Hi Fintech friends 👋,

Here are the highlights of what happened in African Fintech this week;

• Three Funding deals worth over $100 Million were announced.
• Tanzania based Fintech startup planned $120 Million in next round.
• Nigeria’s latest Unicorn raided Top talents from big banks.
• Most valuable African Fintech secured license in Zambia.
• African VC cut jobs as its Mastercard partnership ends.

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This Week in FintechSabrina Baxter

💸Fundraise and Exits

• Gozem raised $30 Million to expand vehicle financing and digital banking in Francophone Africa.

• Fawry invested $1.6 Million in three Egyptian tech companies.

• Flow48 raised $69 Million to expand SME lending in South Africa.

💰 Venture Funds

• Africa Tech Venture Capital Report 2024 by Partech.

🚀 Partnerships & Product Launches

• Flutterwave secured payment licence in Zambia.

• Onboard partnered with Coinbase to become the global onramp to the onchain economy.

👔 Leadership Lineup

• Moniepoint raided Access and Stanbic Bank for top talent as it expanded its business.

📰 News of the Week

• 54 Collective VC to cut jobs as Mastercard Foundation partnership ends.

Since the partnership began, over 40 startups have been supported, with more than 17,500 direct and indirect jobs created. 54 Collective has also awarded 600 grants to SMEs through the Entrepreneur Academy.The partnership will end on April 30, 2025.

A redundancy consultation process is expected to follow, potentially impacting multiple roles.The closure does not affect 54 Collective’s $40 million venture capital fund, UAF1, which will continue investing in startups across Africa.

👀 Eye Openers

Can Mastercard and Visa succeed in issuing cards to Africans through partnering with telecom companies?

Share your thoughts, and I will publish them in the next newsletter.

📑 Read of the week

• Why the rush into remittances won’t end well (Adedeji)
• The New Stable Payments Era in Africa? (John Haule)

📖 Other News, Reads, and Media

• Tanzania based, Accel-Backed Fintech Startup, Nala planned $120 Million in Next Round.

🎥 VIDEO INTERVIEWS/DISCUSSIONS

• Interview with Melvyn Lubega, a Partner at Breega, one of Europe's fastest-growing VC firms ($700m) which recently launched its first Africa-dedicated fund.

🦉 Tweet of the Week

🎯 Fintech Opportunities

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

Made in Tanzania 🇹🇿 with 💚

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