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⟹ 🚀 STARTUPS WATCH 🚀 ⟸

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

Kuda Bank is a full-service digital-only bank, purpose-built for smartphones and designed to simplify banking for Africans. With a Central Bank license, Kuda eliminates the frustration of excessive charges and inconsistent services that traditional banks often impose. The app offers a seamless, cashless banking experience, featuring free transfers, budgeting tools, and savings features that help users spend smarter and save more. From ordering a Kuda Visa card to paying essential bills, Kuda empowers users to manage their finances efficiently without hidden fees.

Founded with the mission to transform banking in Nigeria, Kuda Bank began as a simple savings app but has grown into a fully licensed microfinance bank. The bank's commitment to providing accessible, affordable financial services to Nigerians is evident in its tools for tracking spending habits, automating savings, and making informed financial decisions. Kuda Bank is not just a financial institution; it's a movement driven by the needs of its users, determined to make banking work better for everyone in Nigeria.

CrossBoundary is a mission-driven investment firm dedicated to unlocking capital for sustainable growth and strong returns in underserved markets. With a transaction-centered approach, CrossBoundary excels in providing investment advisory services across a wide range of sectors in emerging and underserved regions. Their clients include governments, development finance institutions, private equity firms, Fortune 100 companies, and research institutions, all of whom rely on CrossBoundary’s expertise to navigate complex investment landscapes.

Beyond advisory services, CrossBoundary’s direct investment arm, CrossBoundary Energy, leads in financing solar projects across Africa, driving impact and supporting the continent’s transition to sustainable energy. At its core, CrossBoundary is committed to bridging the gap between capital and opportunity, ensuring that even the most underserved markets can achieve sustainable growth and development. Their mission is to create a lasting impact by channeling investment where it’s needed most, fostering economic progress in regions often overlooked by traditional financial systems.

Trade Ghana is a platform revolutionizing the commodity trading landscape in Ghana by connecting buyers, sellers, and transporters directly. It simplifies the trading process by allowing buyers to select their desired quantity, grade, and price, and then find sellers to match their needs. Trade Ghana ensures quality and reliability by weighing and grading every bag of maize traded, delivering directly to buyers, and offering returns for any rejected bags.

With 280,000 bags of maize sold and GHS 15 million processed, Trade Ghana has built a robust network of 250 satisfied buyers, 10 warehouses, and 4,800 sellers. Their commitment to quality, simple buying process, and secure transactions make them a trusted choice in the market.

⟹ 💼 💰️ VENTURE CAPITAL WATCH 💼 💰️ ⟸

The venture capital landscape in Africa saw dynamic activity this week, with several key moves shaping the ecosystem. Leading the headlines, B2B e-commerce giants Wasoko and MaxAB completed a strategic merger, marking the largest such consolidation in the sector.

Rwanda’s Ampersand continued its momentum, securing additional investment to bring its total funding to $21.5 million over the past year. In South Africa, fintech startup Omnisient closed a $7.5 million Series A round to fuel its global expansion efforts. Nigeria's ed-tech scene also made waves with Quizac being acquired by Tekedia Capital.

Additionally, Kenya’s Sukhiba raised $1.5 million in seed extension funding to scale its innovative WhatsApp-based e-commerce platform across emerging markets.

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Finally, Accion launched a new $152.5 million fund aimed at bolstering financial institutions that support small businesses worldwide, underscoring the ongoing commitment to enhancing financial inclusion.

👀 This week’s featured investor is Zedcrest Group. 👀

Zedcrest Group is a leading financial solutions powerhouse in Africa, committed to reshaping the continent’s financial landscape through innovative and sustainable business practices. Founded in 2013, Zedcrest has grown into a formidable force, dedicated to building businesses that drive economic growth, nation-building, and development. Their approach is deeply rooted in a fiduciary responsibility to their clients, ensuring that every decision made aligns with the interests of their stakeholders.

Zedcrest's portfolio spans various sectors, all focused on creating long-term value through user-friendly technological innovations. With a presence in Lagos, Nigeria, Zedcrest is redefining financial services in Africa by investing in ventures that are not only profitable but also sustainable. Their unwavering commitment to putting clients first has established them as a trusted partner in the African financial ecosystem.

As they continue to invest, build, grow, and trade, Zedcrest remains at the forefront of delivering research-driven solutions that meet the continent’s evolving financial needs. Keep an eye on Zedcrest as they lead the charge in creating value across Africa’s financial markets.

⟹ 📺️ MEDIA WATCH 📺️  ⟸

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

1. African B2B e-commerce startups Wasoko and MaxAB complete merger - Techcrunch

2. SA fintech startup Omnisient raises $7.5m Series A funding for global expansion - Disrupt Africa

3. Spleet replaced CEO in early 2024 over claims of ‘misappropriating’ $1.5 million - Techcabal

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

5. Rwanda’s Ampersand raises further investment to hit $21.5m funding in last year - Disrupt Africa

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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