🔥 Maad-y & Flutterwave-y 🥷

⟹ 🚀 STARTUPS WATCH 🚀 ⟸

Here are the 5 top startups in the African eco-system we think you need to know:

FairMoney, a leading financial technology platform, is reshaping access to instant loans with its revolutionary Android & IOS app. Operating from Nigeria to India, FairMoney is democratizing finance by providing swift loan approvals within 5 minutes, empowering individuals to realize their aspirations.

As the top-rated fintech app in Nigeria, FairMoney facilitates over 10,000 daily loan disbursements and serves more than 5 million users with comprehensive banking, savings, and investment solutions. By pioneering mobile banking for the next 2 billion, FairMoney is empowering Nigerians to seize control of their lives and finances, one loan at a time.

In the News:

• Fair Money raises $42 million as it evolves into a digital bank - Techcabal

• From loans to digital banking: FairMoney eyes growth in Nigeria - Techcabal

Doxx, an innovative platform, is revolutionizing healthcare by offering virtual medical consultations and medication services through a vast network of renowned providers. Leveraging advanced telehealth solutions and digital patient records, Doxx ensures accessibility to healthcare anytime, anywhere. With its commitment to bridging the gap in medical access, Doxx is transforming the landscape of healthcare delivery, making quality medical assistance readily available to all.

In the News:

• Egyptian e-health startup Doxx raises $1.5m seed round - Disrupt Africa

Zeepay, a Ghanaian FinTech startup established with a clear vision, is revolutionizing the digital payment landscape by focusing on digital rails to connect various digital assets. As the fastest-growing fintech in Ghana, Zeepay Ghana Limited aims to bridge the gap between the unbanked and banked population by providing integrated mobile payment services. With a mission to enhance financial inclusion, Zeepay offers mobile wallets that cater to both the unbanked and banked segments, streamlining payments and collections.

Zeepay facilitates international money transfers, payments, subscriptions, international airtime, and refugee payments by connecting digital assets such as mobile money Wallets, cards, ATMs, Bank Accounts, and Digital Tokens. Regulated by the Financial Conduct Authority and other regulators across Africa, Zeepay operates globally with offices in various countries, including the United Kingdom.

In the News:

• Zeepay and Moneyboxx Clinch Deals at Accra’s Angel Fair Africa - Techcabal

• Ghanaian fintech startup Zeepay raises equity funding to support ongoing expansion - Disrupt Africa

• Ghanaian fintech startup Zeepay raises $7.9m Series A funding round - Disrupt Africa

⟹ 💼 💰️ VENTURE CAPITAL WATCH 💼 💰️ ⟸

Although it may seem repetitive, the stream of startup investments persists, culminating in two additional fundraisers totaling $6.7 million this past week.

Investor faith in the African startup ecosystem is on the rise, reflecting a positive outlook as we navigate the post-COVID recovery. Across various growth stages and product development phases, including pre-seed, seed capital, Series A, B, and beyond, African startups are increasingly able to secure venture capital funding.

Senegalese logistics platform Maad raised US$3.2 million in seed funding to expand domestically and internationally and launch new products. Maad connects suppliers and small retailers of fast-moving consumer goods (FMCG) through a tech-driven solution that offers reliable delivery, competitive prices, and working capital loans. The seed round, comprising both equity and debt, was led by Ventures Platform and included Seedstars International Ventures, Reflect Ventures, OuiCapital, Launch Africa, Voltron Capital, Alumni Ventures, Proparco, and local banks.

Egyptian fintech startup MNZL raised US$3.5 million in seed funding to enhance its technology and scale operations, aiming to empower more Egyptians by transforming their assets into liquidity. Founded in 2023 by Sameh Saleh, Ahmed Eldessouky, and Bassem El Shaer, MNZL allows users to turn their homes and cars into cash through a digital wallet concept. This approach to asset-backed lending provides a revolutionary way for Egyptians to access credit. The funding round was led by P1 Ventures, Localglobe, and Ingressive Capital, with support from 500 Global, Flat6Labs, First Circle Capital, Enza Capital, Beenok, and other angel investors.

👀 This week’s featured investor is EchoVC. 👀

EchoVC is a technology-focused early-stage VC firm dedicated to investing in underrepresented founders and underserved markets. They aim to be the Sequoia Capital for underestimated founders and markets, financing entrepreneurial inspiration in diverse founding teams. EchoVC unapologetically backs women, founders of African descent, and underserved POC markets, focusing on bold ideas that leverage technology to deliver value to mass markets.

Their portfolio spans sectors such as Smart Planet, Health and Human Services, Emerging Fintech, The Next Frontier, Commerce, Media & Entertainment, Access to Energy, Sustainable Mobility, and Connectivity. With offices in Africa, the US, and the UK, and a team boasting over 80 years of combined experience, EchoVC leads nearly all their deals, providing active support to their founders. You can count on EchoVC to continue backing innovative ideas that harness the power of technology.

⟹ 📺️ MEDIA WATCH 📺️  ⟸

Here are the 5 key things in the news this week that you need to know:

1. Flutterwave loses ₦11 billion in security breach - Techcabal

2. Senegal’s Maad raises $3.2m seed funding to expand, launch new products - Disrupt Africa

3. Egyptian fintech startup MNZL raises $3.5m seed funding round to scale - Disrupt Africa

4. Paystack’s payments push pays off as bank transfer volume doubles in 2023 - Techcabal

5. Accion’s new $152.5M fund will back financial institutions serving small businesses globally - Techcrunch

And that’s your weekly dosage of the African startup ecosystem! If you have any comments or feedback, just respond to this email. We are always looking to hear from our community.

Thanks for reading. See you next week.

Gitonga, the Stoic Founder at StartupHub.Africa 🚀

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