Hi Fintech friends 👋,

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

• Moroccan Super app Fintech raised $1.9 Million in a pre-series A funding round.
• Global B2B payments platform expanded to West Africa
• The mother country of most African fintechs secured $40 million to fund seed startups.
• Nigerian lender expanded into asset management with SEC licence.
• Kenyan digital lender fined $2,000 for unlawful data use in a second privacy violation.

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This Week in FintechSabrina Baxter

💸Fundraise and Exits

• Moroccan super app ORA raised $1.9 Million in a pre-Series A funding round led by local investors Witamax and Azur Innovation Management.

💰 Venture Funds

• Nigeria secured a $40 Million Startup Seed Fund backed by Japan to boost tech innovation.

🚀 Partnerships & Product Launches

• Nigerian lender Sycamore expanded into asset management with SEC licence.
• Flutterwave expanded Ghana operations with key remittance service approval.

👔 Leadership Lineup

• Founder of Antugrow joined Coinbase as Base East Africa Lead to help onboard Africa to Ethereum.

📰 News of the Week

• Global B2B Payment Platform Nilos Expanded into West Africa to Revolutionize Cross-Border Payments.

The expansion is part of the company’s strategy to simplify financial transactions across borders by enabling instant payouts in the West African CFA franc (XOF) and integrating mobile money solutions. Since securing $5.2 million in early funding, the company has continued to enhance its services, including the introduction of Virtual EU IBANs in 2023 for businesses dealing in cryptocurrency across Europe.

👀 Eye Openers

• 8 business cases for stablecoins that actually bring value:

📑 Read of the week

• Metrics are the 'new' Managers(Adia Sowho)

📖 Other News, Reads, and Media

• Kenyan digital lender Whitepath fined $2,000 for unlawful data use in a second privacy violation.

🎥 VIDEO INTERVIEWS/DISCUSSIONS

• Interview with Kola Aina, founder of African based VC, Ventures Platform on why local context is key to scalling globally. 

🦉 Tweet of the Week

🎯 Fintech Opportunities

• Opportunity to connect and network with founders, partners, and investors in the global stablecoin ecosystem. Register now!

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