Ghana's Dash Shuts Down After Raising $86.1M in 5 Years, SA Fintech Stitch Raises $25M Series A Extension, Starlink Goes Live in Zambia, and More
Africa Fintech Summit
The global initiative dedicated to building an ecosystem of investors, pioneers, industry leaders in African Fintech.
What's inside?
? Ghana's Dash shuts down after losing $86.1M in investors' money
? Stitch extends Series A by $25M, total round now $46M
? Starlink goes live in Zambia after year-long talks with regulators
? Carlyle & Dangote-backed Alterra Capital Partners marks first close AND MORE!
Making the news
Ghanaian fintech startup, Dash, shuts down after raising $86.1M in 5 years?
"Dash was founded in 2019 by Prince Boakye Boampong, and investors were excited by the problem the startup wanted to solve. Dash was working to ensure interoperability between mobile money wallets and bank accounts across Africa; its solution would have made sending money across Africa easy and efficient." TechCabal .?
Starlink goes live in Zambia?
"Starlink has officially launched in Zambia today, October 5. The company initially engaged with the country’s government in September 2022, and following a year of ticking off regulatory and technical boxes, it has gone live. The service got its operating licence in June, and its distribution in the country will be handled by Paratus Zambia." TechCabal .?
Banking & Telecom Activity
Startup Activity?
Egypt - Deeptech startup, Intella, raises $3.4M USD pre-Series A funding round to fuel its expansion into Saudi Arabia and further develop its technical model??
Egypt - Fintech startup, MoneyHash, raises funding from GitHub founder as part of its soon-to-be-announced seed funding round??
Nigeria - Renewable energy startup, WATT, raises $13M USD to strengthen its Energy-as-a-Service model?
Senegal - SaaS startup, Lengo AI, raises pre-seed funding in round co-led by Acasia Ventures and Ventures Platform with?participation from P1 Ventures, Launch Africa, etc.??
South Africa - Fintech startup, Stitch, raises $25M USD Series A extension round led by Ribbit Capital and bringing the round's total to $46M
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Investor Activity
Featured Article
Africa is ready for its next narrative - Akunna Cook (Founder & CEO, Next Narrative Africa) in The Wilson Quarterly "If Africa is overwhelmingly associated with images of death, disease, and despair—and not innovation, creativity, and dignity—it will remain a challenge to persuade risk-averse investors to simply visit."?Continue reading .?
AFTS partners in the news
AFTSLusaka sponsor, Multigate, receives money remittance business licenses?in Uganda & Nigeria?
"Multigate, a licensed financial services platform company that delivers secure and innovative digital solutions to address the complex financial needs of corporates and financial institutions, has been granted a Money Remittance Business license by the Bank of Uganda and an International Money Transfer Operator (IMTO) license from the Central Bank of Nigeria." Continue reading .?
AFTSLusaka sponsor, OneLiquidity, hosts launch event in early September in Lagos?
"In his closing address,?Munachi Ogueke, the CEO and Founder of OneLiquidity?shared his vision for OneLiquidity and the Fintech space. He explained the advantages that businesses will get from integrating with a platform like OneLiquidity and their ultimate goal of increasing the efficiency of businesses." Learn more .?
AFTS in the headlines
AFTS' Andrew Barden sits down with Olugbenga "GB" Agboola of Flutterwave?at the Kauffman Fellows Africa VC Summit to learn more about Flutterwave's recent India expansion and how the company is preparing for IPO?- recorded in partnership with The Kenyan Wall Street.