The funding round was led by Oui Capital, with participation from Rally Cap, BKR Capital, and several angel investors.

Cauridor operates a hybrid payment system that integrates digital solutions with cash-based networks, enabling seamless financial transactions across multiple West African countries.

The company facilitates payments through a network of over 25,000 agents spanning Guinea, Senegal, Ivory Coast, Sierra Leone, and Liberia.

Its technology supports various payment methods, including cash pickups, bank transfers, and mobile wallets.

According to co-founder Oumar Rafiou Barry, the lack of robust payment infrastructure in Francophone Africa prompted the company to build its payment rails to address fragmentation in the region’s financial ecosystem.

This strategy has significantly contributed to Cauridor’s revenue, with its payment rails division now accounting for more than 90% of its earnings.

In 2024, the company reported a total payment volume (TPV) of $500 million.

The newly secured funding will drive Cauridor’s expansion into additional markets, including Mali and Nigeria.

Additionally, the company is preparing for a Series A funding round and is exploring blockchain integration to optimize settlements and leverage the rising adoption of stablecoins in cross-border payments.

Barry emphasized that these developments will enhance operational efficiency and position Cauridor as a key player in Africa’s evolving fintech landscape.

Founded in 2020 by Omar Saleh, Ahmed Wagueeh, and Fatimah El Shenawy, Khazna initially launched as an earned wage access platform.

Over time, it has evolved into a multi-service fintech provider, catering to a significant portion of Egypt’s smartphone users who lack access to formal financial services.

The company currently offers general-purpose credit, buy now pay later (BNPL) options, and bill payment services.

This latest funding round follows Khazna’s $38 million Series A investment in 2022.

Investors in the pre-Series B round include a mix of new and existing backers such as SANAD Fund for MSME, anb Seed Fund, Aljazira Capital, Khwarizmi Ventures, Nclude, ICU Ventures, Quona Capital, Speedinvest, and Disruptech Ventures.

With fresh capital secured, Khazna aims to accelerate its growth by applying for a digital banking license in Egypt and establishing strategic partnerships to enter the Saudi market.

CEO Omar Saleh described the funding as a major milestone for the company, emphasizing its role in expanding financial inclusion across the MENA region.

“This achievement not only strengthens our core operations but also enables us to fast-track our mission of financial empowerment. Our entry into Saudi Arabia marks the start of an exciting new chapter, and we remain dedicated to delivering a seamless digital experience to users across the region,” he stated.

The new fund is targeting a total capital raise of $85 million and aims to provide crucial early-stage investment to startups across North, West, and East Africa.

Flat6Labs has positioned itself as a key player in accelerating startup growth in these regions, offering funding, mentorship, and business development support to emerging companies.

A significant portion of the fund—49%—will be allocated to Egyptian startups, reinforcing Egypt’s role as a leading hub for innovation and entrepreneurship in Africa.

This strategic focus aligns with Flat6Labs’ ongoing efforts to stimulate local economies by empowering high-potential startups with the necessary resources to scale.

IFC’s Ongoing Partnership with Flat6Labs

The proposed investment marks IFC’s fourth financial commitment to Flat6Labs, following its participation in three previous funds managed by the firm.

This long-standing partnership highlights IFC’s confidence in Flat6Labs’ ability to identify and nurture promising startups that contribute to economic development and job creation.

As the private sector arm of the World Bank Group, IFC has been actively involved in supporting high-growth startups across emerging markets.

Its latest backing of Flat6Labs aligns with broader efforts to address the financing gap that many early-stage companies face in Africa, particularly those operating in technology-driven sectors with the potential for significant economic impact.

Strengthening Africa’s Startup Ecosystem

Flat6Labs’ latest fund comes at a time when African startups are increasingly attracting global attention, despite challenges such as limited access to capital and economic volatility.

The firm has a proven track record of successfully launching and managing startup accelerator programs, equipping founders with the skills, mentorship, and capital necessary to scale their ventures.

Flat6Labs aims to bridge the funding gap that often hinders early-stage startups from achieving sustainable growth.

The fund’s regional strategy, encompassing North, West, and East Africa, reflects the growing investor interest in African markets as hubs for technological innovation and entrepreneurship.

The fund aims to support startups at various stages, from early development to scaling regionally and internationally.

With a strong focus on fostering Egyptian startups, Foundation Ventures has built a reputation for backing early and growth-stage companies.

The new fund has garnered support from notable investors, including the Egyptian American Enterprise Fund (EAEF), the Micro, Small, and Medium Enterprise Development Agency (MSMEDA), and entrepreneur Onsi Sawiris.

While the primary investment focus remains on Egypt, a portion of the capital will also be allocated to high-potential startups across Africa.

According to Mazen Nadim, managing partner at Foundation Ventures, Egypt presents a unique opportunity for startups due to its rich tech talent pool and strategic economic position in the Middle East and Africa.

“The currency devaluation provides startups with an advantageous cost structure, allowing them to access top-tier tech talent and refine their business models efficiently before expanding regionally and globally,” Nadim explained.

Beyond financial investment, the firm extends strategic support to its portfolio companies, offering them access to Egypt’s largest enterprise network. This approach is designed to help startups establish a strong foundation locally before pursuing wider market opportunities.

Meanwhile, the Egyptian-American Enterprise Fund sees the partnership with Foundation Ventures as a move toward fostering innovation and economic growth in the region:

“We are confident in the talent and vision of the Foundation Ventures team and committed to supporting entrepreneurs who are shaping the future of the region,” said Yasmine Ghobrial, EAEF’s chief investment officer.

The funds will be allocated through the Emerging Africa & Asia Infrastructure Fund (EAAIF), an entity under the Private Infrastructure Development Group (PIDG), managed by investment firm Ninety One.

Swedfund’s investment is set to prioritize climate-resilient infrastructure projects that promote adaptation strategies, facilitate the transition to net-zero emissions, and enhance digital connectivity.

These projects may also receive technical assistance from PIDG to support underserved communities, ensuring gender inclusion, climate resilience, and nature conservation outcomes.

The initiative aims to address risk perceptions surrounding infrastructure investments in Africa, foster investor confidence, and attract private capital.

This approach is critical to bridging the financing gap and strengthening capital markets to enhance social and environmental impact.

Infrastructure challenges remain significant across the targeted regions. Africa, for instance, has the highest percentage of people without access to electricity, accounting for 75% of the global population lacking reliable power.

In Asia and the Pacific, an estimated 350 million people have only limited electricity access, while 150 million remain without any power supply, according to data from the Asian Development Bank. 

Limited energy access in South Asia and sub-Saharan Africa also affects digital connectivity and restricts access to essential services.

EAAIF is committed to advancing low-carbon infrastructure solutions while supporting industrial growth in Africa and Asia.

The fund’s work aligns with global net-zero targets and aims to close the energy access gap through mitigation and adaptation strategies.

Commenting on Swedfund’s contribution, Martijn Proos, Co-Head of Emerging Market Alternative Credit at Ninety One, emphasized the long-term impact of the commitment:

“Swedfund’s investment will enable the delivery of climate-resilient and inclusive infrastructure projects that drive economic transformation and improve livelihoods across Africa and Asia. Furthermore, the benefits extend beyond project sites, providing individuals and businesses with the confidence to plan for the future.”

Since its inception in 2001, EAAIF has facilitated high-impact infrastructure development in Africa and Asia, providing patient debt capital for projects valued at over $2.5 billion across various sectors and regions.

This collaboration, set to commence in February 2025, focuses on training individuals aged 15 to 35 in critical areas such as artificial intelligence, programming, data analysis, digital marketing, and modern pedagogy.

Founded in 2016 and transitioning to an online platform in 2018, Eyouth has developed its training courses designed to help young individuals enhance their careers and acquire necessary skills for the job market.

The partnership with EDT&Partners combines Eyouth’s established expertise in skills development with EDT’s innovative educational technologies.

The program will leverage advanced digital tools and strategic educational frameworks to address the growing digital skills gap in the MENA region, where only 1.7% of the workforce is classified as “digital talent”.

The initiative was unveiled at Bett 2025, a leading education technology event, highlighting the transformative potential of technology in education.

Mostafa Abdel Latif, co-founder and CEO of Eyouth, expressed his commitment to empowering youth:

“To date, we have developed the skills of over three million young people. Through this partnership, we aim to accelerate and empower an additional one million youth to unlock their potential and drive innovation across Africa and the Middle East”

The program will also support qualified educators in the region by providing financial assistance and access to an advanced learning platform that offers interactive training in both English and Arabic.

This initiative is expected to significantly impact educational opportunities within the MENA region, aiming to bridge the gap between current educational systems and the skill demands of the job market.

This initiative will primarily focus on SMEs in North, East, and West Africa, operating in key sectors such as education, health, and agribusiness.

The investment aligns with Proparco’s Choose Africa initiative, which is dedicated to bolstering African SMEs and start-ups.

Jérémie Ceyrac, Proparco’s Investment Director, highlighted the fund’s objectives, stating:

“This investment is fully in line with the Choose Africa initiative, which Proparco has launched to support SMEs and start-ups in Africa. This fund reflects our ambition to strengthen the capacities of African entrepreneurs and to respond to economic, social, and environmental challenges in a sustainable manner. Our partnership with AfricInvest goes back more than 25 years, and we are proud to once again play a joint role in supporting the continent’s economic fabric.”

AfricInvest, a leading Pan-African investment platform, views this fund as a continuation of its mission to empower high-growth, high-impact African businesses.

Brahim El Jai, Senior Partner at AfricInvest, remarked:

“This fund is part of our ongoing commitment to support small and medium-sized African businesses with high growth and impact potential in their ambition to become drivers of sustainable transformation. By combining financial support with our local and multi-regional expertise, we are supporting innovation, job creation, and the adoption of climate strategies in line with the Paris Agreements. Our aim is to help these companies generate measurable economic, social, and environmental value while consolidating their position in strategic markets.”

This collaboration underscores the long-standing partnership between Proparco and AfricInvest, spanning more than two decades. 

The funding will drive the expansion of MOPO’s battery rental operations in the Democratic Republic of Congo (DRC), a cornerstone of the company’s strategic growth plans in Africa.

MOPO aims to revolutionize energy access across urban and rural areas in Africa, addressing the persistent issue of unreliable or non-existent electricity grids.

The company’s offerings include two battery types: the MOPO50, designed for lighting, phone charging, and small DC appliances, and the larger MOPOMax, capable of powering 230V appliances and serving as a battery swap solution for e-motorbike taxis.

These batteries are available through solar-powered hubs managed by local agents, enabling customers to access electricity on a pay-per-use basis without the financial burden of upfront costs or consumer debt.

The new funding will allow MOPO to triple its service capacity in the DRC over the next year, targeting over one million people.

With only 17% of the DRC’s population having access to electricity, the World Bank ranks the country among the ten least electrified globally.

MOPO’s model provides an affordable and environmentally friendly alternative to carbon-based fuel generation, addressing a critical need for sustainable energy solutions.

Chris Longbottom, MOPO’s CEO, emphasized the transformative potential of the funding, stating:

“Our partnership with BII aligns perfectly with our mission to provide clean, affordable energy to underserved communities. This collaboration will enable us to make a lasting impact, empowering households and small businesses without the burden of costly upfront investments.”

Since its launch in the DRC in early 2024, MOPO has established operations in six cities and achieved over 23 million battery rentals across Sub-Saharan Africa.

The DRC has emerged as a key growth market due to its vast population of over 100 million, where more than 80% lack access to electricity.

“This financing from BII is a pivotal moment for MOPO as we scale our operations and bring transformative energy solutions to millions,” Longbottom added.

Chris Chijiutomi, Managing Director and Head of Africa at BII, highlighted the significance of MOPO’s mission: “MOPO’s innovative solutions are addressing a critical energy deficit, enabling businesses and households to thrive even in remote areas. This partnership reflects BII’s commitment to fostering sustainable economic growth in Africa’s frontier markets.”

Lord Collins of Highbury, UK Minister for Africa, echoed these sentiments, emphasizing the broader impact of UK investment in driving sustainable economic growth in Africa. “This partnership between BII and MOPO showcases how UK expertise can unlock opportunities for green development, creating value for businesses in the UK and Africa alike,” he said. 

Co-founder and CEO Alastair Bovim described the investment as a testament to the growing commitment to leveraging technology in addressing climate change and promoting innovation in industries such as mining and beyond.

The company’s platform addresses critical climate-related challenges, including geotechnical and environmental risk management and GHG emissions monitoring.

Insight Terra plans to use the new funding to strengthen its commercial and technical teams, enabling it to provide enhanced support for global industries navigating increasing environmental regulations and investor scrutiny.

According to Bovim, the platform’s capabilities will expand to meet the complex monitoring, reporting, and verification needs of various sectors, ensuring safety and compliance with international standards.

Insight Terra’s real-time edge-to-cloud data management system transforms environmental data into actionable insights.

It empowers industries to address pressing questions, such as whether their operations are safe and compliant with international standards.

In regions like South Africa, where climate change heightens the risk of infrastructure failures, real-time monitoring can mitigate environmental and human impacts, exemplified by incidents like the 2019 Brumadinho dam collapse in Brazil.

The funding round was led by E3 Capital, with participation from Fireball Capital, Atlantic Bridge, Globalive, and JLR Star.

E3 Capital’s Andrew Darge highlighted the platform’s potential to manage climate-related risks in Africa’s critical industries, aligning with E3’s mission to invest in low-carbon solutions.

Fireball Capital CEO Paula Mokwena praised Insight Terra’s leadership in driving environmental, social, and governance (ESG) outcomes, while Atlantic Bridge Managing Partner Kevin Dillon acknowledged the company’s impressive progress since its initial Series A round.