This funding will bolster REGMIFA’s efforts to support micro, small, and medium-sized enterprises (MSMEs) across the region.

By partnering with microfinance institutions, fintech startups, and mid-sized banks, REGMIFA aims to expand access to finance for MSMEs and low- to middle-income households.

FMO’s investment is strategic as it allows the fund to reach smaller financial institutions and underserved markets, including countries like Niger, Angola, and Mali.

“This investment aligns with our commitment to gender equality and financial inclusion,” said Juan Jose Dada Ortiz, FMO’s director of financial institutions.

“By supporting REGMIFA, we are empowering women entrepreneurs and contributing to economic growth in the region.”

Laure Wessemius-Chibrac, chairwoman of the REGMIFA board, expressed enthusiasm about the partnership, stating, “This investment will fuel innovation and resilience among African entrepreneurs, creating a positive impact on countless lives.”

FMO’s support underscores its dedication to fostering sustainable development and economic growth in Sub-Saharan Africa.

The lending platform beat out a stiff competition of over 7,000 startups to clinch the top spot.

Two other finalists, Kunda Kids and PaveHQ, also received recognition, bagging $70,000 and $50,000 respectively.

Sycamore, founded in 2019 by Babatunde Akin-Moses, offers peer-to-peer lending services, providing risk assessment, commercial lending, and asset financing solutions.

Kunda Kids is an ed-tech company focused on African-inspired digital content, while PaveHQ is an international education and career platform.

The winners were selected based on market potential, team composition, traction, and solution competitiveness.

Commenting on the win, Sycamore’s CEO expressed his elation, highlighting the startup’s positive impact on society.

Aminu Umar-Sadiq, NSIA Managing Director, emphasized the prize’s role in fostering innovation and promoting homegrown talent.

Sycamore’s victory comes amid a growing loan app industry in Nigeria, which has seen a surge in licensed companies.

This financial boost will fuel the company’s expansion within South Africa and lay the groundwork for its international operations.

Plentify specializes in developing innovative smart energy solutions that make clean and affordable electricity accessible to all.

The company has created a suite of products that optimize energy consumption in homes through advanced hardware, artificial intelligence, and user-centric design.

The startup’s technology seamlessly integrates with household appliances, enabling them to operate during periods of peak energy generation while minimizing consumption during times of strain.

This approach not only reduces electricity bills but also contributes to a more sustainable energy grid.

“Our solution addresses a critical challenge faced by countries worldwide: the imbalance between energy demand and clean energy supply,” said Jon Kornik, co-founder, and CEO of Plentify.

The funding round attracted participation from both existing and new investors, including Third Sphere, TELUS Pollinator Fund for Good, Susquehanna Foundation, and Fireball Capital.

“Plentify’s groundbreaking technology has the potential to revolutionize the way we consume energy,” said Paras Patel, managing partner of E3 Capital. “We are thrilled to support a team that is committed to addressing pressing energy challenges through innovative and sustainable solutions.”

The investment, which includes a $40 million contribution from the International Finance Corporation (IFC), will bolster the company’s efforts to digitize financial services across new regions.

Founded in 2018, MNT-Halan has rapidly grown to serve over seven million customers in Egypt, disbursing more than $4.4 billion in loans.

The company’s digital ecosystem encompasses a wide range of financial services, including small and micro business lending, consumer finance, prepaid cards, e-wallets, savings, payments, and e-commerce.

The fresh capital injection follows previous funding rounds totaling $520 million, positioning MNT-Halan as a financial powerhouse in the region.

With this latest investment, the company aims to leverage its technological expertise and partnerships to replicate its success in new markets.

“Egypt remains our core market, but we are excited to extend our mission of financial inclusion to other countries,” said MNT-Halan founder and CEO Mounir Nakhla.

“This funding enables us to pursue strategic acquisitions and partnerships that will accelerate our regional growth.”

In addition to the IFC, other investors participating in the round include Development Partners International, Lorax Capital Partners, and funds managed by Apis Partners LLP, Lunate, and GB Corp.

The latest funding came months after MNT-Halan announced a $400 million investment to become Egypt’s first unicorn.

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.