Lessons from M-Pesa for Africa’s new VC-rich fintech startups

Lessons from M-Pesa for Africa’s new VC-rich fintech startups

In African fintech, the fourth quarter of 2019 brought big money to new entrants. Chinese investors put $220 million into OPay and PalmPay — two fledgling startups with plans to scale in Nigeria and the broader continent. Several sources told me the big bucks had created anxiety for more than Read more…

Africa Roundup: Nigerian fintech gets $360M, mints unicorn, draws Chinese VC

Africa Roundup: Nigerian fintech gets $360M, mints unicorn, draws Chinese VC

November 2019 could mark when Nigeria (arguably) became Africa’s unofficial capital for fintech investment and digital finance startups. The month saw $360 million invested in Nigerian focused payment ventures. That is equivalent to roughly one-third of all the startup VC raised for the entire continent in 2018, according to Partech Read more…

Opera’s Africa fintech startup OPay gains $120M from Chinese investors

Opera’s Africa fintech startup OPay gains $120M from Chinese investors

Africa focused fintech startup OPay has raised a $120 million Series B round backed by Chinese investors. Located in Lagos and founded by consumer internet company Opera, OPay will use the funds to scale in Nigeria and expand its payments product to Kenya, Ghana and South Africa — Opera’s CFO Read more…

Google finishes the install of its private Curie cable, announces Panama branch

Google finishes the install of its private Curie cable, announces Panama branch

Google today announced that it has finished the install and test of its private Curie cable. When it was announced, Curie, which connects the U.S. to Chile, was the company’s third private cable. Since then, it has announced two more, Dunant and Equiano, which will connect the U.S. to Europe Read more…

Solar based ISP startup Tizeti launches 4G LTE network in Nigeria

Solar based ISP startup Tizeti launches 4G LTE network in Nigeria

Nigerian internet service provider Tizeti has launched its first 4G LTE network. The Y-Combinator backed startup — that uses solar powered towers to deliver net connectivity — has built its premier 4G capable tower in the city of Port Harcourt, where Tizeti will offer its first 4G and ISP services. Read more…

Africa Roundup: Goldman leads $30M Twiga raise, China grows tech influence, Jumia weathers lockup-expiry

Africa Roundup: Goldman leads $30M Twiga raise, China grows tech influence, Jumia weathers lockup-expiry

Kenya’s Twiga Foods raised a total of $30 million in October from lenders and investors led by Goldman Sachs. This adds to the list of African startups the U.S. financial firm has backed, including e-commerce venture Jumia and South African fintech startup Jumo. Twiga, a B2B food distribution company, will use its Read more…

Naspers Minette Havemann

Naspers Foundry is open for South African startup pitches, CEO says

Naspers’ 1.4 billion rand (≈$100 million) VC fund to support South African startups — Naspers Foundry — is accepting pitches, after making its first investment in online cleaning services company SweepSouth. The funding initiative also has a new leader, Phuthi Mahanyele-Dabengwa, who joined Naspers in July as a CEO reporting Read more…

China’s growing digital influence in Africa

China’s growing digital influence in Africa

There’s been a heap of China in Africa coverage over the last decade, but very little of it is focused on tech. In part, because the country’s engagement with African startups is light compared to its deal-making on infrastructure and commodities. Now, that all looks to be shifting. TechCrunch has Read more…

China Star Market Opening July 2019 1

Africa’s top mobile phone seller Transsion lists in Chinese IPO

Chinese mobile-phone and device maker Transsion has listed in an IPO on Shanghai’s STAR Market, a Transsion spokesperson confirmed to TechCrunch.  Headquartered in Shenzhen, Transsion is a top-seller of smartphones in Africa under its Tecno brand. The company has also started to support venture funding of African startups. Transsion issued 80 Read more…