Paystack Leads Consortium to Acquire Fintech Startup Brass, M-KOPA Raises $51M, Safaricom's Spark Accelerator Unveils 9 Startups, and More
Africa Fintech Summit
The global initiative dedicated to building an ecosystem of investors, pioneers, industry leaders in African Fintech.
What's inside?
? Paystack leads consortium to acquire fintech startup Brass
? Safaricom Spark Accelerator reveals inaugural cohort?
? Several Kenyan startups receive over $80M from DFC
? How are financial institutions mitigating their climate risk??
AND MORE!
Making the news
Paystack leads consortium to acquire Nigeria's Brass
"Two months after it?raised?bridge financing?to solve challenges with working capital, the Nigerian business banking startup Brass has been acquired by a consortium of investors led by payment giant Paystack, culminating talks that likely began in early 2024. Other investors include PiggyVest, Ventures Platform, and P1 Ventures." Techcabal.?
Google launches fiber optic cable connecting Africa with Australia?
"Umoja, built in collaboration with Liquid Technology, joins Equiano, Google’s first fibre optic cable that connects Africa to another continent. Equiano, a subsea cable, was launched in 2019 and connects South Africa with Portugal through the Atlantic Ocean. These initiatives reflect?Google’s 2021 commitment?to invest $1 billion towards Africa’s digital transformation over a five year period." The Kenyan Wall Street.?
Kenya set to pump $100M into African Development Bank, Afreximbank, and Trade & Development Bank?
"Kenya will invest US$ 100million in African Development Bank (AfDB), Afreximbank, and Trade Development Bank to enable it increase its shareholding in the institutions in the next three years. The country is one of the beneficiaries of AfDB’s financial might through financing in energy, water and sanitation and roads. Through AfDB financing, the country built Thika Superhighway, increased electricity penetration from 27 per cent to 76 per cent in the last decade, and built water and sanitation projects in 28 towns." The Kenyan Wall Street.?
Banking & Telecom Activity
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Startup Activity ?
Kenya - Asset-backed lending startup, M-KOPA, raises $51M in debt funding from the US's International Development Finance Corporation (DFC)?
Kenya - Roam, Mogo, and BasiGo raise $10M each in debt financing from the US government to support network of electric motorcycles and buses?
Morocco - AgriTech startup YoLa Fresh raises $7M in pre-Series A funding to expand its operations?
Zambia - Construction eCommerce startup Bosso raises $400K pre-seed round to expand operations and develop new products?
Investor Activity
Featured Read
How financial institutions can help mitigate climate risks - Brian Nzomo in The Kenyan Wall Street?
"While the effects of climate change affect the entire globe, certain places are at a greater risk of dissipation and devastation. Africa has for a long time battled with unusual spells of drought and destructive volumes of rainfall attributable to climate change. This is despite contributing a tiny percentage of carbon emissions.?" Continue reading.?
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AFTS community in the news
Women Who Build Africa announces 2nd annual WWBA Assembly is partnering with AFTS
WWBA is partnering with AFTSNairobi. WWBA is an annual initiative to bring together female leaders, investors, and builders from across Africa. During AFTS, delegates can take part in WWBA too by selecting the WWBA add-on during registration. Learn more.?
Flutterwave receives the green light to expand its payment services in Mozambique?
"Flutterwave, one of Africa’s leading payment companies, has secured a Mozambique payment aggregator license in principle. This high-profile license enables e-commerce merchants to accept various payment instruments online without needing to build their own systems." Continue reading.?
AlphaExpo Lusaka cohort participant Bosso raises $400K for expansion and AI development
"Zambian startup Bosso, a cutting-edge construction e-commerce platform aimed at delivering solutions for the African construction and building sector, has raised a US$400,000 pre-seed round of funding to further develop its platform and add new features." Continue reading.?
AFTS in the headlines
AFTSNairobi Agenda goes live on the AFTS website?
Africa's most exclusive gathering of fintech operators, investors, and regulators is quickly approaching. Our team over the coming weeks is announcing new speakers and partners each day. Tickets are selling at a record-breaking pace, be sure to register before tickets sell out.?Check it out.?
AFTS Lead Organizer hosts event 'Mitigating Climate Risks: The Role of Financial Institutions' in Nairobi with CIB Bank and 4G Capital?
On Tuesday this last week, The Kenyan Wall Street hosted an event that brought together 70 of Kenya's top banking and finance decision makers to debate what financial institutions should be doing to tackle climate change. Learn more.?
AFTS attends African Banker Awards in Nairobi on the sidelines of the AfDB Annual Meetings?
This week has been busy for our team in Nairobi with several events in addition to the African Development Bank's Annual Meetings. AFTS partners such as Flutterwave, Ecobank, TDB, Standard Bank Group, and many others took home awards.?
AFTSNairobi | Sept. 4-6, 2024