| Africa | Fintech in Africa: Rising revenues, uncertain path to profits? McKinsey, the global management consulting firm, has released an extensive report on African fintech, exploring both opportunities and challenges for players on the continent. Fintech in Africa: The end of the beginning | McKinsey |
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| Central African Republic | Central African Republic apex court rules against Sango Coin use. The Central African Republic's (CAR) Constitutional Court, which is the highest court in the country, has declared purchases with Sango Coin, the government-launched cryptocurrency, as unconstitutional. Sango Coin, which launched in July 2022, was designed to allow investors to obtain citizenship in exchange for cryptocurrency. Central African Republic top court blocks purchases with new cryptocurrency | Reuters |
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| Kenya | Pezesha raises $11 million in pre-Series A funding. Kenya's Pezesha, an embedded lending startup, has raised $11 million in pre-series A funding. This new round is a mix of equity and debt and will be used to drive growth in new markets like Uganda and Ghana. TechCrunch |
| | EDITOR'S NOTE | In Issue 136, we wrote about Pezesha's partnership with Autochek: "As embedded finance continues to mature, we’ll see more end-to-end solutions like Pezesha that turn entire financial products into simple APIs or interfaces for non-financial businesses." |
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| Nigeria | Duplo raises $4.3 million in seed funding. Duplo, a Nigerian-based B2B payments company, has raised $4.3 million in seed funding. The new round follows a $1.3 million pre-seed round in February and will be used to explore and develop new products and business lines. Disrupt Africa |
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| Nigeria | Grey raises $2 million in seed funding. Grey, a Nigerian fintech that offers foreign currency accounts and remittance services, has closed a $2 million seed funding. The new round follows their acceptance into Y Combinator's accelerator program. TechCrunch |
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| Nigeria | Anchor raises $1 million pre-seed round. Anchor, a Nigerian banking infrastructure provider, has raised $1 million in pre-seed funding. Investors in this round include Y Combinator (which has also accepted the fintech into its accelerator program), Byld Ventures, and other angel investors. Disrupt Africa |
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