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African Fintech Zone Secures $8.5 Million in Seed Funding to Revolutionize Payments with Blockchain

New Investments

African Fintech Zone Secures $8.5 Million in Seed Funding to Revolutionize Payments with Blockchain

Zone, a leading African payment infrastructure company, has secured $8.5 million in a seed funding round exceeding expectations.

The round was led by Flourish Ventures and TLcom Capital, showcasing strong investor confidence in Zone’s innovative approach to financial services.

This funding marks a turning point for Zone as it builds a decentralized payment infrastructure powered by blockchain technology.

 

Zone aims to transform the financial landscape by offering frictionless, secure, and universally compatible payment experiences across Africa and beyond.

Zone’s pioneering position as Africa’s first regulated blockchain network for payments has already attracted over 15 of the continent’s biggest banks and fintech companies.

 
The fresh capital will fuel Zone’s domestic network expansion and partnerships with additional financial institutions.
 

A significant portion will also fund a comprehensive pilot program in 2025, testing Zone’s cross-border payment capabilities – a crucial step towards becoming a global network.

Flourish Ventures and TLcom Capital, the lead investors, bring valuable expertise to Zone. Flourish Ventures, a global early-stage fintech venture capitalist, will provide Zone with a global perspective and extensive African fintech knowledge, aiding expansion efforts. TLcom Capital’s local footprint and deep understanding of the African tech scene will solidify Zone’s position in its home market.

Zone’s mission to establish a global, regulated, and decentralized payment infrastructure is further strengthened by participation from renowned blockchain-focused VCs including Digital Currency Group, VKAV, and Alter Global. 

 

Additionally, Endeavor Catalyst’s endorsement and investment solidify Zone’s role as a frontrunner in Africa’s fintech revolution, underscoring the company’s commitment to driving technological progress and economic growth.

“We are grateful for the support from our investors,” said Obi Emetarom, Zone’s CEO and co-founder.

 
“This funding empowers us to transform Africa’s payment infrastructure and unlock a new era of financial inclusion.”

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Karen Serem Waithaka

Karen Serem Waithaka

She is a prominent figure in Africa’s venture capital and investment sector.

She is currently serving as the Chief Investment Officer at the Catalyst Fund.

With a remarkable 13-year career in managing venture capital funds and accelerators, particularly within the climate technology space, she has demonstrated a deep commitment to fostering innovation and sustainability.

Karen’s role at Catalyst Fund involves leading the end-to-end investment process, which includes sourcing, due diligence, and closing deals, as well as contributing to post-investment support of the portfolio.

She specializes in impact investing within the Private Equity and Venture Capital sector in Africa, showcasing her dedication to supporting startups in their nascent stages with a clear impact mandate.

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Chido Munyati

Chido Munyati is a true African Changemaker whose leadership and dedication are making a significant impact on our continent

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Francis Nderitu

Francis Nderitu

He is a Kenyan tech entrepreneur redefining the cold chain industry and transforming how perishable goods are distributed across Kenya.

Having grown up on a farm, he takes pride in supporting African farmers by sharing knowledge to maximize income and constructing efficient value chain solutions, leveraging technology to enhance the process.

He is the founder and managing director of Keep IT Cool (We are hiring) , a Kenyan company that provides cooling services and links supply to demand through a B2B e-commerce platform.

Keep IT Cool, supported by Google, introduces a cutting-edge cold chain-powered smart distribution platform.

This technology-driven solution provides proximity-based cold chain services to underserved fisherfolk and traders in East Africa, incorporating innovative business models and off-grid and on-grid cold chain solutions.

The platform is designed to minimize post-harvest losses and enhance market access.

Additionally, the platform contributes to environmental sustainability by cutting carbon emissions by 51% (69 tCO2e). This is achieved through strategies such as reducing food waste, deploying solar-powered coolers, and using hybrid trucks to enhance logistics in the fishery value chain.

By integrating smart technology and sustainable practices, Francis has addressed critical challenges in food distribution, ensuring that quality and freshness are never compromised.

His company’s innovative approach has not only improved the livelihoods of thousands, including fishermen and farmers but also set a new standard in the industry.

Francis’ contribution to food security in Kenya has earned him accolades and recognition on various prestigious platforms.

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Joe Kinvi 

He has a strong background in finance, having held significant roles such as Head of Finance at Touchtech Payments, which was acquired by Stripe, as well as positions at Stripe and Paystack.

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Sim Shagaya

Sim is a Nigerian media and technology entrepreneur and a strong advocate for education in Africa.

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Microsoft ADC Launches WINS Mentorship Program to Empower Women in Tech

Key Developments

Microsoft ADC Launches WINS Mentorship Program to Empower Women in Tech

Microsoft Kenya’s Africa Development Centre (ADC) has launched the Women Inspiring and Nurturing Students (WINS) program.

This year-long mentorship initiative pairs 70 female Kenyan university students pursuing technology degrees with experienced women working at Microsoft.

The program’s launch coincided with International Women’s Day, highlighting Microsoft’s commitment to increasing female representation in the tech sector.

“We see a significant underrepresentation of women in technology fields,” said Catherine Muraga, Managing Director of Microsoft ADC.

“WINS aims to address this by providing mentorship and support to young women in tech, encouraging them to complete their studies and pursue successful careers.”

Muraga emphasized the importance of diversity in driving innovation. “WINS aligns with our broader diversity and inclusion goals,” she stated.

“By empowering women in tech, we contribute to a more inclusive industry and a brighter future for technology as a whole.”

The inaugural WINS cohort includes students from prestigious Kenyan universities like the University of Nairobi, Kabarak University, and Jomo Kenyatta University of Agriculture and Technology.

The program complements existing Microsoft ADC initiatives focused on women in tech, including campus tours, faculty development programs, and the Game of Learners challenge.

WINS signifies Microsoft’s dedication to building a more inclusive tech landscape in Kenya and beyond.

By investing in young women’s education and professional growth, the program paves the way for a more diverse and innovative future for the tech industry.

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Airtel Africa Breaks Ground on Landmark Data Center in Lagos

Key Developments

Airtel Africa Breaks Ground on Landmark Data Center in Lagos

Airtel Africa has officially begun construction on its first data center in Lagos, marking a significant milestone for the telecommunications giant.

The Nxtra by Airtel data center is a cornerstone of the company’s new data center venture, Nxtra.

This project is expected to generate over 1,000 jobs in Nigeria, with 250 permanent positions created upon completion.

The news was announced by Segun Ogunsanya, Group CEO of Airtel Africa, during a groundbreaking ceremony held in Lagos.

The state-of-the-art facility boasts a targeted capacity of 38 megawatts and will utilize high-density racks built with cutting-edge practices to achieve an impressive Power Usage Effectiveness (PUE) of 1.3. Completion is slated for the first quarter of 2026.

Ogunsanya emphasized the transformative nature of the Nxtra project for Airtel Africa, particularly in Nigeria, their largest market.

He highlighted Nxtra’s role in enhancing data sovereignty, security, and preservation across the continent. This initiative aligns with Airtel’s vision of establishing Nigeria as a central hub for digital service access.

Lagos State Governor Babajide Sanwo-Olu echoed Ogunsanya’s sentiments, suggesting the Nxtra project ushers in a new era for data control and security in Africa.

Bosun Tijani, Nigeria’s Minister of Communications, Innovation, and Digital Economy, also underscored the project’s potential to propel the nation’s economy and businesses in the coming era driven by Artificial Intelligence (AI) and data centers like Nxtra.

He emphasized the critical role data plays in Nigeria’s economic landscape, underlining the importance of investing in the digital economy and commending Airtel’s commitment to this vision.

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London Fintech Firm Unlimit Expands Payment Services to Tanzania

Key Developments

London Fintech Firm Unlimit Expands Payment Services to Tanzania

Unlimit, a London-based financial technology company specializing in cross-border payments, announced its entry into the Tanzanian market after receiving a license from the Bank of Tanzania (BOT).

This expansion follows similar moves into Nigeria and Kenya in 2023, solidifying Unlimit’s position as a major player in African payment solutions.

The new license allows Unlimit to introduce a range of services to Tanzanian businesses, including business payments, merchant services, and outbound payments.

This expansion aligns with Unlimit’s goal of eliminating financial borders globally. By integrating their proprietary payment infrastructure, Unlimit aims to streamline regional and international trade for Tanzanian entrepreneurs.

“We are thrilled to bring our advanced payment solutions to Tanzania,” said Trevor Goott, Director of Unlimit for Africa and India.

“Through our custom-built digital payment solutions, we believe we can significantly contribute to consolidating Africa’s fragmented payments landscape and fostering economic growth by empowering local businesses and entrepreneurs. We’re here for the long haul.”

Unlimit’s entry into Tanzania positions them to compete with established fintech companies like Flutterwave, Lemfi, Payday, and Grey Finance.

In a separate development, Unlimit announced a strategic partnership with Union Pay International (UPI) in November 2023.

This collaboration aims to accelerate the growth of Unlimit’s Banking-as-a-Service (BaaS) platform by allowing BaaS clients to integrate UPI cards into their offerings.

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Egyptian Healthtech Startup 30Med Secures Pre-Seed Funding

New Investments

Egyptian Healthtech Startup 30Med Secures Pre-Seed Funding

Egyptian healthtech startup 30Med has secured pre-seed funding from undisclosed angel investors.

This funding round will reportedly provide 30Med with the resources needed to further develop its platform and expand its reach within the medical community.

Founded in 2023 by Ayman Ragab, 30Med operates in the B2B space, aiming to bridge the gap between pharmaceutical companies and physicians.

The company leverages interactive videos and conference events to showcase new medicines and facilitate continuous learning for medical professionals.

According to the company’s website, 30Med boasts a user base of over 2,000 doctors actively engaged with the platform, seeking to stay updated on the latest advancements in medicine and pharmaceuticals.

“This funding is a strong validation of our mission,” said Dr. Ayman Ragab, CEO of 30Med. “It allows us to accelerate our efforts in transforming medical education.”

The press release highlights 30Med’s existing partnerships with pharmaceutical companies in Egypt, underlining the startup’s commitment to reshaping the medical education landscape within the country.

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“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.

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Moroccan Super App ORA Technologies Secures $1.5 Million to Boost Financial Inclusion

New Investments

Moroccan Super App ORA Technologies Secures $1.5 Million to Boost Financial Inclusion

Moroccan startup ORA Technologies, known for its super app offering various services, has secured $1.5 million in seed funding from local investors.
 

This funding round follows a successful $1 million pre-seed funding secured in November 2023.

The fresh capital will be used to propel ORA’s launch of its e-wallet feature, enabling instant money transfers for users.

This functionality is being developed through a partnership with M2T, a subsidiary of Banque Centrale Populaire, ensuring secure and reliable transactions.

Founded in 2023 by Omar Alami, the ORA app boasts over 300,000 downloads and provides a comprehensive platform for Moroccans, including peer-to-peer transactions, and access to an e-commerce marketplace.

The upcoming e-wallet integration, facilitated by the M2T partnership, aims to further revolutionize financial services in Morocco.

This feature will allow users to seamlessly combine social interaction with financial transactions within the app.

“This development is a significant step towards expanding digital and financial inclusion in Morocco,” said Alami.

“We are committed to offering accessible e-commerce and digital payment solutions to all Moroccans, bridging the gap between traditional and modern commerce while fostering an inclusive digital economy.”

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Nigerian Fintech Startup Youverify Secures $2.5 Million for Global Expansion

New Investments

Nigerian Fintech Startup Youverify Secures $2.5 Million for Global Expansion

Nigerian identity verification platform Youverify has secured $2.5 million in pre-Series A funding.
 

The investment comes courtesy of Elm, a Saudi Arabian investment firm known for supporting burgeoning technology ecosystems around the world.

Youverify aims to leverage this partnership to streamline Anti-Money Laundering (AML) compliance for businesses, bolster global risk assessment capabilities, and most importantly, expand its product offerings and delve into new markets.

Founded in 2018, Youverify caters to both individuals and businesses seeking verification solutions.

Individuals can utilize the platform to confirm their identities, registration status, and ownership details using reliable government data.

Businesses, on the other hand, benefit from Youverify’s extensive reach, with its services spanning over 145 jurisdictions in 48 countries – exceeding their initial target of covering 30 African nations.

Youverify’s impressive growth trajectory is further underlined by the sheer volume it handles – processing over 4 million applications monthly for a clientele exceeding 3,500 companies.

Their verification capacity has also witnessed a significant jump, growing from 400 million individuals to a staggering 5 billion.

This expansion extends to the business realm as well, with Youverify now boasting the ability to verify 600 million businesses across diverse sectors like telecoms, gaming, travel, and healthcare.

Youverify leverages the power of artificial intelligence (AI) and established mathematical models to analyze and assess risks.

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