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The largest fintech community in the world. Subscribe to our newsletter to stay up to date on the latest in news opinions, and all things financial technology.

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More Stablecoin Rounds To Stabilize The Continent (TWIF - Africa 02/24)

More Stablecoin Rounds To Stabilize The Continent (TWIF - Africa 02/24)
Stablecoin Boom in Africa

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;

  • Two Fintechs announced funding deals.
  • The issuer of the largest stablecoin backed a MENA startup to help African B2B businesses make cross-border payments faster and cheaper.
  • South Africa’s investment firm adopted Bitcoin as a strategic treasury asset.
  • Nigeria’s investment Tech platform secured US broker-dealer license to provide users with easy access to U.S. securities
  •  Ex-Nigeria Neo Bank employee sued the company over gender discrimination and wrongful termination allegations.
  • Nigeria sued World’s largest Cryptoexchange for $81.5bn, 30% over the exchange's valuation.

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💸Fundraise and Exits

  • Ghanaian fintech startup Oze secured an undisclosed funding round to scale lending solutions.
Africa & Middle East. Alternative Lending Business Report 2024:

💰 Venture Funds

  • South African investment firm Altvest Capital announced its decision to adopt Bitcoin as a strategic treasury asset.
South Africa ranks second among the top 15 African countries interested in crypto.

🚀 Partnerships & Product Launches

  • OnePipe launched a new Pay with Account solution to ease cash flow struggles for Nigerian small businesses.
Nigeria Startup Map
  • Risevest secured U.S. broker-dealer license to provide users with easy access to U.S. securities

👔 Leadership Lineup

  • Ex-Kuda executive sued the company over gender discrimination, wrongful termination allegations.
Kuda in Numbers
  • After stepping down as CEO, Leatherback founder resurfaced with a rival fintech startup.

📰 News of the Week

  • Tether backed stablecoin liquidity provider Mansa in $10M seed round
Comparimg Stablecoins to Mobile Money

Mansa allows payments companies, mainly in Africa to date, to settle transactions and fund customer accounts instantly.

Mansa has disbursed over $18 million in payments financed to its clients, with access to over $200 million in liquidity through its partner network.its transaction volume has surged since launching six months ago, from $1.6 million last August to $11 million in January, compounding at a monthly growth rate of 37.5%. It has processed nearly $31 million in that period. 

👀 Eye Openers

  • Why do some African fintech markets produce unicorns while others struggle to scale?

📑 Read of the week

📖 Other News, Reads, and Media

  • Kuda Bank raised an undisclosed equity round in 2024.It’s group company, Kuda Group grew revenue to $32.1 million in 2023 as total losses jumped to $40 million.
  • Nigeria sued Binance for $81.5bn, 30% over the exchange's valuation.

🎥 VIDEO INTERVIEWS/DISCUSSIONS

  • Interview with CEO and Founder of Flutterwave;  Lessons on Building Africa's Most Valuable Fintech.

🦉 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 .