Brief (580)
Uganda's Agent Banking Company (ABC) has received an undisclosed investment from Goodwell Investments, marking the Dutch firm's entry into Uganda’s financial inclusion sector, Goodwell announced September 19.
Through Goodwell’s €150 million uMunthu II Fund, the funding will help ABC expand its client base, increase agent coverage, and introduce new services.
Goodwell’s uMunthu II Fund focuses on early-stage growth companies in financial services, food, agriculture, mobility, and logistics across Africa.
Latin America-based payment processor PayRetailers has expanded into eight more African countries, including Kenya, Cameroon, and Ghana, offering businesses scalable, localized payment solutions. This brings its coverage to 12 African countries.
PayRetailers now operates in Burkina Faso, Kenya, South Africa, Nigeria, Uganda, and others, providing access to local payment methods like MPESA, Airtel, and MTN.
Founded in 2017 by Juan Pablo Jutgla, PayRetailers offers e-commerce solutions through local payment agreements.
The International Telecommunication Union (ITU) and the United Nations Development Program (UNDP) will host the SDG Digital event on September 20-21 in New York. The event will spotlight digital innovation’s role in advancing the Sustainable Development Goals (SDGs).
SDG Digital will showcase how digital technologies can drive a more sustainable and inclusive future. Leaders from various sectors government, civil society, private industry, youth, and academia will discuss the trends, risks, and opportunities of emerging technologies.
African healthtech company Field has introduced a new route-to-market service to address maternal mortality, newborn health, and nutrition. Announced on September 11, the launch is backed by an initial $11 million investment from the Bill & Melinda Gates Foundation.
The initiative will use Field’s technology, distribution network, and financing services to deliver emerging therapies across Kenya and Nigeria.
It will focus on digitalizing healthcare operations and enhancing supply chains, including financing options, last-mile delivery, and installing pharma-grade refrigerators.
AgDevCo, an African agriculture investor, has secured $32 million from the UK’s Foreign, Commonwealth, and Development Office (FCDO) to launch "AgDevCo Ventures." The new fund, announced September 4, will support early-stage agribusinesses, focusing on investments between $1 million and $3 million to address the "missing middle" often overlooked due to perceived risks.
The venture aims to boost job creation, increase smallholder farmer incomes, and enhance climate resilience. A key focus will be on African and female-owned businesses, managed by a dedicated team based in Nairobi.
International calling app Talk360 has secured $1.4 million (R25 million) in a Pre-Series A round, led by Havaic. The funds will help the company expand its user base to seven million by 2025 and enhance profitability.
Talk360, which connects African migrant communities with their families, aims to strengthen local partnerships, introduce more African languages, and expand its payment platform to external companies across Africa by late 2024.
Tunisian startup Wattnow has closed a multi-million dollar funding round led by Lateral Frontiers and 216 Capital, with support from Outlierz Ventures, Satgana, Octerra Capital, and angel investors like Karim Beguir.
Wattnow provides AI-powered, IoT-based energy management systems to help businesses optimize energy use, cut costs, and reduce emissions.
The company plans to use the new funds to expand globally, enhance its technology, and further sustainability efforts.
Ghanaian fintech Fido has raised $20 million in Series B funding from BlueOrchard and Dutch Entrepreneurial Development Bank FMO, with an additional $10 million in debt financing from Stanbic Bank Ghana and Growth Investment Partners.
The funds will support Fido's expansion across Africa, focusing on providing small business loans, savings, and personalized insurance solutions.
Fido offers credit access to individuals and MSMEs in Ghana and Uganda, leveraging AI-driven technology to deliver its services.
From November 6-8, 2024, Cape Town will host Africa's leading innovation conference, the Afrilabs Annual Gathering. The gathering is a hub for Africa’s innovation community to come together, collaborate, and advance the continent’s digital transformation.
The event will feature six tracks on critical innovation topics, with over 50 thought leaders sharing their insights and more than 20 panels highlighting groundbreaking ideas.
The Bank of Uganda has granted Tanzanian fintech NALA an International Money Transfer Operator (IMTO) license, the fintech announced on August 29. This allows NALA to expand its operations in Uganda by integrating directly with mobile money services, offering users a seamless way to transfer funds into local mobile wallets and enhancing the efficiency and security of cross-border payments.
NALA facilitates money transfers from the UK, US, and EU to several African countries, including Uganda. It has collaborated closely with the Bank of Uganda to meet regulatory requirements, contributing to an increase in foreign exchange supply, which is vital for economic growth.
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Nairobi, Africa’s Silicon Savannah, will host the AfricArena Nairobi Summit during Africa Climate Tech Week from September 3-4, 2024.
We’re heading to Kenya! 🇰🇪 Excited to announce the AfricArena Nairobi Summit from Sept 1-4, focusing on Climate Tech in Africa! 🌍
— AfricArena (@AFRICARENA) July 15, 2024
This summit will bring together investors, startups, and policymakers to advance Climate Tech in Africa.
🔗https://t.co/rGN8PJAEki🌱#ClimateTech pic.twitter.com/3MJeD6RMAc
The event will highlight over 20 top climate tech and green economy startups, showcasing innovations and reinforcing Nairobi’s role as a key driver in Africa’s tech and investment scene.
The summit will feature startups like Aquarech, RHEA Soil Health, and iShamba Limited, along with 6 Korean startups expanding into Africa.
Omnisient, a South African startup focused on privacy-preserving data collaboration, has raised $7.5 million in Series A funding from Arise, an investor in African financial service providers and fintechs. The startup announced the funding on August 27.
The investment will fuel Omnisient’s expansion into markets in Africa, the UK, the US and the Middle East. It will also allow Omnisient to partner with larger data providers, expanding financial services access globally.
Flutterwave has secured a Payment Systems Operator (PSO) license from the Bank of Uganda, enabling it to offer its payment solutions to businesses in the east-african country. The company announced this new move on August 28.
Ki kati Uganda, we have brought the wave to you! 🇺🇬🦋
— Flutterwave (@theflutterwave) August 28, 2024
We have secured a Payment Systems Operator license from the Bank of Uganda!
Expanding into Uganda aligns with our vision of a financially connected Africa where enterprises can operate seamlessly on the continent and expand… pic.twitter.com/4WKblu1GkA
This milestone allows Ugandan businesses to accept various payment methods, including mobile money, bank transfers and cards, while also facilitating easy remittances from the diaspora.
The expansion allows businesses to boost growth and efficiency by capitalizing on Flutterwave’s solutions, including payment collection, seamless payouts and invoicing.
Proparco has provided a €400,000 loan to Rubyx, an African start-up, through the Bridge by Digital Africa facility. This funding will help Rubyx rapidly expand its algorithmic loan offering for start-ups and microfinance institutions across Africa.
The Bridge by Digital Africa facility, backed by Digital Africa and managed by Proparco, offers bridging finance to young African companies to support their growth between funding rounds.
This investment aims to boost access to loan products for African Very Small Enterprises (VSEs) and Small and Medium-sized Enterprises (SMEs), supporting financial inclusion efforts on the continent.