The African financial system is broken and requires innovation to fix it. Despite attempts by new financial technology firms to fill the gaps that exist, the foundation of the entire ecosystem, which is traditional finance backed by government-issued currencies and institutions, has left some gaps still wide open. The creation of blockchain technology and the…
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The African cryptocurrency market continues to evolve as more people adopt cryptocurrencies, new companies are started, and regulators make new pronouncements. Despite the evolution, more has stayed the same regarding the spread of adoption geographically. In this article, we explore the top cryptocurrency markets in Africa in 2023. Since cryptocurrency adoption on the continent became…
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Remedial Health, a healthtech startup that develops solutions to make Africa’s pharmaceutical value chain more efficient, has secured $12 million in an equity and debt funding round to deepen the penetration of its services in Nigeria and support the delivery of targeted financial services to drive business growth across the country’s pharmaceutical sector. The $8…
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MyCover.ai, the insurtech startup building Africa’s digital insurance infrastructure, has announced the close of a $1.25 million pre-seed funding round, today, led by Ventures Platform. The round included participation from Founders Factory Africa and TechStars, who are making a follow-on investment after the startup’s participation in its 2022 Toronto Accelerator program. MyCover.ai will use this capital injection to bolster its…
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Flash, Egypt’s new cashless payments app, has raised $6 million seed round to accelerate its product development and customer and business acquisition in the country. The round was led by Addition with participation from fintech venture capital firm Flourish Ventures and other strategic angel investors. Flash has also obtained approval from the Central Bank of Egypt in…
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M-KOPA, a leading fintech platform, today announced it successfully closed over $250m in new debt and equity funding to expand its financial services offering to underbanked consumers across Sub-Saharan Africa. This marks one of the largest combined debt and equity raises in the African tech sector, enabling M-KOPA to continue its rapid growth. Over $200m…
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Touch and Pay Technologies [TAP], a Nigerian fintech company and leading processor of micro-transactions in Africa, has announced the democratization of interstate travel from Nigeria’s largest city, Lagos, to other parts of the country. It is now possible for passengers to pay for their trips using the Cowry app, even if they are travelling through…
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Village Capital has announced 32 startups operating in Africa, Asia, and the Middle East have been selected to join the Financial Solutions for Migrants program, an accelerator for impact-driven startups developing digital financial inclusion solutions for migrants. The program which is funded by the Impact-Linked Fund for Gender Inclusive Fintech (ILF for GIF), managed by…
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