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Welcome to another edition of 🔍 Startup Researcher - Africa, your essential digest delivering the latest news and premium insights on startups and venture capital across the region 🌍
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📰 Important News
- Afreximbank launched PAPSSCARD, its first Pan-African card, to ease cross-border payments and reduce reliance on foreign systems.
- Flutterwave cut 50% of staff in Kenya and South Africa, shifting focus to Nigeria for profitability and a potential IPO.
- Ghana's Innovation and Startup Bill is nearing approval, aiming to attract investment and boost its digital economy.
- Cassava Technologies partnered with SAAIA to bring advanced AI and GPU-as-a-service offerings, enhancing Africa's AI infrastructure.
- Fara Ashiru, Okra's CEO, joined UK-based Kernel as Head of Engineering after the Nigerian fintech shut down, signaling market challenges.
💸 Top Funding Rounds
- African mobility startup Moove is set to raise $1.2 billion in debt, to expand into the US autonomous vehicle market through a partnership with Alphabet Inc.'s Waymo.
- Wave Mobile Money raised $137 million in debt to expand its mobile-first financial services, aiming to deepen financial inclusion across Africa.
- South African VC firm Knife Capital celebrated 15 years with new Series A investments in both Sticitt and Optique, reinforcing its commitment to scaling innovative African businesses.
🏦 About Investors
- Stanbic Bank Kenya is raising $100 million for its Catalytic Fund, aiming to finance East African startups and small businesses, a bold move that challenges traditional banking norms.
🚀 Startup of the Week
Introducing our Startup of the Week 🏆
Moove
Moove, the Nigerian-born mobility fintech founded in 2020 by Ladi Delano and Jide Odunsi, provides revenue-based vehicle financing and financial services to mobility entrepreneurs across various platforms. As an impact-led business, it aims to create sustainable jobs and offer a path to asset ownership for those traditionally excluded from financial services. The company is now expanding its global reach by securing $1.2 billion in debt financing to enter the US autonomous vehicle market through a strategic partnership with Alphabet Inc.'s Waymo, where Moove will manage and dispatch Waymo's self-driving fleets.
💼 Investor of the Week
Introducing our Investor of the Week 🏆
Stanbic Bank Kenya
Stanbic Bank Kenya, a leading commercial bank headquartered in Nairobi, Kenya, and part of the Standard Bank Group, offers extensive financial services to individuals and businesses across East Africa. The bank is making a bold move by raising $100 million for its Catalytic Fund. This fund aims to finance East African startups and small businesses, challenging traditional banking norms by de-risking and supporting ventures in underserved sectors.
🤑 Opportunity Radar
Call for Applications: QFTH Wave 7 Pre-Acceleration Program
Calling all FinTech startups! The Qatar FinTech Hub (QFTH) is accepting applications for Wave 7 of its Incubation and Acceleration Programs, with a deadline of July 30th. These 12-week programs offer comprehensive support, including up to $170,000 in Pre-Seed Investment, mentorship, and regulatory guidance, for companies from MVP to the growth stage. We're seeking innovators in areas like Credit Scoring, Digital Lending, RegTech, Tokenization, WealthTech, Islamic FinTech, and AI Tokenization. Whether you're an early-stage startup or a mature FinTech looking for global expansion, apply now to join Qatar's thriving ecosystem!
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