Day: August 19, 2024

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Nigerian Fintech Waza Secures $8 Million to Expand B2B Payments Across Africa

New Investments

Nigerian Fintech Waza Secures $8 Million to Expand B2B Payments Across Africa

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Waza, a Nigerian fintech startup specializing in B2B payments and liquidity solutions for emerging markets, has raised $8 million in a combination of equity and debt financing.
 

The investment will fuel the company’s expansion beyond its current footprint in Ghana and Nigeria and introduce new trade finance offerings.

The equity portion of the funding, totaling $3 million, was secured from investors including Y Combinator, Byld Ventures, Norrsken Africa, Heirloom VC, Plug and Play Tech Center, and Olive Tree Capital.

Additionally, Waza obtained $5 million in debt financing from Timon Capital to pilot trade finance solutions for large enterprise clients.

Founded by Maxwell Obi and Emmanuel Igbodudu in 2023, Waza has rapidly grown since joining Y Combinator’s Winter 23 batch.

The platform has processed over $700 million in annualized payment volume and serves hundreds of businesses across six continents. Notably, Waza achieved profitability in the fourth quarter of 2023.

“This funding brings us closer to our vision of transforming B2B payments and liquidity access across Africa,” said Maxwell Obi, CEO of Waza.

“By enhancing settlement infrastructure, we’re addressing the foreign exchange and liquidity challenges faced by African businesses, opening doors to more global trade opportunities.”

The investment comes amid a surge in cross-border payments, driven by increasing remittance flows and global trade.

With the global cross-border payments market projected to exceed $250 trillion by 2027, Waza is well-positioned to capitalize on this growth.

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Cynthia Wandia: Kenyan Entrepreneur and Fintech Innovator Driving Financial Inclusion in Africa

Cynthia Wandia: Kenyan Entrepreneur and Fintech Innovator Driving Financial Inclusion in Africa

Cynthia Wandia is a Kenyan entrepreneur and business leader, known for her contributions to the fintech industry in Africa.

She is the co-founder and CEO of Kwara, a company that provides digital banking solutions to Savings and Credit Cooperative Organizations (SACCOs) across Africa.

Cynthia holds degrees in Electrical Engineering and Computer Science from Jacobs University in Germany.

Before founding Kwara, Cynthia gained experience in both engineering and finance.

Her technical and financial expertise has been instrumental in leading Kwara’s growth.

The company has become a key player in modernizing SACCOs, enabling them to offer digital banking services to their members. This work has played a crucial role in advancing financial inclusion in Africa.

Under Cynthia’s leadership, Kwara has expanded rapidly, securing funding from global investors.

The company has received recognition for its innovative approach to financial services.

Cynthia has also become a respected voice in the fintech community, speaking on topics such as financial technology and the importance of financial inclusion.

She is also committed to empowering women in the technology sector and frequently advocates for gender equality in business.

Through her work and advocacy, she has made a lasting impact on the financial ecosystem in Africa, particularly in the cooperative sector.

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Ecobank Announces 12 Finalists for its Fintech Challenge

New Investments

Ecobank Announces 12 Finalists for its Fintech Challenge

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Ecobank, a leading pan-African banking group, has unveiled the twelve finalists vying for the US$50,000 grand prize in its seventh annual Fintech Challenge.
 

The competition, which seeks to foster innovation and partnership within the African financial landscape, attracted over 1,550 applications from 70 countries.

Forty startups initially made it to the semi-finals, with twelve ultimately selected to compete in the grand finale scheduled for September 27 in Lomé, Togo.

The event will be live-streamed on Ecobank’s social media platforms for a global audience.

Two Kenyan startups, BuuPass and Melanin Kapital Neobank, are among the finalists, alongside Nigeria’s Sawport Video Banking as a Virtual Branch and Sproutly.

The rest of the finalists are Daba Finance (Ivory Coast), EasyEquities (South Africa), Exuus (Rwanda), MiaPay (Togo), PaySika (Cameroon), PROBOUTIK (Senegal), Vaultpay (DRC) and YMO Africa (Guinea).

The Ecobank Fintech Challenge offers startups the opportunity to partner with the bank and scale their solutions across its network of 35 African countries.

The ultimate winner will receive the US$50,000 cash prize and the chance to collaborate with Ecobank.

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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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