Industry: fintech
Sentiment: Positive
Total Articles: 6
Last Article: 2025-06-05 08:52:35+00:00
Despite global economic challenges, Verod, a West African investor, contributed to resilient African fundraising and dealmaking in 2024. The firm's Impact Report 2024 showcases progress in gender equity, job quality, and climate action across its portfolio companies.
PalmPay, an African digital bank fintech, is negotiating a Series B round of $50-100 million. The company, now profitable, plans to use the funds to expand in Nigeria, scale its business offering, and enter new markets in Africa and Asia.
Nigerian fintech Moniepoint is expanding into diaspora-focused financial services with the launch of MonieWorld, starting with UK-Nigeria remittances. The company aims to build a comprehensive immigrant banking platform, going beyond just remittances to offer services like credit building.
The African startup ecosystem experienced mixed results in 2024, with funding returning to pre-pandemic levels but facing challenges due to global VC tightening. While some well-funded startups closed down, others pivoted or thrived, highlighting the dual realities of challenges and resilient adaptations in the post-boom tech landscape.
Lagos-based fintech Raenest has raised $11 million in Series A funding to expand its cross-border payment solutions across Africa. The company offers virtual USD, GBP, and EUR accounts for freelancers and businesses to receive international payments and manage multi-currency wallets.
Visa has made a strategic investment in Moniepoint, an African fintech platform. The partnership aims to support SMEs and drive financial inclusion across Africa, with plans to introduce contactless payments and expand into new markets.