Carbon, a pan-African fintech startup, has made headlines this week by announcing its acquisition of Vella Finance, a Nigerian fintech startup specializing in SME banking. This strategic move is part of Carbon’s expansion plans, under the umbrella of its parent company, One Credit Limited.
In another development, MasterCard, a major player in digital payments and technology, has appointed Folasade Femi-Lawal as the Country Manager and Area Business Director for West Africa. This move is expected to further strengthen MasterCard’s presence and operations in the region.
Furthermore, the Technology Innovation Institute (TII) based in the UAE has launched the Falcon Foundation, a $300 million initiative aimed at advancing open-source generative AI models. This initiative is set to foster sustainable ecosystems around open-source projects to drive technological advancements.
Logidoo, a logistics startup from Morocco, has secured $1.55 million in seed funding from six prominent venture capital entities, highlighting the growing interest in the logistics sector in the region.
On a different note, Roam, a Kenyan-based electric vehicle startup, has raised $24 million in a Series A funding round, with a significant debt commitment from the U.S. International Development Finance Corporation (DFC). This investment will support Roam’s expansion efforts in electric motorcycle and bus production.
In the fintech space, Dutch banking tech startup, Finom, has raised €50 million in Series B funding led by General Catalyst, with support from Northzone. This funding will help Finom in its mission to provide digital financial solutions for entrepreneurs and SMEs across Europe.
The Nigeria Sovereign Investment Authority (NSIA) has announced the launch of the second edition of the NSIA Prize for Innovation (NPI 2.0), with a combined prize value of $220,000. The initiative aims to support early-stage innovative solutions across various sectors to drive economic growth and create jobs.
Additionally, Kema, a UAE-based fintech, has secured a $2 million pre-Seed funding round led by Speedinvest and the Dubai Future District Fund (DFDF). This investment will aid Kema in offering a Software as a Service (SaaS) platform to streamline cash flow processes for B2B SMEs.
Ilara Health, a Kenyan health technology firm, has raised $4.2 million in a pre-Series A funding round to expand its operations in East Africa and improve healthcare accessibility through a B2B health service model.
Moreover, Visa has partnered with the Egyptian Banks Company (EBC) to enhance international remittance services for Egyptians abroad, offering advanced digital wallet and e-payment solutions.
In the entertainment sector, X (formerly Twitter) has collaborated with World Wrestling Entertainment (WWE) to produce a new weekly series named WWE Speed, diversifying into specialized video content.
Lastly, Unlearn.AI, a US-based artificial intelligence firm, has secured $50 million in Series C funding led by Altimeter Capital, signaling growing investor interest in AI solutions.
These developments underscore the dynamic and thriving landscape of the tech and fintech sectors in Africa, paving the way for innovation and growth in various industries.
