Web3 The New Frontier🚀
Web3 Afrika Dev Roundup Nov 1st -5th expanding era💰+PayhippoHQ has acquired Maritime Microfinance Bank+ Egypt's Moneyfellows has raised $31 million+Web3 education and knowledge
Expansions/More Fundings ✨
➦Egyptian fintech startup Paymob begins expansion into UAE
Egyptian fintech startup Paymob, the leading omnichannel payments facilitator in MENAP, has embarked on the next phase of its regional expansion with a launch in the United Arab Emirates (UAE).
Paymob is an infrastructure technology enabler providing payment solutions to empower digital financial service providers through mobile wallet technology.
➦Nigerian fintech startup PayhippoHQ has acquired Maritime Microfinance Bank to expand access to finance for SMEs in Nigeria.
The move is expected to accelerate Payhippo's mission to provide seamless financial services for merchants in Africa.Launched in January 2020 by Chioma Okotcha, Uche Nnadi and Zach Bijesse, Payhippo provides loans to small businesses in Africa, often neglected by banks because of their lack of credit histories, in under three hours.
A Y Combinator S21 batch cohort participant, the startup has so far disbursed over 25,000 loans to SMEs in Nigeria, and recently opened an office in London. It banked a US$3 million round of funding late last year, and has now acquired MFB, a financial institution specialising in saving products, demand deposits, and investments as well as micro and SME loans.
➦Egypt's Moneyfellows has raised $31 million in Series B first closing to accelerate its growth into new markets.
Founded in 2014, the fintech startup offers a platform where one can effectively manage and plan financial obligations.MoneyFellows, an Egyptian fintech platform has announced the first close of its Series B round with a $31 million investment led by CommerzVentures, Middle East Venture Partners (“MEVP”), and Arzan Venture Capital. Invenfin, National Investment Company (“NIC”) as well as existing investors such as Partech, Sawari Ventures, 4DX and P1Ventures also participated in the round.
Web3 Corner🚀
This year has had companies Advocating for web3 adoption throughout Africa🔥Education is the first step to ensure evolution.Industry participants are rushing to gain market share to capitalize on the promise of growth that the next decade offers through extensive education programs.👇
➦Binance announced a plan to launch a crypto education hub in Cameroon
➦Polygon and Xend finance to launch web3 education program for African developers
➦Circle and mara foundation team up to grow web3 capacity in Africa so as to provide Africa-based developers the necessary resources to build blockchain solutions in Africa.
Post of the week🏖👌
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Thanks for reading👌
Contact us: NGENI Linktree
Shiko Karanja✍
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.
Some of the projects completed.
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.