5 FinTech funding rounds in Africa in November 2022

By Edlyn Cardoza

FinTech refers to software and other modern technologies used by businesses that provide automated and improved financial services. FinTech in our daily life is Mobile Payment apps, Cryptocurrency, and Blockchain, like Bitcoin and Gemini. In the future, the range of FinTech services is predicted to transform the market even more with artificial intelligence and machine learning and will make FinTech products an integral part of our digitalised life.

FinTech refers to the synergy between finance and technology, which enhances business operations and delivers financial services. FinTech can take the form of software, a service, or a business that provides technologically advanced ways to make financial processes more efficient by disrupting traditional methods.

Studies have shown that the COVID-19 pandemic has adversely affected the FinTech ecosystem. The number of FinTech deals has taken a hit as investors choose mature companies over early-stage deals to put their money in.

The following are 5 FinTech funding rounds in Africa that occurred in November 2022:

• adumo

One of the leading independent payments processors, adumo, which is operating across Sub-Saharan Africa, recently announced raising R190 million with an intention to increase its shareholding and control in some of its recent acquisitions. According to a report from FinTech Finance News, the capital raised included an equity raise from its current shareholders, Apis Partners, Crossfin Holdings, and IFC’s FinTech division, and a debt facility provided by Investec.

The funds raised will be used to increase the independent payments processor’s shareholding in GAAP, which specialises in the international hospitality industry, to 80%, helping it better the company’s growth and expansion plans.

• Blnk

Blnk, a BNPL start-up that enables instant consumer credit in Egypt, has raised $23.7 million in equity and debt funding and $8.3 million in securitised bond issuance. The capital will boost Blnk’s lending capacity and financing of its customers. The combined pre-seed and seed funding rounds of $12.5 million were led by Abu Dhabi’s Emirates International Investment Company (EIIC) and Egypt-based, leading venture capital firm Sawari Ventures, with participation from several prominent local and international angel investors.

Egyptian banks provided a further $11.2 million in debt funding, while the $8.3 million securitised bond was underwritten by the National Bank of Egypt and Banque du Caire.

• Money Fellows

Money Fellows, one of the leading Egyptian FinTech platforms, announces the first close of its Series B round with a $31 million investment led by CommerzVentures, Middle East Venture Partners (MEVP), and Arzan Venture Capital. Invenfin, National Investment Company (NIC), and existing investors such as Partech, Sawari Ventures, 4DX, and P1Ventures also participated in the round.

Money Fellows is a mobile-based platform that digitises money circles, or Rotating Savings and Credit Associations (ROSCAs) are widely known as ‘Gameya’ in Egypt and other Arab countries. Money Fellows is the first to offer next-generation digital ROSCAs globally.

• Ping

Ping, the payment platform for freelancers and contractors, has announced a $15 million seed funding round from key investors, including Y-Combinator, Race Capital, BlockTower, Danhua Capital, Signum Capital, and Goat Capital. The funds raised will be allocated toward Ping’s team expansion, hires for marketing, and sales.

It will also propel the platform to enable digital nomads to get paid in dollars or crypto and offramp their salaries to local currency in an efficient and cost-effective way. The Ping platform enables any individual, organisation, or company to create a free international account in US dollars and receive bank transfers – either in their foreign currency or cryptocurrency – instantly.

• Revio

API payment and collections company Revio announced $1.1 million in seed funding raised from top-tier investors. The funding will be used to launch new products, expand the team, and enter new emerging markets, all contributing to Revio’s mission of reducing payment failures and churn.

Its Payments Orchestration, Billing Automation, and Revenue Recovery solutions enable businesses to passively, actively, and proactively recover lost transactions, increase revenue, optimise cash flow, and increase customer lifetime value.