It was only just over a year ago that McKinsey described Africa’s financial technology landscape as a “hotbed for investment.” Fast forward to today, and startups on the continent are facing many of the same problems plaguing fintechs in more mature markets like the U.K. and the U.S.: valuations are tanking, growth is flagging, revenue targets […]
African neobank Kuda raised $20M at flat valuation last year, missed user milestone projection by 3M
Earlier this month, Kuda co-founder and CEO Babs Ogundeyi told users that the Nigerian online challenger bank had reached almost N₦56 trillion (~$ 60 billion) in transaction value since its 2019 launch. Ogundeyi also said that Kuda had achieved a notable milestone, with 7 million retail and business customers as of today. However, the figure […]
South African e-commerce startup TUNL gets funding to accelerate growth of its exports platform
TUNL, a South African parcel shipping platform, has secured $ 1 million in pre-seed funding from investors, including Founders Factory Africa, Digital Africa Ventures, E4E Africa, and Jozi Angels. The platform, which claims to help e-commerce merchants save between 50% and 80% on international shipping costs, said the funding will fuel its expansion in its […]
South African Crypto Exchange Valr Raises $50 Million in Series B Funding Round
South African cryptocurrency exchange Valr announced recently that it has raised $ 50 million in a Series B round led by Pantera Capital. The capital raise means Valr is now valued at a reported $ 240 million. Funds Raised to Finance Valr’s Expansion Into Other Markets The South African cryptocurrency exchange, Valr, recently announced that […]
South African Mobile Network Operator MTN Buys Land in the Metaverse
Mobile network operator MTN recently staked claim to its status as one of the first South African companies to enter the metaverse, after it purchased 144 plots of digital land in the virtual world Ubuntuland for an undisclosed amount. MTN Seeks to ‘Amplify Consumers’ Digital Experiences’ South Africa’s mobile network operator, MTN, recently bought 144 […]