TymeBank Acquires Retail Capital, Oui Capital Launches Second Fund, Kenyan Banks to Cease Partnerships with Flutterwave and Chipper Cash, and more
Africa Fintech Summit
The global initiative dedicated to building an ecosystem of investors, pioneers, industry leaders in African Fintech.
What's inside?
? TymeBank announces acquisition of SA fintech, Retail Capital
? CBK issues ultimatum to banks regarding Flutterwave & Chipper Cash
? Oui Capital launches second fund with plans to raise $30M USD
? US fintech, Umba, acquires majority stake in Kenya's Daraja
AND MORE!
Making the news
SA digital bank, TymeBank, announces planned acquisition of Retail Capital, South African SME lending platform
TymeBank plans to acquire Retail Capital for an undisclosed amount and is awaiting regulatory approval of the acquisition. TymeBank Founder & CEO, Coenraad Jonker, mentioned in a statement that the deal would enable the South African digital bank to expand its services available to SME's.?Learn more.?
Kenya issues ultimatum to all banks commanding that they cease all business with Flutterwave and Chipper Cash
Last week, the Central Bank of Kenya (CBK) issued a statement announcing that Flutterwave and Chipper Cash were unlicensed and a day later, the CBK commended all banks to cease operations and partnerships with the two fintech giants. Flutterwave issued a statement that it had been operating in the country through partnerships with licensed banks and telecommunications companies as it was awaiting its Payment Service Provider License that it reportedly applied for in 2019.?Learn more.?
KCB enters DR Congo with acquisition of Trust Merchant Bank (TMB)
In a transaction set to close in Q3, KCB will acquire a majority stake in TMB, expanding the East African bank's operations into 8 countries. KCB's rival - Equity Bank - has had operations in DR Congo since 2020, but KCB's acquisition will make it the second Kenyan lender with operations in the country.?Learn more.?
Logistics startup, Sendy, cuts 10% of its workforce in Kenya?
Out of the Sendy's 300 member team, management announced that it is planning to layoff 30 employees. In 2021, Sendy's leadership announced that it was in the process of raising a $100M USD round, but it is unclear if the company ever closed that funding round.?Learn more.?
Startup & Funding Activity
Egypt?- Home & furniture marketplace,?Homzmart, raises $23M USD?pre-Series B round to help the company focus on expansion and market share growth
?Egypt?- Social commerce startup,?Brimore, has reportedly?taken a valuation cut by 'at least half' as the company works to raise fresh funding?
?Kenya?- InsurTech startup,?Lami, raises $3.7M USD?seed extension led by Harlem Capital as the company plans to deepen Nigeria and Egypt expansion
?Nigeria?- Identity verification startup,?Youverify, raises additional $1M USD?for its seed round, bringing the round total in $2.5M USD?
?Senegal?- Fintech startup,?Outsource Monetic Group, raises undisclosed?pre-seed funding from 500 Startups to help build and scale KaliSpot private ATM network?
?United Arab Emirates?- BNPL startup,?Tabby, raises $150M USD?debt financing round with plans to deepen its?MENA customer focus
?United States?- Fintech startup,?Umba, acquires majority stake?in Kenyan microfinance institution, Daraja?
Investor Activity
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Featured Articles
Africa defies global trend with funding for startups surging - Antony Sguazzin, Samuel Gebre & Rene Vollgraaff in Bloomberg?
"Africa is standing out as a notable exception, with its under-served population outweighing the impact of inflation and slowing economies.?Funding for startups in the world’s second-largest continent more than doubled to $3.14 billion in the first six months of the year... compare[d]?with a decline ranging from 3.7% in Europe to 43% in Latin American and the Caribbean."?Continue reading.?
A booming tech sector can unleash pan-African trade - Risana Zitha in Chatham House
"The AfCFTA has created a framework for technology-led companies to scale across the continent in a way that will impact digital infrastructure, logistics, energy and much else. For example, Africa’s?hyperscale data centre capacity would benefit from the ability to locate centres in the lowest cost jurisdiction with the best energy availability and to use that to power cloud storage across the continent."?Continue reading.?
Quote of the Week
"The first step in driving crypto adoption?is working with regulators to help them understand the innovation and use cases. Secondly, there has been a lack of education within the public about crypto... For example, in the DRC, many people have been scammed trying to purchase crypto... Once we can educate our regulators and the public, crypto adoption across Africa will skyrocket."?
Jonathan Johannesen?(Founder & CEO, Flash)?
AFTS partners in the news
AFTS speaker, Odunayo Eweniyi (Co-founder & COO, PiggyVest) named in Bloomberg New Economy 2022 Class of Catalysts
"Some founders possess the capacity and drive to do exceptional things. Bloomberg New Economy’s 2022 class of Catalysts is a remarkable group of 28 people who are creating more equitable, inclusive, and sustainable outcomes."?Continue reading.?
Oui Capital announces new $30M USD fund
"With the new fund, Oui Capital is looking to double down on its mission, leveraging local context, capital, and an expansive network to help founders build scalable businesses that solve some of the biggest challenges on the continent."?Continue reading.?
Coenraad Jonker's TymeBank announces acquisition of South Africa's Retail Capital
"Commenting on the deal, TymeBank CEO,?Coen Jonker, mentioned that the acquisition will enable TymeBank to expand its offering to entrepreneurs to include working capital finance."?Continue reading.?
AFTS in the headlines
8th Edition of Africa Fintech Summit to be hosted in Cape Town, South Africa this November 3-4, 2022?
#AFTSCapeTown2022 will focus on a wide array of topics and trends impacting the continental financial technology industry: fintech policy and regulation, local tech talent, traditional banking and neobanking, mobile money, embedded fintech, blockchain/cryptocurrency use cases, traditional and corporate venture capital (CVC), debt financing, remittances, intra-Africa trade, continental payment infrastructure, and financial inclusion.?Learn more & register today!?