back Back

5 FinTech funding rounds in Africa in November 2022

By Edlyn Cardoza

November 30, 2022

  • adumo
  • Africa
  • API payments
Share

adumo, Blnk, BNPL, Consumer Credit, Debt Funding, National Bank of Egypt, Banque du Caire Egypt, Money Fellows, FinTech, Revio, API Payments, Egypt, AfricaFinTech 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:

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, 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, 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.

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.

ALSO READ: Sales League Table Report 2022 – IBS Intelligence

Previous Article

November 30, 2022

HitPay expands payment options for SMEs with ShopeePay

Read More
Next Article

November 30, 2022

SBM Bank India partners with Open to launch new embedded finance platform, Zwitch

Read More








IBSi Daily News Analysis

Cybersecurity, financial services

May 17, 2024

adumo

Most of KSA organizations uses AI in their cybersecurity strategies, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

May 17, 2024

Confida and illimity create new capillary proximity network, Pehi

Read More

May 17, 2024

dLocal expands partnership with Deel to 12 new countries

Read More

May 17, 2024

Dwolla & Visa to enhance Pay by Bank experience for businesses

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023