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;

• Six African Fintechs announced funding deals.
• South African fintech startup acquired ExiPay to expand into in-person payments.
• Visa strategically invested $10 Million in Africa’s Unicorn.
• Mastercard partnered with a Kenyan Bank to launch Kenya’s first multi-currency prepaid card.
• Nigeria’s fintech paid staff with suspected fraudulent funds while the other is facing allegations of failing to remit tax and pension payments on behalf of clients.

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This Week in FintechSabrina Baxter

💸Fundraise and Exits

• Naked secured $38 Million to advance AI-driven Insurance in South Africa.

• Egyptian fintech MoneyHash raised $5.2 million Pre-Series A from Flourish Ventures.

• Hamilton raised $1.7 Million from Disruptech Ventures to bridge traditional finance and Bitcoin’s decentralised infrastructure.
• Nigerian fintech startup Accrue raised $1.58 Million seed round.
• South African fintech Stitch acquired ExiPay to expand into in-person payments.
• Flow raised funding from Inua Capital  to credit and empower underserved communities.

💰 Venture Funds

• The 8 serial investors that powered Africa’s Startup ecosystem in 2024.

🚀 Partnerships & Product Launches

• KCB Bank and Mastercard launched Kenya’s first multi-currency prepaid card.
• PalmPay eyed remittances as it mulled Asia expansion.

👔 Leadership Lineup

• CEO of Bento, Nigeria’s HR startup responded to allegations that his startup was stealing employee tax (payee) from all the startups using them.

📰 News of the Week

• Visa strategically invested $10 Million in Nigerian unicorn Moniepoint.

Moniepoint, whose Series C now exceeds $120 million, was reportedly in talks with other investors and may attract more funding in the coming months, all while maintaining its billion-dollar valuation.

In 2023, Moniepoint grew transaction value by over 205%, processing 5.2 billion transactions worth over $150 billion. Moniepoint  claims it now processes over 800 million transactions, with monthly total value exceeding $17 billion.

👀 Eye Openers

• “Founders’ behaviors the ecosystem shouldn’t ignore”

📑 Read of the week

• The Seed Valley of Death of Venture-Funded African Companies(Joe Kinvi)

📖 Other News, Reads, and Media

• SeamlessHR informally explored PaidHR acquisition in 2024 as competition in HR Tech intensifies.
• Piggyvest paid out $542 Million in 2024 as it crossed $1.2 Billion in total payouts.

• Flutterwave UK recorded £5.4 million turnover in 2023.

🎥 VIDEO INTERVIEWS/DISCUSSIONS

From Groceries to Crypto: interview with Devon Moodley, Head of Financial Services and Value-Added Services at Pick n Pay on how they are Redefining the Future of Retail Payments.

🦉 Tweet of the Week

🎯 Fintech Opportunities

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

Made in Tanzania 🇹🇿 with 💚

👍🏽👎🏽  Did you enjoy this edition of This Week In Fintech Africa? Please share your feedback with me on Twitter or LinkedIn .