Hi Fintech friends 👋,

It has been a busy week with more Fintech announcements, here are the highlights of what happened in African Fintech this week;

• Four African Fintechs raised over $179 Million.
• African VC closed its $50 Million to invest in “made in Africa” Startups.
• Co-founders of Africa’s YC backed Fintech quit quietly in 2023.
•  Ghanaian businesses left stranded as Nigeria’s HR Fintech fails to meet pension and tax obligations.

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This Week in FintechSabrina Baxter

💸Fundraise and Exits

• Raenest raised $11 million in Series A to expand cross-border payment solutions to new markets.

• Ghana's Affinity Africa raisesd $8M to expand services.

• Tanzania based Swahilies raised undisclosed funding from Ennovate venture.

💰 Venture Funds

• P1 Ventures closed $50 Million fund to back global companies “made in Africa”.

🚀 Partnerships & Product Launches

• Ecobank and Xtransfer partnered to streamline cross-border payments for African SMEs

👔 Leadership Lineup

• Founders of YC-backed Helicarrier, formerly Buycoins, quit quietly in 2023.

📰 News of the Week

• Tabby doubled valuation to $3.3B in $160M funding as it looks beyond BNPL and plans an IPO.

The round comes less than 18 months after Tabby raised $200 million in a Series D round when it was valued at $1.5 billion.

Since then, Tabby. which is profitable, has doubled its valuation and annualized transaction volume, which now exceeds $10 billion and now supports over 40,000 merchants, according to the company.

👀 Eye Openers

Nala, the Tanzania-based fintech, raised $10 million in 2022 to offer remittances and later secured $40 million to build its B2B platform, enabling other remittance, HR, and global companies to process payouts in Africa.

Ivorian fintech Cauridor launched its consumer remittance platform in 2019, and last week, it raised $3.5 million to offer B2B payments for other platforms in Africa.

Are African consumer remittance companies becoming B2B payments companies?

📑 Read of the week

• USAID shutdown: A $100 million setback for Kenyan startups(Techcabal)

📖 Other News, Reads, and Media

• Ghanaian businesses left stranded as Bento fails to meet pension and tax obligations.

🎥 VIDEO INTERVIEWS/DISCUSSIONS

• How This Stablecoin Business in Africa Is Taking on SWIFT and Big Banks.

🦉 Tweet of the Week

🎯 Fintech Opportunities

• Applications open for 4th Visa Africa Fintech Accelerator. Apply 

Made in Tanzania 🇹🇿 with 💚

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