This follow-on investment, finalized in December 2024, doubles Norfund’s initial US$40 million commitment made in July 2022.

CrossBoundary Energy had previously secured US$40 million in funding from ARCH’s Africa Renewable Power Fund.

The increased funding aims to support the rapid expansion of CrossBoundary Energy’s commercial and industrial renewable energy portfolio, which has grown to approximately US$680 million across 18 African nations.

This portfolio encompasses 500 megawatts (MW) of solar, wind, and thermal energy assets, along with over 600 megawatt-hours (MWh) of battery storage solutions.

The projects include large-scale hybrid power plants for mining operations, rooftop and ground-mount solar photovoltaic (PV) systems for industrial clients, and distributed solar PV and battery power setups for telecommunications sites.

Muna Yuusuf, Associate Principal at CrossBoundary Energy, highlighted the significance of Norfund’s investment, stating:

“Norfund’s investment signifies a strong vote of confidence in CBE’s capability to meet the increasing demand of commercial and industrial customers for affordable, clean, and reliable power – the backbone of powering sustainable growth in key industries and economies across Africa.”

Rivhatshinyi Mandavha, Senior Investment Manager at Norfund, underscored the growing demand for clean energy solutions on the continent, saying:

“The need for innovative energy solutions in Africa is growing rapidly.

CrossBoundary Energy is a leading provider of solutions that are poised to bolster clean energy capacity and job creation on the continent.”

Headquartered in Mauritius, CrossBoundary Energy operates in 18 African countries, serving clients that include prominent global and regional companies such as Rio Tinto, Unilever, Diageo, Heineken, and the Devki Group.

The company’s renewable energy solutions are designed to provide cost-effective, sustainable power, enabling businesses to reduce operational costs and carbon emissions while driving industrial growth across the region.

This development comes three months after Moniepoint’s $110 million Series C funding round, which tripled its valuation to over $1 billion, signaling growing investor confidence in the company’s potential.

Founded in 2015, Moniepoint provides banking and payment services tailored to small and medium-sized businesses (SMEs) and retail customers.

As a leader in Nigeria’s agent banking sector, Moniepoint boasts a network of over 300,000 point-of-sale (POS) agents and processed 5.2 billion transactions in 2023.

The investment by Visa aims to support Moniepoint’s mission of enhancing financial inclusion for African businesses.

This partnership combines Moniepoint’s local expertise and innovative approach with Visa’s global capabilities.

“Visa’s backing is a strong endorsement of our vision to digitize and support African businesses at scale,” said Tosin Eniolorunda, Founder and Group CEO of Moniepoint.

“We aim to deepen financial inclusion, enabling SMEs to access the tools and resources they need to thrive in an increasingly digital economy.”

Visa’s investment adds to an impressive roster of Moniepoint’s supporters, including Development Partners International, Google’s Africa Investment Fund, Verod Capital, Lightrock, QED Investors, Novastar Ventures, British International Investment (BII), FMO, Global Ventures, and Endeavor Catalyst.

Highlighting Moniepoint’s impact, Andrew Torre, Regional President for Central and Eastern Europe, Middle East, and Africa at Visa, stated:

“Moniepoint has built an impressive platform that directly addresses the needs of Africa’s SMEs, a critical segment in enabling economic development.”

“By making financial services and digital payments more accessible and efficient, Moniepoint is helping transform how businesses operate in Nigeria and beyond. We are excited to support their next phase of growth and innovation.”

Sevi is revolutionizing stock financing for wholesalers and retailers with its innovative “stock-now, pay-later” platform, designed to address the challenge of insufficient working capital.

The platform enables retailers to access credit for stock purchases while ensuring suppliers receive upfront payments.

This dual-benefit model supports suppliers such as Coca-Cola, Anytime, and Philmed, who are paid directly through Sevi, while retailers gain the flexibility to order stock on credit, fostering business growth.

Sevi leverages artificial intelligence and machine learning to enhance its credit evaluation process, providing tailored financing solutions to its users.

“Our mission is to empower wholesalers and retailers by providing them with the working capital they need to grow their shops,” said Walter aan de Wiel, founder of Sevi.

“With our app, retailers can access stock on credit, repay easily, and focus on expanding their businesses, while suppliers benefit from upfront payments.”

The fintech operates on a one-week credit cycle, which reduces supply chain friction and boosts efficiency for both retailers and suppliers.

Calvin Chitangala, Investment and Project Manager at Renew Capital, highlighted the significance of Sevi’s innovation.

“Sevi is solving a critical working capital gap in the FMCG sector,” he said. “Their platform makes stock financing more accessible and efficient, empowering businesses to grow faster.”

The first is the KawiSafi Fund II, a $200 million fund aimed at accelerating the green energy transition and supporting decarbonization strategies across sub-Saharan Africa.

This fund focuses on late-stage venture and early-growth equity investments, prioritizing sectors that include energy transition, green productivity, sustainable mobility, logistics, and carbon-based natural solutions.

KawiSafi Fund II seeks to catalyze Africa’s shift towards renewable energy while addressing critical environmental challenges.

The second initiative, the Catalyst Fund, is a venture capital fund and accelerator designed to support early-stage technology startups with high-impact solutions for climate adaptation and resilience.

This fund invests across diverse sectors such as agritech, climate fintech, sustainable energy, agro-forestry, and water management, tackling pressing issues like waste reduction, cold chain innovation, and sustainable food systems.

In addition to financial investments, the Catalyst Fund offers bespoke venture-building support to help startups scale effectively, ensuring they are equipped to deliver long-term impact.

These strategic investments by Heading for Change reflect a deep commitment to advancing climate resilience and sustainable development in Africa.

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.