Tanzanian Fintech NALA Raises 40 Million in Series A Funding, Jumia's Market Cap Back to $1B+, Standard Bank Targets East Africa, and More
Africa Fintech Summit
The global initiative dedicated to building an ecosystem of investors, pioneers, industry leaders in African Fintech.
What's inside?
? NALA & TymeBank rake in millions in funding
? Jumia market cap back above $1B
? Dubai ride-hailing app is expanding to Egypt's new capital
? Standard Bank sets sights on East Africa
AND MORE!
Making the news
Jumia's market cap returns to $1B+
"Jumia’s?share price?has surged 55% over the last five days suggesting growing investor confidence in the e-commerce company in recent months. Jumia’s share price closed trading at $12.08 on Friday, compared to $8.46 on July 8, lifting its market value to $1.32 billion. The rally represents a significant change in fortune for the Pan-African retailer which has endured a mixed fortunes as a publicly traded company ever since it listed on the New York Stock Exchange in April 2019." TechCabal.?
World Bank finds global remittances slowed in 2023, while growth in 2024 is still expected
"The modest 0.7% growth rate reflects large variances in regional growth, but remittances remained a crucial source of external finance for developing countries in 2023, bolstering the current accounts of several countries grappling with food insecurity and debt issues. In 2023, remittances surpassed foreign direct investment (FDI) and official development assistance (ODA)." The World Bank.?
Dubai ride-hailing app Hala announces expansion into Egypt
"Dubai’s ride-hailing app, Hala, has announced its first international expansion through a partnership with MwaslaTech, an Egyptian smart transport solutions provider. The agreement, formalized with a signed Memorandum of Understanding (MoU), marks Hala’s entry into the promising Egyptian market. Hala plans to explore opportunities in Egypt’s developing New Administrative Capital (NAC) and other key cities..." Empower Africa.?
Banking & Telecom Activity
Startup Activity?
Tanzania - Payments ecosystem startup NALA raises $40M to help establish its new B2B product called Rafiki
Investor Activity
Featured Read ?
Founders continue to raise debt as funding decline persists, according to the State of Tech in Africa report - Ngozi Chukwu in TechCabal?
"Over a quarter of this funding was from non-equity raises; debt deals, and grants, meaning founders continue to reserve more ownership of their companies. The decline in equity deals continues despite startups refocusing on becoming profitable and taking cost-cutting measures including layoffs." Continue reading.?
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AFTS community in the news
We are pleased to announce that Chevron is our STEM & streaming sponsor and partner for the 12th Africa Fintech Summit in #Nairobi, Kenya, taking place on 4-6 September 2024!
We look forward to saying “Karibu #Kenya” to the STEM students supported by Chevron, who will join us in person at #AFTSNairobi2024 to learn about innovation in the #SiliconSavannah!?Additionally, Chevron's sponsorship enables thousands of students across Africa to join the summit live via streaming and follow conversations about Africa's fintech evolution and tech innovation. Learn more.?
Nigerian fintech AfriChange launches in the UK?
"Payments services provider, Africhange, has launched operations in the United Kingdom seeking to capitalize on the rising demand for a convenient remittances platform in the UK-Nigerian corridor." The Kenyan Wall Street.?
Ethiopian startup eQUB partners with beU Delivery to finance gig workers
"Through the innovative eQUB app, young gig workers now have the opportunity to finance their bikes, paving the way to secure meaningful employment. This partnership aims to create sustainable job opportunities and empower the youth in our community."?Learn more.?
AFTS in the headlines
AFTS launches application for AlphaExpo Micro-Accelerator at the upcoming 12th AFTS in Nairobi, Kenya?
Apply now -?https://forms.gle/xjG7bSEsW8sS78tg7?
AFTSNairobi | Sept. 4-6, 2024
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8 个月Great to see the exciting news in the tech and business space! From Jumia's market cap surge to Hala's expansion into Egypt, it's clear that innovation and growth are thriving. Meanwhile, Operation Revitalize Africa is striving to bring life-changing impact to communities through clean water, food security, and education, and we look forward to making progress on our mission once funding is secured. Check us out. Operationrevitalizeafrica.org