January 14th 2023 – Africa’s Weekly Fintech Review


January 14th, 2023  

Africa’s Weekly Fintech Review

What’s inside?


Tunisia’s InstaDeep acquired by BioNTech for ~$680M USD • Fintech Kwara acquires credit union software company IRNET Coop • TeamApt officially rebrands as Moniepoint • Yellow Card launches new payment feature ‘Yellow Pay’ AND MORE!

Download the 2022 State of the Industry: Africa Fintech Report


Making the news


Briter’s Africa Investment Report 2022 shines some light on last year’s startup funding – fintech remains top sector  Fintechs in Africa received 38% of all startup funding flowing on the continent in 2022, down from 56% share that fintech witnessed in 2021; however, fintech remains the top sector with cleantech and logistics, receiving 15% and 12%, respectively. The most popular fintech products by investment trends for 2022 were Payments, Banking, Cryptos and Asset Finance. The top 25 funding deals for the year accounted for over 50% of Africa’s funding and included fintechs like Flutterwave, MNT-Halan, Interswitch, and MFS Africa. Learn more.  


Startup & Funding Activity


1db105a9-3303-1293-0a76-b1a310d54961 Ethiopia – Talent marketplace, Gebeya, raises undisclosed pre-Series A from Tokyo-based Inclusion Japan to drive Marketplace-as-a-service (MaaS)

  fe4f4e57-0452-2597-6ae8-550888707d98 Ghana – Logistics startup, Jetstream, raises $13M USD in a hybrid debt & equity funding round to scale in new countries

6339b12b-ebb3-effc-ef18-1a12f104a9d6 Kenya – Fintech startup, Kwara, acquires credit union software company IRNET Coop for an undisclosed amount just over a year after $4M USD seed round in December 2021

848337c0-303e-8918-8bf7-daccf477e2b0 Nigeria – Fintech unicorn, Flutterwave announces acquisition bid for UK-based fintech company, Railsr

848337c0-303e-8918-8bf7-daccf477e2b0 Nigeria – AgriTech startup, Releaf, raises $3.3M USD in pre-Series A funding for its upstream palm oil supply chain and production technology 

10e1b66a-f72e-e7b7-8a57-4a2d64aae323 Tunisia – AI startup, InstaDeep, was acquired by BioNTech for an estimated $680M USD to help BioNTech accelerate its research and development methodologies with AI  


Investor Activity


  • Catalyst Fund invests $2M USD across 10 startups pushing for adaptation and resilience against climate change including NG InsurTech, PaddyCover 

Founder Resources

Applications are open for Stitch‘s 2nd annual Early-Stage Startup Showcase in Cape Town, South Africa on February 24th – Apply before January 31st 


Featured Article


Kenyan banks are battling for a share of the mobile money market – Seth Onyango in Quartz Africa “…[T]raditional banks in Kenya are now looking to take on the market leader by growing their own mobile money offerings—either by building their own platforms or by building on the back of existing platforms, including M-Pesa itself.” Continue reading

AFTS partners in the news

TeamApt (now Moniepoint) Founder & CEO Tosin Eniolorunda discusses the company’s evolution with Chinedu Enekwe (Partner, Passbrook Ventures) at AFTSDC2022.  AFTS partner, TeamApt, rebrands as Moniepoint to drive mission of empowering SME’s  “The rebranding of TeamApt to Moniepoint reflects the company’s mission to help businesses grow through access to digital payments, accessible credit and business management tools. By adopting thethe name Moniepoint; the company will align with a recognisable identity that their existing business owners already trust.” Learn more
Long-time AFTS partner, Yellow Card launches new payment feature “Yellow Pay” “Yellow Pay uses the Yellow Card crypto exchange platform to complete customer transactions in USDT. The service is powered by blockchain technology to make all transactions cheaper than are currently available. The setup ensures that transactions are instant to eliminate waiting times.” Learn more
AFTS partner, Flutterwave, bids on acquisition of British fintech, Railsr “Railsr is fielding interest from a number of potential buyers, including rival firms, African paytech Flutterwave, as well as a consortium of Railsr investors, according to sources. Sky News believes the sale would take place ‘at a steep discount’ to an earlier funding round.” Learn more


AFTS in the headlines

January 19 – Ask the Investor webinar series – “Angel Investing in Africa”  Join the 1st edition of the Ask the Investor series hosted by Ibex Frontier’s Zekarias Amsalu. Kunle Apampa and Isaac Ewaleifoh join this edition as guests to discuss angel investing in African fintech and how startups can approach raising funding from angel investors. Register now. 
State of the Industry: Africa Fintech 2022 Report is LIVE and ready for download! Combining quantitative and qualitative analysis, last year’s report showcases insight from industry leaders and changemakers in addition to the 2023 list of ‘Startups to Watch,’ etc. Download your copy. 
Save the Date!!! 9th Africa Fintech Summit comes to Washington, DC on April 13, 2023 This April’s edition of the Africa Fintech Summit will take place alongside the Spring Meetings of the World Bank/IFC from April 10-16, 2023 in Washington, DC. AFTSDC2023 will be hosted on April 13, 2023 and will feature 80+ speakers, 12 panel sessions, several workshops, VIP Dinner overlooking the White House, New Venture Competition, Networking Happy Hour, and MUCH MORE! 
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