The investment, provided by MASSIF, a financial inclusion fund managed by the Dutch entrepreneurial development bank FMO, will fuel the company’s expansion and further bridge the SME finance gap in Africa.

Founded in 2015, Fido has been leading the way in providing accessible credit to individuals and businesses in Ghana and Uganda.

By leveraging technology and alternative data, the platform has granted loans to over 650,000 customers who may not have a traditional financial track record.

The latest funding round will enable Fido to increase its loan book in existing markets and explore new African countries.

This expansion aligns with the company’s mission to support underserved communities, particularly those at the bottom of the pyramid.

MASSIF’s investment in Fido demonstrates its commitment to financial inclusion and the empowerment of micro, small, and medium-sized enterprises (MSMEs).

By partnering with Fido, MASSIF aims to address Africa’s $331 billion SME finance gap and provide innovative digital lending solutions to underserved populations.

Fido’s successful Series B funding underscores the growing demand for accessible and inclusive financial services in Africa.

As the company continues to expand its reach and impact, it is poised to play a vital role in driving economic development and empowering individuals and businesses across the continent.

The global engineering and construction contractor’s investment follows extensive discussions and negotiations with Ugandan President Yoweri Museveni earlier this year.

UTel, once Uganda’s national telecom provider, faced financial challenges that led to its placement under a court-appointed administration in November 2022.

As a result, the company relinquished all its assets and business operations.

To facilitate the investment, UTel has agreed to cede 60% of its shares to Rowad Capital.

The Dubai-based company is expected to invest an initial $225 million in the telecom sector, aiming to revitalize UTel’s operational capabilities and enhance its market competitiveness.

The broader strategy behind this investment seeks to revamp Uganda’s telecom industry and attract foreign investment.

By aligning with the country’s regulatory framework, the government hopes to create a more dynamic and competitive telecom landscape.

In line with Ugandan regulations, UTel is required to list at least 20% of its shares on the Uganda stock exchange within two years.

This move aims to ensure transparency and public participation, a practice already adopted by major players like MTN Uganda and Airtel Uganda.

ElimuTab, founded in 2022 by Anthony Kahinga and Grace Wairimu, is pioneering the development of locally tailored educational tablets designed to enhance learning outcomes for Kenyan students.

ElimuTab’s tablets come preloaded with a comprehensive suite of educational resources, including curriculum-approved e-books, engaging apps, and interactive content.

These resources are carefully curated to support students in preparing for exams, reviewing core subjects, and even learning the basics of coding.

David Kleiterp, co-head of investments at Untapped Global, expressed his enthusiasm for the investment, stating, “Our mission is to empower impact-driven SMEs in emerging markets, and ElimuTab perfectly aligns with this goal. By providing affordable, locally-relevant educational tablets, they are democratizing access to quality education in Kenya.”

Kleiterp further emphasized the importance of education in driving economic empowerment, highlighting that ElimuTab’s innovative solution is addressing a critical challenge on the African continent.

“This investment is not just about a product; it’s about opening doors to a brighter future for countless students across Kenya,” he added.

Untapped Global’s investment in ElimuTab underscores its commitment to supporting local innovation and scaling solutions that have a positive impact on communities.

By investing in such startups, the firm is contributing to the transformation of Africa’s economy and ensuring that future generations have the opportunity to thrive.

The investment will help the company expand its operations across Africa and develop new financial services offerings.

Workpay, formerly known as TozzaPlus, provides cloud-based HR management and payroll solutions for small and medium-sized businesses in Africa.

Its tools help businesses save time and money by eliminating inefficiencies associated with cash payments and ghost workers.

The latest funding round follows a previous $2.7 million pre-Series A raise earlier this year.

Other investors participating in the Series A include Visa, Y Combinator, Saviu Ventures, Axian, Plug n Play, Verod-Kepple Africa Ventures, and Acadian Ventures.

“Our goal is to become the go-to solution for employers and employees in managing HR, payroll, and work-related benefits,” said Paul Kimani, CEO of Workpay.

“This raise will support Workpay to reach profitability, a huge milestone for our company.”

Ngetha Waithaka, general partner at Norrsken22, expressed confidence in Workpay’s potential to revolutionize HR and payroll management in Africa.

“Africa boasts one of the largest working-age populations in the world, and they remain grossly underserved by existing HR and payroll tools,” Waithaka said.

“With the addition of integrated financial services, Workpay’s potential for growth is immense.”

The funding will support NoorNation’s expansion and scale its innovative solutions for decentralized energy and water infrastructure.

Founded in 2021 by Ragy Ramadan, NoorNation specializes in providing technology-enabled solutions to off-grid communities in Egypt and Sub-Saharan Africa.

The company’s flagship product, LifeBox, offers clean energy and safe water at affordable prices to rural areas, farms, and tourism businesses.

LifeBox, a solar-powered, self-contained unit, is designed and manufactured in Egypt.

It directly contributes to industrial localization and sustainability governance while providing peace of mind to customers by addressing their social, financial, and environmental needs.

The investment from KBW Ventures marks a significant milestone for NoorNation.

Prince Khaled expressed his immediate recognition of NoorNation’s potential during its pitch at the PepsiCo Greenhouse Accelerator Program.

He highlighted the company’s alignment with KBW Ventures’ focus on climate technology and its potential to make a positive impact.

“This is the first Egyptian startup we’ve invested in,” Prince Khaled stated, emphasizing his belief in Egypt’s sustainability and energy potential. “NoorNation’s pitch convinced me of their ability to deliver tangible solutions.”

With the new funding, NoorNation is poised to expand its reach and accelerate its mission of providing sustainable energy and water solutions to underserved communities.

T-Vencubator aims to bridge the gap between Egypt’s entrepreneurial potential and its technological capabilities.

By offering both venture capital and incubation services, the firm empowers startups to tackle societal challenges and drive Egypt’s future innovation.

The program provides comprehensive support to entrepreneurs, including funding, mentorship, guidance, technological infrastructure, and human resources.

T-Vencubator seeks to invest in ventures that demonstrate innovation and address real societal problems.

“T-Vencubator is committed to transforming ideas into reality,” said Reem Safy, founder and CEO of the firm.

“We believe in the power of technology to solve Egypt’s challenges and in the innovative minds of Egyptian entrepreneurs. Our investment in these startups is not just about capital; it’s about investing in the exceptional talent that will shape Egypt’s future.”

Interested entrepreneurs can submit applications through here – https://www.tvencubator.com/join-us

The evaluation process will focus on the innovation and societal impact of the proposed sol.utions.

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.

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.