Founded in 2021 by Nader Abdelrazik and Mustafa Eid, MoneyHash offers a proprietary payment orchestration platform and an end-to-end payment operating system.

The company’s beta launch in 2022 attracted key regional clients, including Foodics, Rain, and Tamatem.

Building on this momentum, the startup unveiled its enterprise suite in October 2023 to cater to large-scale businesses.

This latest funding round, led by Flourish Ventures, included participation from notable investors such as Vision Ventures, Arab Bank’s Xelerate, and Emurgo Kepple Ventures.

The round also drew the involvement of industry veterans like Jason Gardner, founder and former CEO of Marqeta, as well as returning investors COTU, RZM Investment, and GitHub founder Tom Preston-Werner.

“Strengthening our capital table capabilities is as crucial as enhancing our business and product offerings,” said Abdelrazik.

“Our early strategy of partnering with strong regional investors has paved the way for market penetration. Now, with Flourish Ventures on board, we are building a foundation for global expansion.”

Flourish Ventures’ venture partner, Ameya Upadhyay, will join MoneyHash’s board of directors.

“MoneyHash has created a must-have product that enhances payment performance and margins from the outset. With a vast opportunity in emerging markets, the team’s experience and customer-centric approach position them as a future leader in the sector,” he said.

This funding milestone comes less than a year after MoneyHash raised $4.5 million in seed funding, demonstrating its rapid growth and increasing appeal among investors.

The funding comes from notable investors, including the Gates Foundation and Helios Digital Ventures.

This latest round adds to the company’s previous $10 million Series-A funding secured in 2022 from TLCom, Capria, Lateral Frontiers, Ingressive Capital, and Enza Capital.

Including earlier funding rounds, SeamlessHR has now raised approximately $25 million since its inception in 2018.

According to insiders, SeamlessHR plans to channel the new funds toward its continental expansion efforts, potentially through acquisitions.

Reports indicate the company explored acquiring a Nigerian HR tech startup last year, signaling a strategic intent to bolster its market presence.

“We’ve grown significantly over the past five years, establishing ourselves as the leading HR and Payroll Software provider for medium to large enterprises in Africa. Our goal remains optimizing workforce productivity while introducing innovative solutions like responsible credit products to empower African workers,” said Emmanuel Okeleji, Co-founder and CEO of SeamlessHR, in a statement.

SeamlessHR offers a robust cloud-based HR software platform tailored to meet the needs of businesses across Nigeria, Ghana, and Tunisia.

Its suite includes tools for performance management, payroll, recruitment, and, more recently, an e-procurement platform launched in 2024.

The initiative targets the deployment of 120 MW of renewable power, including battery energy storage, aiming to bridge the continent’s energy gap.

The platform is a collaboration involving PowerGen, the Private Infrastructure Development Group (PIDG), the Danish Investment Fund for Developing Countries (IFU), EDFI Management Company (through its EU-funded Electrification Financing Initiative), and the African Development Bank’s Sustainable Energy Fund for Africa (SEFA).

PIDG’s commitment was delivered via InfraCo, leveraging concessional capital from PIDG Technical Assistance. SEFA, a multi-donor fund managed by the African Development Bank, provides catalytic financing to drive private sector investments in renewable energy and energy efficiency.

Building on more than 13 years of operational expertise, PowerGen aims to develop a 120 MW portfolio of mini- and metro-grids and commercial and industrial (C&I) power systems.

The projects, which will include battery energy storage, will initially target underserved regions in Nigeria, Sierra Leone, and the Democratic Republic of the Congo (DRC).

With an estimated 570 million people in sub-Saharan Africa lacking access to electricity, the platform’s regional expansion seeks to accelerate electrification through collaborations with local developers and EPC partners.

The first phase of funding closed in January 2025, paving the way for additional equity and debt financing later this year.

With the secured funding, PowerGen is set to bring reliable electricity to over 68,000 households and reduce power costs for 7,000 businesses.

This increased access is expected to drive economic activity, boost productivity, and create significant employment opportunities.

Aaron Cheng, CEO of PowerGen, highlighted the company’s vision:

“We are excited to embark on this transformative chapter in Africa’s energy journey. Through our partnership, we aim to contribute meaningfully to the continent’s energy transition and socio-economic growth.”

This initiative marks a significant step toward closing Africa’s energy gap, enhancing climate resilience, and fostering sustainable development across the region.

FARO, a South African startup revolutionizing the fashion industry, has secured $6 million in funding to address textile waste and make fashion more affordable across Africa.

JP Zammitt, President of Bloomberg, led the investment round, with additional backing from venture capital firms such as Presight Capital and Garage Ventures.

Notable individual investors included Mato Perić (MPGI), Leonard Stiegeler (Pulse), Oliver Merkel (Flink), Vikram Chopra (Cars24), Tushar Ahluwalia (Razor Group), and Daniel Funk, Managing Director of Thiel Capital.

The funds will enable FARO to scale operations and further its mission of combating the environmental damage caused by fashion industry waste.

By leveraging unsold inventory from developed markets and reconditioning returns, FARO is carving a niche in the global resale market while addressing the sustainability challenges posed by secondhand clothing imports in emerging markets.

Founded in 2024 following a successful pop-up experiment in 2023, FARO quickly established itself as a market leader.
Its debut pop-up store in South Africa generated $100,000 in its first month.

Surpassing initial projections, the startup achieved $2.3 million in revenue last year with just four stores, a remarkable feat that reflects its innovative approach and market demand.

Currently operating in urban hubs, mid-market centers, and formal retail spaces, FARO plans to expand to 1,000 locations within the next decade.

The company’s inventory consists of 40% reconditioned returns and 60% overstock items, sourced from prominent brands like ASOS, Boohoo, G-Star, Jack & Jones, and Levi’s.

The startup employs advanced data analytics and inventory management systems to predict consumer demand, optimize stock levels, and enhance the shopping experience.

This technology-driven approach ensures operational efficiency, enabling FARO to scale while maintaining competitive pricing.

The startup’s business model aligns with the principles of a circular economy, extending product lifecycles and reducing environmental impact.

The funding aims to enhance the continent’s tourism industry through cutting-edge technology, marking a significant milestone for sustainable and inclusive travel.

The funding round attracted prominent investors, including Clear Creek Investment B.V., Klister Corp., and Fede Pirzo-Biroli of Playfair Capital.

This investment highlights growing confidence in PEV’s mission to tackle key challenges in the tourism industry through its portfolio of startups and upcoming ventures.

“This funding is a testament to the untapped potential in African tourism innovation. With this support, we’re poised to revolutionize the industry through groundbreaking travel technology in Africa, fostering economic growth while preserving the continent’s incredible natural and cultural heritage,” said Ben Peterson, PEV’s Co-Founder and CEO.

PEV’s ambitions align with Kenya’s efforts to bolster its digital ecosystem.
Initiatives like expanding fiber optic connectivity and the introduction of a digital nomad visa underscore the government’s commitment to fostering a tech-enabled environment.

These measures aim to attract remote workers and global travelers, strengthening the synergy between technology and tourism.

Kenya has also made strides in digitizing government processes to improve efficiency and transparency.

In September 2024, the government launched the Foreign Travel Management Information System (FOTIMS), an automated platform for senior government officials to approve foreign travel, replacing outdated manual systems.

PEV’s focus on sustainability is central to its approach, addressing immediate industry needs while ensuring long-term environmental and cultural preservation.

Its innovations prioritize efficiency, inclusivity, and resilience—qualities that are especially vital in a post-pandemic landscape.

This funding forms part of a $7.75 million internal round, enabling Sistema.bio to scale its biogas technology and digital solutions across Africa.

The investment aligns with Novastar’s mission to foster sustainability and economic development through its Africa People + Planet Fund III, which targets climate-focused initiatives and agricultural advancements.

Sistema.bio has made significant strides in providing biogas technology that transforms animal waste into renewable energy and biofertilizer, helping farmers reduce energy costs and improve soil health.

Operating across 12,000 farms in 31 countries, including several in sub-Saharan Africa, the company has positively impacted over 100,000 farmers.

Enhanced Capabilities Through Technology
Sistema.bio’s acquisition of Inclusive Energy has strengthened its digital monitoring and verification (MRV) capabilities.

The integration enhances remote diagnostics, carbon usage analytics, and predictive maintenance, ensuring efficient service delivery and reliable data insights for farmers.

“This investment strengthens our mission to empower low-resourced farmers with solutions that drive economic growth and climate resilience,” said Joyce Cacho, Board Chairman of Sistema.bio.

“Together, we are scaling impactful technologies that benefit both people and the planet.”

Steve Beck, Co-founder of Novastar Ventures, expressed optimism about the partnership:

“Sistema.bio empowers family farmers to transform waste into renewable energy and fertilizer, unlocking productivity and resilience while reducing greenhouse gas emissions. We’re excited to partner at this growth stage and contribute to their carbon market initiatives.”

This capital injection will facilitate its planned expansion into Europe, including the acquisition of a European firm to support independent operations in the region.

The funding round was led by Highland Europe, a London-based growth-stage investment firm known for backing companies with annualized revenues exceeding €10 million.

Existing investors, including Endeavor Catalyst, Left Lane Capital, Palm Drive Capital, and Y Combinator, also participated.

With this latest round, Lemfi’s total funding has reached $85 million since its inception in 2019 by co-founders Ridwan Olalere and Rian Cochran.

Lemfi’s European entry builds on a prior partnership with Modulr.

However, the acquisition of a Republic of Ireland-based company—whose name remains undisclosed—will allow Lemfi to operate independently in Europe starting next month.

The company generates revenue through transaction fees and foreign exchange spreads across its operational footprint.

The new funding will enable Lemfi to secure additional licenses and form new partnerships while enhancing its offerings with localized services.Plans are underway to introduce a customer card in the US, UK, and Canada, along with strategic hiring to sustain its rapid growth trajectory.

Currently, Lemfi processes $1 billion in monthly payment volumes, marking a significant leap from its $2 billion annual transaction volume in 2023.

Over the past two years, the company has doubled its users, revenue, and transaction figures.

CEO Ridwan Olalere attributes this success to strong adoption in the Asian corridor, which now contributes $160 million in monthly transaction processing volume (TPV) and boasts 30% month-on-month growth since its 2023 launch.