| Nigeria | Tangerine Pensions merges with Apt Pension Two leading Nigerian pension companies, Tangerine Pensions Limited - creators of the Tangerine Africa app, and APT Pension Funds Managers Limited, have announced the completion of the legal process for the merger of the two companies. The new entity will now be known as Tangerine APT Pensions Limited. The Guardian Nigeria |
| | EDITOR'S NOTE | The merger is designed to help them leverage their shared resources and improve the balance sheets of the merged company. This also has the potential of adding new users to the Tangerine app at reduced or zero acquisition costs. Tangerine Pensions, which itself is a result of Verod Capital’s acquisition of Metropolitan Life Insurance, has also made some strategic investments to date. These include the acquisitions of ARM Life Insurance(now Tangerine Life), Assured Microfinance Bank (now Tangerine Money), and AXA Mansard Pensions (now Tangerine pensions).
These acquisitions have enabled Tangerine to provide multiple financial services through the Tangerine Africa app. |
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| Africa | BNPL in emerging markets Stephen Deng of DFS Lab sparks a discussion on the feasibility of the current Buy Now, Pay Later (BNPL) business models in Africa. Twitter |
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| Nigeria | Sudo Africa secures $3.7M pre-seed. Sudo Africa, a fintech that provides a card-issuing API to businesses in Nigeria, has raised $3.7m in pre-seed funding. This round was led by US-based Global Founders Capital(GFC) and included other VC and angel investors like Picus Capital, LoftyInc Capital, Rallycap Ventures, and Odun Eweniyi. TechCrunch |
| | EDITOR'S NOTE | African businesses need to issue cards for several corporate and consumer use cases. A couple of fintechs are addressing the needs of these businesses by providing card issuing solutions via APIs. These businesses, which are also usually fintechs, can avoid the complexity of engaging directly with the banks to offer these issuing products and hence save time and cost in product development.
As more businesses build out financial solutions that require card issuing, we expect to see growth in this vertical of the fintech industry. |
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| Ghana | Dash raises a record $32.8M seed funding. Ghana-based fintech company, Dash, has raised $32.8m in seed funding. The round was led by New York-based Insight Venture Partners, Global Founders Capital, 4DX Ventures, and other fintech founders.The money raised will be used to obtain necessary licenses, invest in technology, and expand to new regions such as Tanzania and South Africa. Afrikan Heroes |
| | EDITOR'S NOTE | In a recent update, The Bank of Ghana has directed that Dash suspend all operations due to lack of required approvals and licenses for the services being provided. |
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| Egypt | Nexta secures $2.2 million pre-seed round. The Egypt-based fintech has raised $2.2 million pre-seed funding to launch digital banking solutions, as well as support its expansion efforts and its strategic partnerships. This round was led by Disruptech with participation from other international investors. Wamda |
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| Nigeria | YEP! secures $1.5m in pre-seed funding TechCabal |
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| Nigeria | BNPL startup, Klump, raises $780k pre-seed funding Tech Economy |
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| Africa | Ivory Coast’s Susu raises $1m in pre-seed capital. Afrikan Heroes |
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