🔴 Nedbank acquires iKhokha for $94M

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⟹ 🚀 STARTUPS WATCH 🚀 ⟸

Here are the 3 top startups in the African ecosystem I think you need to know:

Fonbnk is building the stablecoin settlement layer for the Global South, turning prepaid mobile airtime into real-time, dollarized liquidity. Through its PayWidget and API suite, Fonbnk lets users convert local currency into stablecoins, enabling seamless FX, cross-border payments, and treasury flows in cash-heavy economies.

Operating across 15+ African markets, Fonbnk partners with wallets, dApps, and financial institutions to embed stablecoin rails into commerce and payroll. With zero chargebacks, fraud-resistant rails, and instant settlement, it’s unlocking Web3 for billions — one SIM card at a time.

⟹ 💼 💰️ VENTURE CAPITAL WATCH 💼 💰️ ⟸

🚀 This Week in African VC: Studio Collapse, Local Rounds & Savings Reinvented

3️⃣ | $94M Fintech Exit: iKhokha acquired by Nedbank 🇿🇦

Durban-based SME fintech iKhokha has been acquired by Nedbank Group for ZAR1.65B (~$94M) in an all-cash deal.

With a 13-year track record, a full-stack merchant solution, and deep penetration among South African SMEs, iKhokha represents one of the country’s largest fintech exits.

📊 Strategic Value: Nedbank gains a ready-built SME merchant stack, embedded fintech rails, and last-mile brand affinity among underserved traders.

🔍 Investor Insight: It’s open season for banks acquiring high-retention fintechs. iKhokha joins Stitch (2x M&A in 2025) in proving that B2B distribution plus product trust equals prime acquisition targets.

2️⃣ | Pan-African Scale Play: Craydel expands into 7th market 🇰🇪

Kenyan edtech Craydel has launched in Burundi and Tanzania, making it the first African student recruitment platform with operations in seven African countries.

The startup leverages AI to match students with international universities and has raised $2.5M+ from Enza Capital, Angaza Capital, and others.

📈 Market Signal: With 400,000+ African students studying abroad annually, edtech with embedded AI and partner-side monetization is emerging as a VC-fundable model.

💡 Investor Insight: Craydel is proving that regionally-rooted platforms with a multi-country playbook can beat global incumbents like ApplyBoard in fragmented markets.

1️⃣ | Street Wallet raises $350K to bank the informal economy 🇿🇦

South Africa’s Street Wallet raised $350K to scale its cashless payment platform built for informal traders, barbers, and spaza shops — no bank account, hardware, or complex onboarding required.

The product converts QR codes into real-time payments, with earnings settled via Standard Bank Instant Money.

📊 Market Context: ~70% of Africa’s workforce is in the informal sector — yet remains grossly underbanked.

🔍 Investor Insight: Micro-merchants are the next frontier for embedded fintech. Expect more bets on low-tech, trust-first solutions that bypass legacy infrastructure.

👀 Investor Spotlight: Futuregrowth Asset Management 👀

📍Cape Town, South Africa 🇿🇦 | Est. 1994

Futuregrowth is South Africa’s fixed-income powerhouse — managing over R206B (~$11B) in AUM across ethical, sustainable, and developmental strategies. As part of the Old Mutual Investments group, they’ve spent 30+ years proving that institutional capital can drive both strong returns and social progress.

🧠 Thesis:

Backs debt and blended-finance solutions that move the needle on South Africa’s toughest challenges — from township infrastructure to renewable energy, affordable housing, healthcare, and inclusive finance. Futuregrowth blends credit discipline with purpose, pioneering ESG and impact-driven investing before it was cool.

🌍 Geographic Focus:

Primarily South Africa 🇿🇦 | With reach across SADC and select pan-African mandates

💸 Check Size & Stage:

• Typically mid-to-late stage via structured debt and listed/unlisted bonds

• Focused on developmental infrastructure, real economy assets, and public sector-aligned growth

• Institutional-scale funding, often R100M+ per project

🔗 Approach:

• Fixed-income lens with deep ESG integration

• Early movers in BEE, ILB funds, and impact-linked investments

• Offers over 50 tailored fixed-income products across public and private markets

💡 Vibe:

Quiet giants. Mission-led. Capital with conviction.

Futuregrowth isn’t chasing trends — it’s setting the standard for how pension capital can build nations and still beat benchmarks.

⟹ 📺️ MEDIA WATCH 📺️  ⟸

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

1. SA fintech startup iKhokha acquired by Nedbank for $94m - Techcabal

2. SA’s Street Wallet raises $350k to bring cashless payments to the informal economy - Disrupt Africa

3. Kenyan edtech Craydel enters Burundi and Tanzania in latest Africa expansion  - Techcabal

4. How Kenya’s Qhala helps governments, corporates digitise operations - Disrupt Africa

5. SA’s Eden AI launches AI-powered mental health app for stigmatised women - Disrupt Africa

And that’s your weekly dosage of the African startup ecosystem; thanks for reading.

Have a lovely rest of the week.

Gitonga, the Stoic Founder at StartupHub.Africa 🚀

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