Other notable investors in this round included Google’s Africa Investment Fund, Verod Capital, and Lightrock, underscoring Moniepoint’s growing influence in African fintech.

With the new funding, Moniepoint plans to expand its footprint across Africa, beginning with Kenya, where it is on the verge of acquiring KopoKopo, a digital payments platform.

Though details of the acquisition cost remain undisclosed, this move signifies Moniepoint’s ambitious regional growth strategy.

Since its founding in 2015, Moniepoint has transformed from developing software for Nigerian financial institutions—initially under the name TeamApt—to becoming one of Nigeria’s leading providers of agency banking solutions.

This strategic shift helped the company scale significantly, establishing a vast agency network across Nigeria.

A rebranding in 2023 saw Moniepoint venture further into digital banking, offering both personal and business banking services.

The company now processes around 800 million transactions monthly, totaling over $17 billion in value, and serves more than 10 million customers.

DPI Partner Adefolarin Ogunsanya expressed strong confidence in Moniepoint’s future, citing its “excellent leadership and strategic vision” as key factors in the firm’s decision to invest.

He added that Moniepoint’s impact on financial inclusion and its fast-paced growth highlights its potential for continued success across the continent.

Moniepoint’s CEO, Tosin Eniolorunda, emphasized the company’s mission to address customer needs through innovative, transparent, and secure solutions.

“The proceeds from this raise will accelerate our efforts to drive financial inclusion and support Africa’s entrepreneurial landscape,” he stated.

The backing from DPI, Google, Verod, and Lightrock further reflects the firm’s impact in bridging gaps in financial inclusion and supporting underserved communities across Africa.

The ASISA ESD Fund, managed by Edge Growth, is dedicated to backing SMEs that are poised to make significant social and economic contributions, especially in light of South Africa’s current economic challenges.

This latest funding round expands Edge Growth’s roster of impactful businesses, enabling the firm to continue strengthening resilient companies in the SME sector.

Notable among these are local startups such as TSL Legal, a legal technology firm; Rentoza, a subscription-based electronics service; DKN Transport, a logistics provider; and SweepSouth, a home services platform.

Each of these aligns with the ASISA ESD Fund’s mission to promote an inclusive economy that benefits both entrepreneurs and underserved communities.

Edge Growth’s investment strategy provides more than just financial backing; it also offers SMEs strategic guidance and market access support to promote sustainable scaling.

Since its establishment in 2007, Edge Growth has played a pivotal role in South Africa’s SME ecosystem, managing assets worth over €115 million ($120 million) and addressing persistent challenges like funding gaps and limited business skills that often impede SME growth.

ASISA ESD Fund Chairperson Fay Mukaddam highlighted that the fund prioritizes sectors with the potential for wide-ranging societal benefits.

She noted that the fund’s mission extends beyond financial gain, aiming to support projects that uplift historically underserved South African communities.

Among Edge Growth’s notable investments, Rentoza stands out for making consumer electronics more accessible through its subscription model, which helps alleviate upfront costs for consumers.

This model addresses the growing demand for affordable tech options and exemplifies Edge Growth’s commitment to sustainable, impactful investments.

With the newly acquired $2.1 million, Edge Growth aims to deepen its support for SMEs that contribute to job creation, social value, and economic resilience.

Additionally, the ASISA ESD Fund recently formed a partnership with Proparco, a French development finance institution, securing a €2 million ($2.2 million) ARIZ PRIME portfolio guarantee.

This guarantee helps mitigate the risks associated with early- and growth-stage investments, fostering a more robust framework for supporting SMEs in South Africa.

The financing will enable BURN to offer the cookers through its “Pay-As-You-Cook” model, a flexible payment solution designed to make clean cooking technology more accessible to households that cannot afford full upfront payments.

Founded and headquartered in Kenya, BURN has expanded its impact across nine countries, employing over 3,500 people.

Its ECOA Electric Induction Cooker, manufactured entirely in Kenya, is part of a three-piece stainless steel cookware set aimed at reducing indoor air pollution, cutting cooking time, and saving household fuel expenses.

BURN reports having distributed over five million clean cookstoves across Africa to date, helping households transition from traditional fuel sources such as firewood and charcoal to cleaner, more sustainable alternatives.

Peter Scott, Founder and CEO of BURN, emphasized the importance of the EIB investment, stating that it will enable BURN to scale its Pay-As-You-Cook electric solution, already launched in Kenya and Tanzania, to reach over a million low-income households.

The cookers are compatible with grids powered largely by renewable energy sources, which are estimated to supply 80-95% of the electricity for these communities.

This EIB investment follows a series of funding rounds for BURN. Recently, the company secured $9.2 million from Marex to boost the production, distribution, and monitoring of its clean cooking products in multiple African countries.

Marex’s funding also raised Key Carbon’s total investment in BURN’s carbon credit projects to $45 million across eight African nations.

Earlier in 2024, BURN received over $12 million in funding led by Key Carbon Ltd. and Cartesian to expand electric cookstove distribution in Kenya, Tanzania, Uganda, and Zambia, alongside biomass stoves in Nigeria, DRC, Tanzania, and Mozambique.

To meet growing demand, BURN inaugurated its first assembly plant in Kano, Nigeria, in Q2 2024, enhancing local access to affordable clean cooking solutions in the region.

Founded in 2015 by Lars Veul and Derk Hoekert in Cape Town, Pargo offers smart logistics solutions for e-commerce via its extensive network of 4,500 tech-enabled pickup points across Africa, linking major retailers such as Amazon, Bash, and Jumia with a customer base exceeding 10 million online shoppers.

The recent $4 million investment round was led by 3Capital Ventures, with participation from Endeavor, SAAD Investment Holdings, and UW Ventures.

This funding will help Pargo broaden its services and expand its logistical network, especially in Egypt, where it has already rolled out its Collect and Return service through partnerships with popular outlets like Fawry, Circle-K, and Basata.

The Middle Eastern e-commerce platform Noon is among the first prominent brands to adopt Pargo’s logistics services in Egypt.

CEO Lars Veul expressed enthusiasm about the company’s new foray into Egypt, highlighting the nation’s rapidly growing e-commerce market.

“Our goal is to offer affordable delivery solutions to tap into Africa’s vast e-commerce potential, reaching the 500 million online shoppers who currently face service limitations,” Veul said.

“This expansion marks a pivotal step in developing the largest smart logistics network in the region.”

After a successful 2023 pilot with 150 initial points in Egypt, Pargo introduced a Cash on Collection option, catering to the nation’s cash-preferred consumer base.

The trial received favorable adoption rates, validating demand for the company’s unique logistics services.

Pargo aims to establish 7,000 pickup points across Africa by 2026, solidifying its presence in Egypt and fostering partnerships with key local and regional players.

Abdelmalek Shamsi, Pargo’s managing director in Egypt, stated:

“By bringing our Collect and Return solution to Egyptian consumers, we’re committed to elevating the shopping experience. With partners like Noon and a robust interest pipeline, we are poised to harness Egypt’s immense market potential.”

This funding comprises $24 million in Series A equity and $17.5 million in debt facilities from British International Investment (BII) and the U.S. Development Finance Corporation (DFC).

The equity round was led by Africa50, a pan-African infrastructure investor, representing the largest investment from an African fund into an e-mobility company.

Novastar Ventures, CFAO Kenya, Mobility54, SBI Investment, Trucks VC, Moxxie Ventures, and Susquehanna Foundation are co-investors in this round.

This investment unlocks a $10 million debt facility from DFC to support BasiGo’s operations in Kenya and an additional $7.5 million debt facility from BII to scale the company’s electric bus deployment in Rwanda.

Jit Bhattacharya, CEO of BasiGo, expressed enthusiasm for the investment, stating:

“Our mission since 2021 has been to transform public transport in Africa through clean, electric solutions. Africa50’s recognition of our potential and the combined equity and debt investment validates our business model. With BII’s backing, we are poised to expand our electric bus model across East Africa.”

The newly acquired capital will help BasiGo achieve its goal of delivering 1,000 electric buses to East Africa over the next three years.

In Kenya, the funds will be used to boost production at BasiGo’s E-Bus assembly line at Kenya Vehicle Manufacturers, expand the Pay-As-You-Drive service, and enhance the company’s technology platforms, including Jani, which aims to improve passengers’ access to electric buses.

Raza Hasnani, Managing Director at Africa50, highlighted the importance of the investment, saying:

“BasiGo is positioned to scale across East Africa and beyond. This investment supports the greening of public transport in Kenya and Rwanda, fostering sustainable development in the region.”

Novastar Ventures Managing Partner, Steve Beck, emphasized the team’s progress, noting:

“This funding round demonstrates strong investor confidence in BasiGo’s business model and value proposition, as the company leads the way in sustainable transportation across Africa.”

In late 2023, BasiGo expanded into Rwanda, where six pilot electric buses are already in operation, and over 300 reservations have been made by local bus operators.

The $7.5 million debt facility from BII will facilitate the commercial deployment of electric buses in Rwanda, furthering the company’s commitment to electrifying public transport across East Africa.

Seema Dhanani, BII’s Head of Office in Kenya, remarked:

“BII is proud to support BasiGo’s expansion into Rwanda. This effort aligns with our mission to foster sustainable economic growth by reducing pollution and addressing climate change.”

This innovative program aims to boost economic growth and job creation.

It serves as a collaborative platform for financial and non-financial partners, including Nigeria’s Ministry of Finance, the Nigeria Sovereign Investment Authority (NSIA), and the Development Bank of Nigeria (DBN).

In addition to the AfDB’s contribution, DBN and NSIA will provide $25 million and $5 million, respectively.

The initiative is divided into two key components.

The first involves setting up the YEIB Investment Management Company, which will oversee three special-purpose vehicles: the Equity Investment Fund (EIF), the Ecosystem Development Fund (EDF), and the Credit Guarantee Facility (CGF).

These vehicles will provide financial aid, grants, and risk management support for youth and women-led businesses.

The second component focuses on equipping young entrepreneurs with the services needed to turn their ideas into viable businesses, addressing challenges such as youth unemployment and gender inequality.

The project is expected to create more than 161,000 direct jobs, 40% of which will be allocated to women, and 1.4 million indirect jobs, 35% of which will benefit women.

Additionally, over 38,000 youth-led enterprises will receive both financial and non-financial support, with 40% of the beneficiaries being women.

Dr. Abdul Kamara, AfDB’s Director General for Nigeria, highlighted the initiative’s potential to bridge gender gaps and promote entrepreneurship.

This is the third YEIB initiative approved by AfDB, following similar programs in Liberia and Ethiopia.