The recipient, fintech company Affinity, will receive backing to fuel their continental expansion plans.

This move marks a significant first for Renew Capital, not just in Ghana, but across the continent.

It comes shortly after the February 2024 launch of their latest tech fund, Renew Venture Lab Fund 2 (RVL2). This fund targets investments in tech-driven, asset-light businesses across Africa.

Renew Capital is known for supporting innovative, high-growth companies.

They manage investments for Renew Capital Angels and previously launched the Renew Venture Lab Fund series focused on early-stage tech companies with a “founder-centric” approach.

Following the closure of Renew Venture Lab Fund 1, they introduced RVL2, aiming to invest in roughly 50 tech startups across Africa.

“The most successful companies in RVL2 will be eligible for larger investments from Renew Capital Fund 1, our growth-stage investment fund,” Renew Capital stated.

“This is our first investment in Ghana,” said JC Oelofse, Renew Capital’s Head of Investment, following the Affinity deal. “We’re excited to support their expansion goals across the continent, where millions still lack access to financial services.”

Founded in 2010, Affinity operates as a digital banking platform.

They acquired a Ghanaian microfinance business in February 2020 and secured a savings and loan license from the Bank of Ghana in March 2022.

Affinity offers a range of services, including current, savings, and investment accounts, alongside transfers, payments, and loans.

Their core mission is to expand financial inclusion in Africa by reaching underserved populations.

“At Affinity, we’ve built a fully integrated platform focused on financial inclusion,” explained CEO and Founder Tarek Mouganie.

“We effectively address challenges faced by individuals and micro, small, and medium enterprises (MSMEs) lacking access to financial services across sub-Saharan Africa.”