The funding will be used to develop and promote artificial intelligence (AI) solutions designed to streamline logistics processes across Africa.

The digital platform aims to leverage the investment to simplify transactions, optimize transportation routes, and enhance overall efficiency within the continent’s logistics sector.

This is expected to reduce costs and delivery times and improve accessibility for businesses of all sizes.

Tasmir Ousmane Traore, Logidoo’s Founder and CEO, expressed optimism about the grant, stating that it will enable the development of innovative AI solutions to address the challenges faced by the African logistics industry.

The company intends to utilize the funding to build intelligent algorithms capable of optimizing delivery routes, minimizing fuel consumption, and automating routine tasks.

Founded in 2019, Logidoo has consistently demonstrated its commitment to transforming the African logistics landscape.

Earlier this year, the startup secured $1.55 million in seed funding to expand its operations into Senegal, Morocco, Ivory Coast, and Tunisia.

With the new AI-driven initiatives, Logidoo is targeting a 20% reduction in delivery times, a 15% decrease in operational costs, and a 95% on-time delivery rate.

The company also plans to expand its services to 10 additional African countries within the next two years and double its customer base.

The investment, secured from a consortium of investors including the International Finance Corporation (IFC), ILX, and the British International Investment (BII), aims to enhance the reliability, speed, and affordability of money transfers in Africa.

The funding will be instrumental in expanding TerraPay’s operations to new global markets and money transfer operators, thereby increasing transaction volume and driving down costs.

The company plans to leverage the capital to strengthen its infrastructure, expand its network, and invest in cutting-edge technology solutions to address real-world payment challenges.

“This significant investment is a testament to TerraPay’s commitment to transforming the African payments landscape,” said Ambar Sur, Founder and CEO of TerraPay.

“Our longstanding partnership with IFC has been instrumental in our growth, and we are excited to deepen this collaboration to drive financial inclusion and accessibility across the continent.”

In addition to expanding its operations, TerraPay will partner with Enza, a venture capitalist, to accelerate financial inclusion.

This collaboration is expected to bring numerous businesses into the formal financial ecosystem for the first time.

The high cost of remittances in sub-Saharan Africa has been a persistent challenge and TerraPay aims to make money transfers more affordable and accessible for millions of people across the continent.

The funding, facilitated through a securitization partnership with African Frontier Capital, will be used to provide consumer loans for solar and energy-efficient appliances.

This move is expected to bring reliable and renewable energy to an estimated 6 million people over the next three years.

d.light CFO Ron Pfende acknowledged the economic challenges faced by many consumers, saying: “The global economic climate has undoubtedly impacted people’s livelihoods.”

“To address this, we’ve tailored our product offerings to meet individual needs, allowing customers to purchase products individually through our PayGo financing option,” he added.

The company’s strategy of unbundling solar packages into single products is designed to make solar energy more accessible to low-income households.

By scaling up its PayGo consumer finance program, d.light aims to increase the availability of solar-powered products in communities with limited access to electricity.

The fresh capital, led by Argentem Creek Partners and with participation from existing investors, will fuel Dopay’s expansion in its home market, Egypt, and support the launch of new financial services.

The company also plans to extend its multi-bank, multi-country platform to other emerging markets.

Founded in 2014 by Frans van Eerse and Roel Van Eersel, Dopay addresses the critical issue of cash dependency among workers in developing economies.

The platform enables employers to make digital cash payments directly to employees, contributing to the Egyptian Central Bank’s goal of promoting financial inclusion and digitizing payments.

In 2021, Dopay obtained a banking agent license, allowing it to launch a virtual banking platform that facilitates real-time payments and account opening for businesses and their employees. This innovative solution aligns with the Central Bank of Egypt’s regulatory framework.

Dopay’s CEO, Frans van Eerse, expressed enthusiasm about the new funding, stating that it will enable the company to enhance its platform, collaborate with partner banks, and develop a self-financing lending model.

This approach will leverage deposited funds to create a sustainable financial ecosystem and offer new lending products to customers.

Maarten Terlouw, Co-Chief Investment Officer at Argentem Creek Partners, emphasized the potential of a payroll-centric approach to integrating unbanked populations into the formal financial system.

The firm believes this model can foster long-term customer relationships and create opportunities for cross-selling financial products.