Hi Fintech friends 👋

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

• 2 Fintech deals worth $10 million were announced including one acquisition
• Fintechs dominate the Top 10 most funded African startups in 2023
• 2 Venture Capital firms launched funds to back African startups 

💸Fundraise and Exits

• FrontEdge raised $10M to enable the growth of African cross-border trade.
• South Africa’s Payment24 acquired Switzerland-headquartered Inergy 24.

💰 Venture Funds

• Aduna Capital launched a $20 million fund focused on the Northern Nigerian startup ecosystem and aims for 50% female representation, typical investments will range from $50,000 to $200,000 .
• Saviu Ventures made an initial close of €12 million for its second fund.The VC firm invests in seed stage startups, and is sector agnostic, but, with the current fund, it is keen on fintechs, health-techs and climate-techs.
• Vula detailed their plan to simplify fundraising for African startups.

🚀 Partnerships & Product Launches

• Klasha acquired Money Services Business (MSB) license to operate in the United States.
• Bloc MFB received an Approval-in-Principle from the Central Bank Of Nigeria.
• Nigeria’s Access Bank unveiled plans to launch in Asia in first quarter of 2024.
• ClickPesa and Pendulum teamed up to finance African SMEs.
• Stitch launched ‘Pay With Crypto’  solution.

📰 News of the Week

• M-KOPA expanded to South Africa with pay-as-you-go solar panels.

After unlocking $1 billion in credit and impacting 16 million lives across four regions, M-KOPA expanded its reach to South Africa, introducing Pay-as-You-Go solar panels. With 2 million smartphone users, half gaining access for the first time, M-KOPA, which has raised more than $500 million since its inception in 2011, aims to replicate its Kenyan success in a market often disrupted by power outages due to load-shedding. In South Africa, M-KOPA strategically launches in Soweto, given the township's similarity to the markets where M-KOPA has previously thrived.

📑 Read of the week

• The Hard Things About Subscription Payments in Africa (Wiza Jalakasi)
• How to protect digital lenders from bad borrowers (Techpoint)

📖 Other News, Reads, and Media

• Lagos startup filed Police complaint against GetEquity founders over unpaid funds
• Despite the growth of many payment channels, Africans continue to use USSD more for making payments across banking and mobile money.
• The 10 Most Funded African Startups in 2023 Include 4 Fintech Ventures

🎥 VIDEO INTERVIEWS/DISCUSSIONS

• How to launch a Fintech startup; insights from Segun Adeyemi, CEO at Anchor, Cossi Achille AROUKO, CEO at Bujeti.

🦉 Tweet of the Week

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