Affinity Africa, a Ghana-based digital banking platform, has raised last week US$8 million in an oversubscribed seed round led by Grazia Equity and BACKED VC.

The funding will support its expansion in Ghana and future international growth, aiming to improve financial access for underserved communities.

The company, which launched in Ghana in October 2024, serves individuals and MSMEs.

Affinity operates a branchless model through a mobile and web app, an agent network, and a proprietary technology platform.

It offers accounts, savings, payments, transfers, investments, and loans, with no monthly fees or transaction charges.

 “The strong, sustained growth we have seen since the launch of our mobile app shows how much local customers needed a better banking experience, without absurd fees and endless queues,”

said Tarek Mouganie, Founder and Group CEO of Affinity Africa.

“At BACKED we are founder-first, and we could not think of a better person to build Africa’s local bank than Tarek.”

said Andre de Haes, Founder and Managing Partner at BACKED.

“He has built a world-class banking software stack for Affinity from the ground up and has a unique ability to connect with and understand customers, which has materialised into extremely impressive early user numbers.”

This is the first African investment for both Grazia Equity and BACKED VC.

Other participants in the round include Enza Capital, Launch Africa, Renew Capital, Finca International, Attijariwafa Ventures, Impact Assets, and angel investors, joining early backer Eldon Capital.

Featured image credit: edited from freepik