Hi Fintech friends 👋,

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

• Seven fintechs including five from Tanzania, announced funding deals.
• The Visa Africa Fintech Accelerator revealed the 19 startups selected for its third cohort of the biannual program.
• African based VC made first exits.
• Africa’s biggest Crypto startup secured a Crypto license in South Africa.
• Founder of Kenyan based Wealth-tech startup stepped down as CTO shortly after the company's acquisition.

💸Fundraise and Exits

• Socium raised $5 Million to enable businesses to recruit, pay, and manage talent efficiently.

• Egypt’s Amenli Secured $2.3 Million to Expand Insurtech Solutions.

• Tanzania based Tunzaa raised undisclosed amount from Warioba Ventures.

• Tanzania based Evmak, Swahilies, Ottap and Amala raised grant funding from UNDP Tanzania’s Funguo Program.

💰 Venture Funds

• Early-stage VC fund Launch Africa Ventures made first exits; tweaks strategy for Fund II.

🚀 Partnerships & Product Launches

• Yellow Card secured a Crypto Asset Service Provider (CASP) licence in South Africa.

• Mama Money launched a WhatsApp-powered bank card in South Africa.

• Payaza secured investment-grade rating setting a new standard for African fintechs.

👔 Leadership Lineup

• Wealth tech Hisa founder, Eric Jackson, stepped down as CTO shortly after company’s acquisition by Risevest.

📰 News of the Week

• The Visa Africa Fintech Accelerator revealed the 19 startups selected for its third cohort of the biannual program.

The three-month program will conclude with an in-person Demo Day, where startups will present their solutions to investors, industry leaders, and potential partners. Visa recently invested in four graduates from its inaugural cohort; Oze, Workpay, OkHi, and ORDA.

👀 Eye Openers

• Is Africa VC in trouble?

What do you think about this? Tell us in the comments, and we will publish your thoughts in our next newsletter.

📑 Read of the week

• A vision for open banking in Africa and other emerging markets(Techpoint).

📖 Other News, Reads, and Media

• 49% of Nigerian startups founded in the last 10 years made less than ₦10 million(~$6K)  in revenue.

🎥 VIDEO INTERVIEWS/DISCUSSIONS

• Discussion on Ecosystem & Human Capital powering Fintech Innovation

🦉 Tweet of the Week

🎯 Fintech Opportunities

• Post revenue African startups in Kenya, Tanzania and Rwanda are invited to apply for EUR 100,000 in non-dilutive funding and technical assistance.
  

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 .