Moove, an African mobility fintech that offers vehicle financing to ride-hailing and delivery app drivers, has raised $ 100 million in a funding round as it plots expansion into new markets. TechCrunch learned from sources familiar with the deal that Uber led the Series B round, which includes sovereign wealth fund Mubadala and several other […]
What African B2B e-commerce startups can learn from OmniRetail’s profitable run
Save for fintech and cleantech, B2B e-commerce and retail was the leading destination for venture capital dollars over the last five years. The premise of digitizing the continent’s mom-and-pop convenience stores and offering various solutions to streamline logistics and procurement processes saw hundreds of millions of dollars flood the segment, particularly during the venture capital […]
African product, global market: Expensya employees cashed out $10M from 2023 acquisition
What’s more rewarding for an angel investor than paper returns in a startup? An acquisition that turns those paper returns into a cash payout while still maintaining shares in the company. “The return after dilution was eight times my investment,” said Selma Ribica in an interview with TechCrunch recently. “I kept some stock of the […]
Despite glimmers of profit, most African neobanks remain in the red
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 […]