The funding round was led by E4E Africa and 4Di Capital, with participation from several other investors, including DotExe Ventures, Launch Africa, Equitable Ventures, Felix Strategic Investment, Gaingels, and local angel investors.

Happy Pay, founded in 2023, provides interest-free and deposit-free credit solutions to its users.

The company leverages AI-driven credit scoring to assess customer affordability quickly, ensuring a seamless checkout experience for both consumers and merchants.

With this new funding, Happy Pay plans to launch innovative products, boost its marketing efforts, and expand its merchant base.

The company also intends to strategically grow its team to support its rapid expansion.

“This funding will enable us to accelerate our growth and expand our innovative product offerings, ultimately providing more value to the customers and merchants we serve,” said Wesley Billett, co-founder and CEO of Happy Pay.

Happy Pay has experienced significant growth over the past year, attracting a 900% increase in user growth, primarily driven by millennials and Gen Zs.

The company has been driving growth for South African eCommerce merchants by offering access to new customers, higher average order values, and improved conversion rates.

Patrick Postrehovsky, Co-Founder and COO of Happy Pay, stated that the fintech provides consumers with zero-cost alternatives to high-interest credit, enabling customers to access the formal financial system using their own affordability data.

The BNPL market in South Africa is experiencing rapid growth due to the country’s large population of financially unserved and underserved consumers, increasing eCommerce activity, and challenging economic conditions.

The BNPL payments in the country are expected to reach $1.07 billion this year, with an anticipated annual growth rate of 10.6% from 2024 to 2029.

The funding round was led by Reach Capital, with participation from Classera, Brighteye Ventures, e& capital, and several business angels.

LabLabee plans to use the funds to expand its operations in the Europe, Middle East, and Africa (EMEA) region and enter the US market.

The company will also introduce new hands-on training labs and expand its course catalog to include topics like industry 4.0, telco security, telco AI, and edge computing. Additionally, LabLabee will hire more staff to support its growing user base.

Founded in 2021, LabLabee offers hands-on learning experiences in future network technologies.

The company works with telecom operators, vendors, industrial companies, and more to integrate practical exercises into their training programs.

Esteban Sosnik, General Partner and Co-Founder at Reach Capital, praised LabLabee for its deep technical experience and industry knowledge.

He noted that the company is addressing a critical need in the telecom sector by helping workers upskill and reskill.

LabLabee’s co-founder, Samir Tahraoui, highlighted the challenges faced by telcos and industrial engineers in learning new technologies.

He emphasized that LabLabee’s platform makes learning easier, faster, and field-ready.

This renewed collaboration aims to break down financial and social barriers to education, impacting over 70,400 young women and girls directly and benefiting 3.3 million young people across the continent.

Over the next seven years, the Mastercard Foundation will invest an additional $360 million to help young women transition through education, entrepreneurship, and employment.

This move is part of the Foundation’s broader commitment to building inclusive education systems and enabling Africa’s youth, particularly girls, to thrive.

The partnership with CAMFED focuses on transforming the educational and economic landscape for girls in Tanzania, Zambia, Zimbabwe, Ghana, and Malawi.

Over the next six years, this investment will support 62,000 girls as they move through secondary and tertiary education, and into employment and entrepreneurship opportunities.

In addition to directly supporting the educational journey of these young women, CAMFED will work closely with local communities and governments to improve education systems for millions of students.

The long-standing collaboration between the Mastercard Foundation and CAMFED has already resulted in access to secondary and higher education for over 35,000 young women facing the highest financial and social barriers.

This latest expansion aims to build on that legacy and accelerate progress toward achieving the Sustainable Development Goals in Africa.

The Mastercard Foundation is also extending its seven-year partnership with FAWE to increase access to tertiary education, technical vocational and educational training (TVET), and job opportunities for over 10,500 young people across Uganda, Rwanda, Zambia, Ethiopia, Malawi, Ghana, Liberia, Tanzania, Zimbabwe, and Senegal.

This program includes bursaries for participants who are starting new businesses or innovating within existing ones.

With this expansion, FAWE will increase the number of post-secondary programs it supports to over 500 accredited tertiary institutions in Africa.

This initiative will benefit an estimated 1.2 million young women, providing them with the skills and opportunities needed to contribute to their communities and economies.

Backed by an initial investment of $11 million from the Bill & Melinda Gates Foundation, the initiative leverages Field’s proprietary technology, distribution network, and financing services to deliver innovative therapies to communities in need.

Field’s service currently supports over 40,000 healthcare providers in Kenya and Nigeria, providing them with the tools and resources necessary to improve patient outcomes.

The company’s CEO and Founder, Michael Moreland, highlighted the importance of utilizing digital technology to enhance access to quality care, emphasizing that the partnership with the Bill & Melinda Gates Foundation will accelerate progress in maternal and child survival.

According to data, women in sub-Saharan Africa face a disproportionately high risk of maternal mortality, with a rate that is significantly higher than in developed regions.

To address this urgent issue, Field’s service will provide expectant mothers with access to emerging therapies such as heat-stable carbetocin and calibrated drapes, which can help prevent and treat postpartum hemorrhage.

Despite advancements in healthcare delivery, economic challenges can hinder progress in improving maternal and child health.

Field is committed to overcoming these obstacles by providing coordinated systems and processes that support the implementation of innovative interventions.

Founded in 2015, Field has established itself as a leading pharmaceutical supply chain provider in Nigeria and Kenya.

The company’s distribution service, Shelf Life, reaches over 2,500 pharmacies and hospitals across the two countries, ensuring access to essential medicines and healthcare products.

Additionally, Field offers trade financing solutions to address working capital constraints and facilitate investments in new medical interventions.

This brings the total amount raised in the round to $72 million, following a $50 million investment in 2022.

The latest round was led by the European Bank for Reconstruction and Development (EBRD) Venture Capital, with participation from PayPal Ventures, Endeavor Catalyst, British International Investment (BII), FMO, A15, Nclude, and Helios Digital Ventures (HDV).

Paymob plans to use the fresh capital to expand its operations across the Middle East and North Africa (MENA) region, focusing on enhancing its product suite and services.

Since receiving the initial portion of its Series B funding, the company has already made significant strides, launching an app for small and medium-sized businesses (SMBs) and introducing new payment methods like embedded checkout experiences and products such as lending and advanced settlements.

Founded in 2015 by college friends Islam Shawky, Alain El Hajj, and Mostafa Menessy, Paymob started as a solution to Egypt’s growing eCommerce market, addressing the lack of suitable payment infrastructure for digital businesses.

Today, the company offers a comprehensive omnichannel payment gateway, enabling over 350,000 merchants to accept online and offline payments across five countries in the MENA region, including Egypt, Pakistan, Oman, Saudi Arabia, and the UAE.

Paymob has achieved notable success, becoming profitable in Egypt for the first time in the second quarter of 2024.

Revenue in Egypt has surged sixfold since mid-2022, driven by the company’s ability to cross-sell additional services to its expanding merchant base.

Despite its relatively recent entry into the UAE market, Paymob has already seen significant growth. Transaction volume in the Middle Eastern nation now matches that of its entire Egyptian business.

This rapid expansion can be attributed to the UAE’s higher purchasing power, stronger currency, and widespread adoption of digital payments.

This strategic move aims to bolster the growth of early-stage financial technology companies in Africa.

First Circle Capital, co-founded by Selma Ribica and Agnes Aistleitner Kisuule, is a specialized venture capital firm focused on insurtech, financial infrastructure, and climate fintech.

The fund’s portfolio includes 13 investments across seven African markets, showcasing its commitment to supporting innovative fintech solutions.

Anne-Marie Chidzero, Chief Investment Officer at FSDAi Nyala Facility, expressed enthusiasm for backing the “remarkable female investors” leading First Circle Capital.

She highlighted the fund’s expertise in the fintech sector and its potential to catalyze further institutional investments.

With Africa’s fintech industry poised for exponential growth, First Circle Capital’s investment aligns with the continent’s increasing demand for accessible and affordable financial services.

The fund’s focus on underserved populations and SMEs is crucial for fostering economic development and social resilience.

Selma Ribica and Agnes Kisuule emphasized the importance of expanding financial services in Africa, noting that the majority of fintech funding has been concentrated in payments.

By investing in the next layer of financial products, First Circle Capital aims to empower individuals and SMEs across the continent.

The fund’s team, with offices in Kampala and Casablanca, brings a wealth of operational experience and a strong network to support portfolio companies.

First Circle Capital Africa Fund I is backed by FSDAi Nyala Facility, Axian Group, and several serial entrepreneurs and investors.

The fund, which is expected to invest in companies demonstrating strong environmental, social, and governance (ESG) principles, will focus on unlocking mergers and acquisitions (M&A), market expansion, management buyouts (MBOs), and other growth strategies.

Launch Africa Ventures, founded in 2020 by Zachariah George and Janade du Plessis, has a successful track record of investing in African technology startups. The firm closed its inaugural fund, Launch Africa Ventures Fund 1, in 2022 at US$36.3 million.

Anthony Moore, a former managing director and head of investment banking at Goldman Sachs, has been appointed as executive chairman of the Mezzanine Impact Fund.

Moore, along with a new debt solutions team, will be responsible for identifying and funding high-growth technology companies across Africa, with a particular focus on the Africa-GCC corridor.

“The mission of the Mezzanine Impact Fund is to ensure that we continue to build a generation of innovators who own their businesses commercially,” said Launch Africa Ventures.

“We aim to support founders by pioneering a more tailored financial solution suitable to the African entrepreneurial ecosystem.”

The program is seeking startups with scalable, defendable solutions that leverage technology to address critical healthcare challenges and contribute to the Sustainable Development Goals (SDGs).

The Timbuktoo HealthTech Accelerator Program aims to foster a thriving ecosystem of startups developing innovative solutions in areas such as AI-driven diagnostics, locally manufactured medical devices, and biotechnology tailored to African needs. 

Criteria for Applicants:

• Technology-enabled solution: Startups must have a digital-first approach to their solutions.
• Contribution to SDGs: Solutions should align with and contribute to one or more of the UN SDGs.
• Scalability: Startups must have a clear path to growth and expansion.
• Defensibility: Startups should have a competitive advantage, such as intellectual property or domain expertise.
• Innovation: Startups must offer a novel approach to solving health challenges.
• Monetization strategy: Startups should have a clear plan for generating revenue.

Areas of Interest:

• Disease prevention
• Clinical preventive frameworks and community advocacy
• Vaccine and medicine production
• Medical robotics and automation
• Genomics
• Biomedical systems
• Patient care journey
• Pandemic/health emergencies management
• Malnutrition and stunting

Benefits for Selected Startups:

• Membership in the Timbuktoo HealthTech Hub ecosystem
• Mentorship from industry experts
• Equity-free funding of up to $100,000 USD
• Networking opportunities
• Access to investor networks
• Resources and support to accelerate growth

Application Process:

Interested startups can apply online at [https://forms.office.com/pages/responsepage.aspx?id=Xtvls0QpN0iZ9XSIrOVDGUX3Ay1r98ZLhR07OQNsAPxUMlNIMERKNjBMSFUwUktHUDM0UktWUjVPNy4u&origin=lprLink&route=shorturl] by October 6, 2024.