South Africa
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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South Africa, Nigeria and Kenya: Africa’s Largest Fintech Hubs
In Africa, South Africa, Nigeria and Kenya have the three most developed fintech ecosystems, combining more than 450 companies. This burgeoning industry has been driven by strong demographic indicators, increased connectivity, early regulation, and proactive governments. South Africa: an early
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FIS Expands Payment Capabilities Into South Africa and Nigeria
FIS, an American Fortune 500 company which offers a wide range of financial products and services, announced that it is expanding its payment processing capabilities into the rapidly growing markets of South Africa, Nigeria and Malaysia. In South Africa and
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