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Day: September 22, 2022

Fintech startup SecondSTAX raises US$1.6m pre-seed funding to expand internationally

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GHANA – SecondSTAX, a platform that connects institutional investors like pension funds and broker-dealers with international markets, has raised US$1.6 million in pre-seed funding from private investors and VC firms like LoftyInc Capital, Orbit54, and STEMeIn. According to co-founder and CEO Eugene Tawiah, this money will be used to expand SecondSTAX’s reach internationally by the end of the year. It…

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Fintech Julaya raises US$5m pre-Series A round of funding to support its expansion

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IVORY COAST – Payment solution Julaya, which is based in and focuses on payments, has raised an additional US$5 million in a pre-Series A round of funding. The company has raised a total of US$7 million in the fundraising round to support its mission of facilitating business-to-business (B2B) payments for companies in Francophone West Africa, primarily using mobile money channels.…

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Nedbank collaborates with Africarare to launch banking services in the metaverse

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SOUTH AFRICA – Nedbank, one of the largest financial services groups in Africa, has partnered with Africarare, Africa’s first metaverse, and secured a 12×12 village in Ubuntuland on which to establish its presence as the first African financial services organisation to enter the metaverse. This forms part of the financial services group’s strategy to lead in digital, go beyond banking,…

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KCB Group shareholders approve proposed Trust Merchant Bank SA acquisition

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KENYA – KCB Group Plc shareholders have approved the proposed acquisition of the DRC-based lender Trust Merchant Bank SA (TMB). In August 2022, KCB Group Plc entered into a definitive agreement with shareholders of TMB to acquire the Bank. Under the terms of the transaction, KCB will acquire 85% of the shares in TMB while the existing shareholders will continue…

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Malawian small-holder farmers to benefit from US$12.3m issued by European Investment Bank

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MALAWI – European Investment Bank (EIB) and First Capital Bank (FCB) have signed a 7-year €12.5 million (US$12.3m) loan facility to support sustainable agriculture for socioeconomic development and poverty alleviation in Malawi. The financing is part of the long-term EUR 25 million (US$24.7m) scheme aimed to accelerate agricultural investment in the country. The facility, which has been provided through the…

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UM6P Ventures invests in De Novo Dairy’s precision fermentation milk production technology

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SOUTH AFRICA – De Novo Dairy, the first African company to use precision fermentation technology to produce nature identical, animal-free dairy proteins that replicate mammalian immuno-protein’s function and nutrition, has clinched an investment from UM6P Ventures, an early-stage venture capital firm headquartered in Morocco. De Novo Dairy based in South Africa, specializes in the production of milk proteins using precision…

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