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Author: Princewill Smart-Ezeani

Fintech Startup CredPal Secures US$1.5m In Funding Round For Credit Cards Adoption And Usability

NIGERIA – CredPal, Nigerian consumer fintech startup, has announced its raise of US$1.5 million in a recent funding round from leading investors to drive adoption and usability of credit cards in the country. The investors that took part in this round include US seed-stage accelerator, Y Combinator, Lagos-based fintech investment holding company, GreenHouse Capital, an unnamed digital insurance company, and other VC firms. Founded by Fehintolu Olaogun and Olorunfemi Jegede in 2018, CredPal started with of providing point-of-sale consumer credit to lower-to-middle class income earners in Nigeria. Read also: Asian VC, Sherpa Ventures, Comes For African Startups With A New $1m Debut Fund With this new investment round, Olaogun says...

20 African Startups Share $350k At Africarena 2020

Strengthening their position as the main accelerator of the African tech ecosystem, the AfricArena summit has announced 20 startups from 18 African countries as winners in the ecosystem and open innovation challenges. The winners walk away with combined prizes of over $350,000 in cash and AWS credits, along with a few lucky winners who will receive tickets to Viva Technology in Paris next year. For its fourth edition, AfricArena hosted this year’s annual summit as a hybrid event, both in person at Workshop 17 in Cape Town and virtually via its AfricArena Air web platform and an innovative new mobile app. — AfricArena Wired. Read also: Why Some VCs...

Private Equity Manager AIIM Completes Its Capital Increase Of US$80m For Its AIIF3 Fund

AFRICA – Private equity manager African Infrastructure Investment Managers (AIIM) has successfully completed a capital increase of US$80 million for its flagship African Infrastructure Investment Fund 3 (AIIF3) fund. The capital increase takes the total commitments for AIIF3 to US$400m and represents one of the largest capital raises closed for an African fund since the advent of the COVID-19 pandemic. Read also: Does Your Startup Need Venture Capital Money? “We are delighted with the continued faith placed in AIIM’s strategy for AIIF3 by some of the most experienced African fund investors. AIIF3 continues its strategy of targeting mid-market opportunities, focusing on executing deals in the US$20m-60m range – a...

Fund Worth R1-Million Opens For Local Fintech Startups

Imvelo Ventures, a South African venture capital company has launched an R1-million funding opportunity for innovative local fintech startups.  Successful applicants will win a share of R1-million in funding. In addition, the selected fintech startups will receive strategic marketing and business strategy mentoring, access to an extensive network of businesses, strong B-BBEE credentials, and business.  Read also: First Bank Launches ATM Without Physical Interactions Fast Track ATM Anton Bauman, Director of Imvelo Ventures sheds light on the type of fintech’s that the new fund is targetted at.  “We invest in South African businesses developing unique fintech solutions for South African problems. We identify startups with a combination of commercial...

Four Qualities VCs will look for in entrepreneurs in 2021

This year has been difficult for everyone, but businesses have faced an especially tough time. A few startups have, however, risen above the storm, managing to continue on their upward growth trajectory. The characteristics they’ve shown to get funding from investors – many of whom are also trying to do more with less – in such a challenging year will be in high demand going forward.  Read also: Black Friday 2020 Breaks E-Commerce Record While those specific qualities may vary slightly in different industries and markets, there are a few universal markers that should set entrepreneurs in good stead.  1.Resilience  In most years, VCs will look for strong growth potential...

Black Friday 2020 Breaks E-Commerce Record

According to online payment processing service, PayFast, Black Friday accelerated online transactions by 50% compared to 2019. PayFast announced a 283% increase in total payment volumes on this years’ Black Friday which surpasses high payment totals that occur on payday. In an official press release, Jonathan Smit, Managing Director and Founder of PayFast explains that Covid-19 has accelerated the eCommerce ecosystem in Africa and as Black Friday approached customers took to online shops to benefit from the Black Friday deals. Read also: First Bank Launches ATM Without Physical Interactions Fast Track ATM “This year’s Black Friday spend surpassed the volumes we’ve seen in previous years. The rapid adoption of eCommerce...

Why Some VCs Prefer To Work With First-Time Founders

Repeat founders who have a proven track record, good references, and in the best cases, an exit to point to will have an easy time making inroads with venture capitalists. Earlier this week, for example, the former founders of Udemy and altMBA raised more than $4 million for a startup with no name or final product. However, broad strokes in an environment as nuanced and dynamic as VC never make sense. As early stage evolves and more capital flows into the sector, some investors actually prefer first-time founders; it all depends on the type of venture capitalist you ask. Read also: South African Tech Startup Raises R2.2-Million Last week, TMV  co-founder Soraya Darabi joined...

Does Your Startup Need Venture Capital Money?

If you are an entrepreneur who has built up a successful business and are looking to take it to the next level, one strategy could be to tap venture capital funding. This provides an inflow of money from savvy investors and can help you build up your business. That sounds alluring, but you should weigh the pros and cons carefully before you decide to take this route. What is Venture Capital? Venture capital is typically provided in the form of equity investments in your business. The source of the funding could be angel investors or venture capital funds. Angel investors are individuals with a high net worth and money to invest. They might prefer to invest in...

Asian VC, Sherpa Ventures, Comes For African Startups With A New $1m Debut Fund

Following Paystack’s successful exit, more investors are announcing their entry into the African startup market. The latest to join the list is venture firm Sherpa Ventures which has announced the launch of its US$1 million debut fund for pre-seed tech startups in Africa. “More than a venture fund — we are a supportive and collaborative global community […] of capital, expertise, and experience who has built and operated some of the strongest startups on the continent, Asia, and across the world,” said Sherpa Ventures co-founder Aaron Fu. Here Is All You Need To Know Based between Singapore, Kenya, and the US, Sherpa Ventures works with a community of investors to help founders strengthen...

ITIDA Partners With AUC Venture Lab To Empower Local Entrepreneurs

EGYPT – Information Technology Industry Development Agency (ITIDA) and the AUC Venture Lab accelerator are collaborating on Startup Launchpad, a capacity-building programme that aims to empower local entrepreneurs as they launch their technology startups. The partnership between ITIDA and AUC Venture Lab, the accelerator programme based at the American University in Cairo (AUC), aims to support entrepreneurs through extensive training and rich content. Read also: New VC Fund Launches For SA Entrepreneurs To Expand Into Europe The program, powered by ITIDA, will be delivered by AUC Venture Lab, a member of the Babson Collaborative for Entrepreneurship Education, which was founded by Babson College, the US-based globally leading educational institute...

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