Africa’s Weekly Fintech Review – December 18, 2023

December 18th, 2023
Africa’s Weekly Fintech Review

What’s inside?

• African startups have not broken $2B in funding this year… yet
• Copia Global raises Series C extension of $20M 
• Flutterwave announces new executives
• Jumia Foods is shutting down its delivery service

Making the news

African startups raise $1.94B USD so far in 2023, will we hit $2B this year? 
According to WeeTracker’s African Startup Funding Tracker, startups have so far raised just $1.94B USD this year. This currently shows a ~42% decline from 2022’s $3.3B USD startup funding (Disrupt Africa). 2023 has been a tough year in the Pan-African startup ecosystem as founders combat a wide array of challenges with many startups shutting down operations. Will the ecosystem hit $2B USD in funding in 2023? 

Banking & Telecom Activity

  • Central Bank of Lesotho suffers cyberattack causing outage of National Payments System – CBL announces that no financial loss took place 
  • East African Community launches app to help eliminate Non-Tariff Barriers (NTB’s) faced by traders doing business across borders 


Startup Activity

 Kenya – Following recent funding, Twiga Foods CEO Peter Njonjo, proceeds with sabbatical leave to focus on personal matters after turbulent year 
 Kenya – eCommerce startup, Copia Global, raises $20M USD series C extension round to help the company push to profitability 
 Nigeria – Social commerce platform, MAKA, raises $2.65M USD pre-seed funding round to simplify buying African fashion and beauty products  
 South Africa – Investment platforms, Revix and BitFund, partner with Austria’s Coinpanion to form alternative investment platform called Altify
 South Africa – Shipping startup, TUNL, raises $1M USD in pre-seed funding to fuel expansion in its home market 

Investor Activity

  • South Africa’s E4E Africa announces first close of its $30M USD second fund after making 11 investments through its first fund 
  • WIC Capital secures $1M USD facility to invest in female-led MSME’s in Senegal and West Africa 
  • GSMA launches new innovation fund for entrepreneurs solving humanitarian challenges including food insecurity, displacement, and natural disasters 
  • Ojoma Ochai replaces Bosun Tijani as Managing Director of Co-creation Hub (CcHub) as former CEO serves as Minister of Communications, Innovation, and Digital Economy

Featured Article

‘Fast Food, Slow Money’ Kills Top Player Jumia Food Fueling Industry Skepticism – Henry Nzekwe in WeeTracker 
“There will be more market share up for grabs following the recent exits of Jumia Food and Bolt Food, observers reckon, and the absence of the sort of additional financial encumbrances common with multinationals in multiple verticals could prove advantageous to pure-play delivery upstarts.” Continue reading

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AFTS partners in the news

Flutterwave announces new executives
“These new executives could help transmit confidence to the public market and further fuel speculation that Flutterwave remains serious about its IPO plans. In August, Olugbenga Agboola, Flutterwave’s CEO, shared that the company was moving ahead with its IPO plans on the NASDAQ but declined to give a timeline.” Continue reading

Peach Payments and Mukuru partner
Mukuru and Peach Payments have joined forces to elevate your money transfer experience! Now, Mukuru customers can effortlessly send money through the app using debit or credit cards” Learn more

AFTS in the headlines

AFTS heads to Nairobi, Kenya for 11th summit in Q4 2024

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