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South Africa Tag

SA’s Redefine sold 111mln shares in British subsidiary DRI Reit

South African real estate investment trust, Redefine Properties, announced on June 29 it has reached an agreement with US investment firm Starwood Capital Group to sell 111.9 million shares in its British arm RDI Reit at 95 pence per share. Redefine will cash a total of 106.3 million pound sterling ($130.3 million) from this transaction. The sale’s proceeds will help the South African company to strengthen its balance sheet and have enough resources to deal with the post-covid phase. According to Andrew Konig (pictured), Redefine CEO, the market conditions and the current health crisis could put huge pressure on the local real estate sector during this and...

South Africa’s Mama Money Expands Global Reach With Western Union

Western Union and Mama Money, a rapidly growing international money transfer company, have joined forces to enable the customers of the South African fintech startup, to send money to their loved ones around the world via Western Union’s Global Network. This collaboration will gear Mama Money’s more than 500,000 customers in South Africa to send money from their smartphones for a payout into billions of bank accounts in over 100 countries around the world or in cash at Western Union Agent locations across more than 200 countries and territories. Customers can pay for transactions within the Mama Money app via direct transfers from their bank accounts or through a vast...

SA startup SmartWage raises R6m to expand payday solution

Johannesburg based startup SmartWage has raised a R6-million investment to help it to grow its solution that allows companies to give employees instant access to their earned salaries and wages. It follows the announcement on Monday (22 June) that former Springbok Bryan Habana’s fintech Paymenow had landed a R4-million investment from ViaMedia for its app that allows employees early access to already earned wages. SmartWage’s fundraise was led by Chris Lister-James from Johannesburg-based seed investor FiTech Ventures which has previously invested in other SA fintech startups like Franc, uKheshe and Payflex. SmartWage was founded in November 2019 by Nick, Alex Platt and Simon Ellis The investment, agreed earlier this week, comes in the form of a Simple...

HAVAÍC invests in Mobiz

HAVAÍC, a Cape Town based venture capital investment firm, has invested in Mobiz, a South African mobile marketing platform. HAVAÍC joins Kalon Venture Partners as shareholders in Mobiz. The recent capital raise was to fund the company’s growth and restructure some of the shareholding. Founded in 2014 by Greg Chen and Clark Lin, to date Mobiz has seen impressive growth and their client base includes a number of JSE-listed companies. In recent months, the company has seen further growth in times when marketing budgets are shifting strongly in favour of digital and mobile outlets. Read other investments by HAVAÍC: Kenyan Micro- Retail Startup Tanda lands seed investment from HAVAIC Mobiz...

France’s Largest Telecom Operator, Orange, To Enter Nigerian And South African Markets

Telecom operators in Nigeria and South Africa should be worried for their market shares. This is because Orange, France’s largest telecom operator, believes it would benefit from having a wider footprint in Africa and will give itself a few months to make further inroads into the contient, Chief Executive Stephane Richard told Les Echos business newspaper. Here Is What You Need To Know Richard declined to comment on a possible interest in South Africa’s MTN Group Ltd. The Middle East and Africa, where Orange has a presence in 18 countries, is the company’s fastest-growing market. Download GetFundedAfrica's e-Guide to fundraising for start-up's Here The region makes a large chunk of its revenues from payment transfers — a...

South African Startup LifeCheq Raises Funding From VC Firm Futuregrowth

South Africa’s Futuregrowth Asset Management through the Futuregrowth Development Equity Fund (DEF) has invested in LifeCheq, a digitised holistic personal finance business that aims to make expert advice accessible to professionals and entrepreneurs who are currently not served well by the existing financial advice industry. The business has two target markets, mainly individuals for their personal use; and employers, who are interested in offering their employees a financial wellness programme. These potential markets give it diverse sources of revenue and expand the reach of the business across a variety of individuals and company employee bases, says the company. Download GetFundedAfrica's e-Guide to fundraising for start-up's Here Futuregrowth notes that LifeCheq’s competitive edge...

Sticitt, South African Cashless Payment Startup Raises 4.2 Million Rands Funding [Update]

Even in the midst of global despair, venture capitalists are seeking out businesses with opportunities to make an impact in the market, this points out why the fintech sub-sector is making a lot of inroads and attracting great attention. This informs why South African cashless payments startup Sticitt was able to raise ZAR4.25 million (US$249,000) in funding so far this year to cover operational expenses to support its current market rollouts. Founded at the beginning of 2018 by Mitch Dart, Dennis Wevell and Theo Kitshoff, Sticitt was launched to establish a simplified banking alternative. Its wallet-based payment platform Sticitt Pay provides niche communities with an alternative payment solution to...

Early-Stage Startup Owner? You can Win $10,000 from Aptive Capital’s Fund. Here is How to Apply

Aptive Capital, an investment organisation that provides capital, coaching, and community for social impact-driven startups and entrepreneurs, is calling on early-stage businesses in Africa; Nigeria, Ghana, Kenya, South Africa, Egypt, and Ethiopia. Launched in 2020, arising from the funding gap as a result of the pandemic, Aptive Capital is a US-based $1m portfolio fund committed to supporting entrepreneurs and innovators dedicated to social impact within their community. The fund is given to support, coach, and increase the social impact of early-stage entrepreneurs and innovators who are changing the norm and creating social impact within their society. Aptive looks to invest in, and support the acceleration of 100 African startups...

ProfitShare Partners Launches A $5.9 Million Fund For South African SMEs

ProfitShare Partners, the South African fintech business that provides disruptive short-term capital solutions (from R250,000 — R5m) and transactional support to SMEs who have no access to funding, in partnership with award-winning local community radio station Hot 91.9FM, and the all-new ‘getlion’ mobile app have launched an exciting year-long initiative designed to get small businesses working and creating jobs. The all-new ‘getlion’ mobile app is designed to support SMEs in managing and growing their businesses, and ProfitShare Partners, the disruptive Fintech provider, will invest R100m ($5.9m) in capital to support SMEs to deliver on their contracts this year. The sweetener is a prize of R1m for the small business that...

South Africa: Spear Capital invests R100mln in RunwaySale

In South Africa, the private equity firm Spear Capital announced an investment of R100 million (about $5.7 million) in the fashion e-tailer RunwaySale. The investment conditions were not disclosed. The financing will support the expansion of the company, founded in 2012 by Karl and Elmien Hammerschmidt, on a local fashion market that is expected to generate up to $1 billion in revenues this year according to the German stats portal Statista. RunwaySale, which offers more than 300 fashion brands, intends to continue its development primarily in the local market and probably later in the sub-region. On the African continent, Spear Capital is present in the consumer goods, retail and health...