The last Season👌
Web3 Afrika Dev Roundup Nov28th-3rd more funding announcements💰+kenya blockchain +Mastercard Foundation Africa Growth Fund+more
➥Cameroonian fintech startup EjaraApp has raised $8 million in a Series A funding investment.
Founded in 2019, Ejara offers an investment program that enables users to acquire cryptocurrency and store money via decentralized wallets.
➥Djamo, an African fintech business, has raised $14M in a funding round.
The financing round had seen participation from Janngo Capital, P1 ventures, Axian, and Launch Africa.Djamo, a Y Combinator-backed fintech, plans to use proceeds from the round to expand in Francophone Africa and develop a complete suite of personal finance services, reported Africa Global Funds. This two-year fintech is the first from Ivory Coast to be accepted into Y Combinator in February 2021.
➥Kenyan fintech startup Finplus Group has announced its software has now processed over US$1 billion in combined transaction value in five years of operations.
Founded in 2017 by Kageni Wilson and Bernard Banta, Finplus provides fully-managed software to help financial serviKenyan startup Finplus passes $1bn transaction value markets providers operate efficiently and scale cost-effectively in any market.
Its Software-as-a-Service (SaaS) platform enables the easy creation, rapid launch and efficient management of digital deposit, loan and insurance products, and contains modular solutions that entirely automate or dramatically accelerate things like onboarding, KYC validation, risk decisioning, bulk collections and disbursements, and SMS and email communications.
In Accelerators and Incubators 🎉
➥IFCAfrica has established a venture capital platform to fund tech startups in Africa.
IFC’s new platform aims to strengthen the regions’ nascent venture capital markets, which have demonstrated early growth potential but face challenging global economic conditions. IFC will make equity or equity-like investments in tech startups and help them grow into scalable ventures that can attract mainstream equity and debt financing. IFC will also use the platform to collaborate with other teams in the World Bank Group to create and bolster venture capital ecosystems through regulatory reforms, sector analyses, and other tools.
IFC will invest in early-stage companies addressing development challenges through tech innovations.
➥Modus has announced a $75M venture capital fund to support AI and blockchain startups in Africa.
Modus, a New York-based venture platform, has opened Modus Africa, a venture capital fund supporting artificial intelligence and blockchain startups in sub-Saharan Africa.
Modus operates three business units that target entrepreneurs and startups in the MENA and GCC countries as a “holistic venture platform.” One of these is the Venture Builder, which works with start-up and MVP-stage businesses.
Corporate Innovation is another service platform that the company offers to assist businesses and government agencies by making use of their own in-house expertise.
➥The Mastercard Foundation Africa Growth Fund (MFAGF) has been launched with a commitment of $200 million to support African SMEs. The fund seeks to enable dignified and fulfilling work for young people, particularly young women.
➥Dutch investment company CardanoDev has partnered with InfracoAfrica to bridge the infrastructure access gap in Kenya.
The partnership is supported by FSDAfrica, a financial services company focusing on financial sector development in Africa.
➥Nigerian fintech startup joinkuda has launched in the UK as part of its major global expansion drive.
Kuda, the London-based and Nigerian-operating startup taking on incumbents in the country with a mobile-first and personalized set of banking services, is expanding to the U.K. by offering a remittance product to Nigerians in the diaspora.
The digital bank has seen some success since launching in Nigeria in 2019. Kuda claims to have up to 5 million users, more than thrice the number it had last August during its $55 million Series B round, money it raised to enter into other African countries like Ghana and Uganda this year. Expansion into those countries is yet to materialize; instead, Kuda has opted to launch in the U.K., a move the company says is part of a major global expansion drive.
Kuda's expansion seeks to accelerate cross-border remittance for Nigerians in the diaspora.
Highlight of the week.🙌
➥Kenya has begun its journey in adopting blockchain technology within its mobile applications. Africa is categorized as blockchain-friendly, allowing decentralized applications to thrive.This fact speaks volumes about the possibility of cryptocurrency, NFTs, decentralized applications, smart contracts and specific blockchain technology like smart contracts.
Thanks for reading👌
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ABOUT NGENI🔥
NGENI is Kenya and East Africa's first pure-play and largest Blockchain & Web3 development engineering Studio with a 60-plus-person team. The studio recruits and trains recent graduates from STEM Universities across Kenya and today has twenty-five (25) talented developers, at our Kilimani Headquarters.
All engineers have successfully taken on complex coding challenges, and hackathons and have ultimately delivered on complex multi-Blockchain applications, bots, and dApps for international projects.