FinTech
Flutterwave Appoints New CFO Nine Months After Former CFO Resigns
Mitesh Popat Replaces O’Neal Bhambani as Chief Financial Officer
StartupNews Africa
The archive
News on the companies, capital and people shaping African technology, in publication order.
Showing 141–159 of 159 articles
FinTech
NALA Expands Its Operations in Uganda After Acquiring IMTO License
Tanzanian FinTech Startup, NALA Follows in Flutterwave’s Market Entry as it obtains a Money Remittance License in Uganda
Funding
Kenyan E-Commerce Startup Chpter Raises $1.2 Million in Pre-seed Funding
Chpter’s Acceptance into Norssken and Safaricom Park Accelerator Programs May Have Strengthened Closing Pre-seed Deal
M&A
Transportation Startup LULA Acquires Zeelo’s South African Branch
LULA has taken over the South African branch of the US-based staff bus-sharing startup Zeelo in an acquisition of undisclosed amount. LULA is a ride sharing platform dedicated to serving office workers. Zeelo launched in South Africa in the year 2019 and has raised $33 million in funding. It has completed more than 2 million
Funding
Kredete Raises $2.25M In Seed Funding To Help African Immigrants Make Payments
Kredete, a Nigerian financial software platform has raised US$2.25 million in seed funding to help it further scale across the continent. Having already built a presence in up to 20 African countries, Kredete is focused on enabling African Immigrants to builf credit scores and send money back home. Kredete was founded in 2023 with the
Energy & mobility · Rwanda
Rwanda’s Ampersand secures $2 million in additional funding
AHL Venture Partners and Everstrong Capital back the electric-mobility company’s expansion in East Africa.
FinTech
Flutterwave Secures Bank of Uganda License to Empower Seamless Payments
Flutterwave gets major boost to its operations in Uganda as it finally secures a Payment Systems Operator (PSO) license from the Bank of Uganda. This will enable businesses in the country to access its payment solutions. This license will enable businesses in Uganda to make single and bulk payouts to suppliers, employees, and partners. This
M&A
IHS Towers Lays Off 100 Employees as Profit Margins Decrease
Currency devaluation results in $1.9 billion in losses in the 2023 fiscal year
Funding
Waza Bursts Into The Scene With $8M Global Trade Boost For African Businesses
Payments and liquidity platform aims to solve trade deficits resulting from increasing demand for the dollar
Funding
Wattnow Secures Investment from Lateral Frontiers VC to Accelerate Global Expansion
Wattnow, a Tunisian startup specializing in AI-powered energy management solutions, has secured an undisclosed investment from Lateral Frontiers Venture Capital. The funding comes from Lateral Frontiers’ recently closed $28 million Fund II, aimed at supporting high-growth ventures across Africa and beyond. Founded in 2018 by CEO Issam Smaali, Wattnow has developed a smart energy management
M&A
Hohm Energy Enters Business Rescue Months After $8 Million Raise
Inability to service debts, cash flow problems, and electricity stability cripple Hohm Energy
M&A
Bamburi’s Largest Shareholder Sanctions $182.8 Million Sale To Amsons Group
Bamburi‘s biggest shareholder has approved a $182.8 million buyout offer from the Amsons Group. Holcim, the shareholder company in question, is a Swiss construction materials manufacturing company. It has made the decision to sell its 58.6% stake in Bamburi, Kenya’s biggest cement maker to Amsons, a Tanzanian energy group. Bamburi boasts of being the largest
Funding
Launch Africa Ventures Invests Over $4.3 Million In African Startups
The Venture firm insists it remains committed to “invest, grow and scale” African tech startups
M&A
Peleza Merges With Prembly, Forms Prembly Group
Peleza, the Kenyan identity management startup has merged with YC-backed Prembly. The outcome of this merger is a new business entity known as the Prembly Group. The move follows a long period of collaboration between the two partners during which they realized that a permanent merger would enable cost-saving and enhance revenue growth from joint
Funding
Egyptian FinTech Startup Connect Money Raises $8 Million Seed Money
Connect Money Secures Funding For Northern African Expansion
Startups
Kenyan Gro Intelligence Shuts Down Operations Due To Bankruptcy
Agricultural data analytics startup, Gro Intelligence has reportedly decided to shut down its operations in the United States of America. This comes on the heels of its difficulty of securing sufficient capital to stay in business. The company is also under investigation by the United States Securities and Exchange Commission (SEC) reportedly over fraud. AgFunderNews
Funding
YoLa Fresh Secures $7 Million To Fund Agri-Tech Innovations in Morocco
Moroccan Agri-Tech Company Receives $7 Million Pre-series A For Transparent and Sustainable Food Supply YoLa Fresh, an innovative Moroccan agri-tech startup has taken giant strides towards accelerating its expansion in its home base. It has successfully raised up to $7 million in a pre-Series A funding round to fuel its expansion. This $7 million pre-Series
Funding
Patoranking Partners With ALX Africa, Launches $500,000 Tech Scholarship
In a strategic partnership with ALX Africa, the Patoranking Foundation has launched its $500,000 (approx. NGN700 million) tech scholarship initiative which aims to provide 40 young tech-passionate Africans with access to a variety of technology programs in data analytics, cloud computing, and Salesforce administration. The foundation has invested over $1 million (approx. NGN1.4 billion) in
FinTech
Flutterwave Hit By Security Breach, Loses Over 11 Billion Naira
One month after court order to recover $24 million, FinTech company, Flutterwave suffers another security breach