal Bhambani is Flutterwave's new CFO; he joins from American Express where he served as VP. Prior to AmEX, Oneal was the CFO and Head of Capital Markets at Kabbage, before its sale and integration into AmEx. Flutterwave's latest appointment is expected to assist the company's growth, accelerate expansion, and prepare for potential IPO in the future.?Read more.?

Egypt and Saudi Arabia work to strengthen investment relations - sign?new investment agreements in Egyptian technology sector

Egypt and Saudi Arabia are deepening their relationship by focusing on qualitative transfer in investment relations between the two countries. This week, Saudi business research and development firm, T2, signed investment?agreements with Egyptian fintechs Fawry and Khazna, signaling interest in expanding into Saudi Arabia.?Read more.?

Startup & Funding Activity

Egypt?- Real estate fintech,?Boyot, raises 6-figure pre-seed?funding round to power the company's upcoming expansion into Kuwait?

Egypt?- Fintech startup,?ADVA, raises 6-figure pre-seed?funding round as the company plans on launching new services?

Egypt?- Fintech startup,?MNT-Halan, acquires?Talabeyah, an integrated FMCG eCommerce and distribution platform

Ghana?- Fintech startup,?Fido, raises $30M USD?Series A funding round to launch new products, expand its customer base, and train software engineers?

Kenya?- InsurTech startup,?mTek, raises ~$2.9M USD?funding round from Finclusion Group to help expand customer base and improve platform?

??Metaverse?- Web3 startup,?Afropolitan, raises $2.1M USD?as the company is developing a DAO and 'digital nation' for Africans across the global diaspora?

Nigeria?- Fintech startup,?Thepeer, raises $2.1M USD?seed round to build out its API infrastructure for unified digital wallets.

Featured Articles

Amazon's Africa expansion means a hiring drive in Nigeria - Abubakar Idris in Rest of World.

"Amazon has been quietly recruiting salespeople and engineers in Lagos, hinting at an expansion of its streaming and cloud computing businesses in Africa’s largest economy,?Rest of World?has learned. The company has also hired a major advertising agency to work on its first push for Prime Video subscribers in Nigeria, while also investing in production and licensing deals with local film and television studios."?Continue reading.?

Quote of the Week

"You can give someone a bank account but if they don't have any money?its not going to help them. People are still using cash because its all the money they have - they are not going to just put it in an account and pay fees. This is why when we talk about financial inclusion, we must take a step back and also talk about financial literacy - education and?job growth."?

Chris Maurice?(Founder & CEO, Yellow Card)?

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AFTS partners in the news

AFTSCairo2021 sponsor, MNT-Halan acquires Egyptian FMCG platform?

Talabeyah is a B2B eCommerce platform for fast-moving consumer goods (FMCG) supplies directly to SME's and retailers. In a press release published by MNT-Halan, the acquisition will enable the Egyptian fintech leader to add digital FMCG offerings to the company's merchant network and further drive the company's mission of 'building a comprehensive digital ecosystem.'?Learn more.?