Raise Africa, a Kenyan fintech startup that pioneered digital equity and cap table management for startups across the continent, is shutting down after seven years of operations. The company has announced that its customers will be migrated to Carta, the U.S.-based market leader in equity management software. Far from being a collapse, the move is being framed as a strategic handover that will extend Raise’s mission through a global platform.
The Rise of a Fintech Pioneer
Founded in 2018 by Marvin Coleby, Tina Nyamache, and Eugene Mutai, Raise set out to simplify equity management for African startups. The platform helped businesses digitize cap tables, issue equity efficiently, and automate financing contracts in a region where such processes were often paper-heavy and fragmented. Within a few years, it had onboarded hundreds of companies, facilitated millions of dollars in fundraising, and served prominent startups including Nestcoin, Numida, and Workpay.
Struggles With the Venture Market
Despite these achievements, Raise struggled to find a sustainable business model within the venture capital ecosystem. Startups, while numerous, often lacked the budget or appetite to pay for advanced back-office software. Private equity firms offered a better fit, but the smaller market and longer sales cycles made scaling independently a challenge.
A Strategic Shift Toward Private Equity
Coleby himself acknowledged that the company’s strongest product-market fit was with private equity rather than venture-backed firms. He explained in a public statement that focusing solely on PE clients could not deliver the scale needed for long-term sustainability. This realization shaped the decision to align more closely with a global partner capable of absorbing and expanding the technology.
Carta Steps Into the Picture
Raise’s relationship with Carta dates back to 2021, when the U.S. firm invested in the African startup as part of its first move into the region. The partnership highlighted a shared vision of bringing professional equity management to emerging markets. With the shutdown of Raise, this collaboration has matured into full integration, ensuring that lessons from Africa’s ecosystem inform Carta’s global strategy.
Leadership Transition to Carta
As part of the transition, Raise’s co-founder and CEO, Marvin H. Coleby, will join Carta to lead product for Asia, the Middle East, and Africa. In this new role, he will focus on extending equity management tools into markets where financial infrastructure is still developing. His appointment underscores Carta’s commitment to leveraging local expertise as it expands into high-growth regions.
Customer Migration Plans
Raise has promised a seamless migration for its users to Carta’s platform. Paid customers will continue under their existing commercial agreements, with dedicated account managers overseeing their transition. Free users, meanwhile, will have the option to join Carta Launch, a no-cost tier tailored to early-stage companies that meet eligibility criteria.
A Soft Landing and Mission Continuity
The closure is being described as a “soft landing” rather than an abrupt shutdown, as Raise’s mission is absorbed into a larger entity with global reach. By folding its technology and customer base into Carta, the company ensures that its core goal—professionalizing Africa’s capital markets—remains alive. For many observers, this outcome is more a continuation than an end.
Backing and Legacy
Raise’s journey was supported by some of the most notable investors in African venture capital, including 500 Global, Launch Africa, CRE Ventures, Microtraction, and others. The startup was incubated by Consensys and Binance Labs, which provided its early momentum and laid the groundwork for Coleby’s move to Nairobi. Over its lifespan, Raise digitized billions in equity and provided much-needed structure to an otherwise fragmented fundraising environment.
While Raise Africa will no longer exist as a standalone company, its impact on the continent’s startup ecosystem is undeniable. By pioneering digital equity management in a region still developing financial infrastructure, it opened the door for global players like Carta to take African innovation onto a broader stage. In Coleby’s own words, sometimes completing a mission means finding the path that allows it to go further than it could alone.