South Africa
TradeDepot Secures US$110m to Scale BNPL Service to Retail SMEs
B2B ecommerce and embedded finance platform TradeDepot has raised US$110 million in a Series B equity and debt funding round. The International Finance Corporation (IFC) led the Series B. Participating investors included Novastar, Sahel Capital, CDC Group, and Endeavor Catalyst.
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6 Biggest African Fintech Hubs Take the Spotlight
African fintech hubs have grown rapidly in the past few years, leading to pockets of fintech development across the continent. According to Findexable’s Global Fintech Rankings Report, 14 of the top Middle East and African fintech hubs came from the
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South Africa’s Ozow Secures US$48m Series B
Ozow, a South Africa-based payments company, has raised US$48 million in a Series B round of funding, according to a company announcement. The round was led by Chinese Internet giant Tencent, along with participation from Endeavor Catalyst and Endeavor Harvest
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Jumo Secures US$120m to Scale Its BaaS Platform
South Africa-headquartered AI-based banking-as-a-service platform Jumo announced in a statement that it has raised US$120 million from new and existing backers. The round was led by Fidelity Management & Research Company, an investment advisory firm owned by the Johnson family,
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Microfinance Company Barko to Launch Digital Bank in South Africa
South African microfinance company Barko is looking to launch a digital bank using banking infrastructure by banking software provider Temenos, according to a statement released today. The statement noted that the 1996-founded micro financing institution has plans to introduce a
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These 7 Digital Banks in Africa Are Heating up the Competition
In the context of digital banks in Africa, two challenger banks have clearly made their mark. One of these is the 2019-launched TymeBank from South Africa. TymeBank is the biggest digital bank in Africa by funding, having raised about US$169
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4 CBDC Projects in Africa You Need to Know
Central bank digital currencies, or CBDCs, are not a new concept to Africa. Multiple CBDC projects in Africa currently exist, even amidst a wider fintech boom across the continent. In an interview, Dr. Co-Pierre Georg, an expert on CBDCs, explains
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Naspers Invests South African Insurtech Startup Naked
South African AI-based insurtech company Naked has clinched an investment of US$11 million, the company announced today. The investment was led by Naspers’ early stage investment fund Naspers Foundry, which committed US$8.3 million to the round. The round also saw
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South Africa’s Yoco Secures US$83 Million To Scale Its Financial Ecosystem
Yoco, a payments and software company from South Africa, has raised US$83 million in a Series C funding round, the company announced in a statement. With the funding, Yoco’s total capital pool now stands at US$107 million. The company noted
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Standard Bank Partners Microsoft to Accelerate Digital Transformation in Africa
Standard Bank and Microsoft announced a strategic partnership to accelerate its digital transformation. The bank’s growing investment in the Microsoft Cloud will enable the innovation, efficiencies, and resilience required to respond to market dynamics and customer needs. This partnership builds
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