Caliza has secured $8.5 million funding. Founded in 2021 by Ezra Kebrab, the Brazil-based startup transforms cross-border transactions in Latin America through the use of crypto stablecoins. The company recently secured funding led by Initialized Capital, enabling them to expand their innovative payment solutions that leverage Circle’s USDC (USD Coin), according to TechCrunch. “Caliza is building global financial infrastructure that removes borders from commerce,” Kebrab wrote on LinkedIn. “I’m excited to unveil the latest including our recent $8.5M round.” Bringing Speed and Stability to Cross-Border Payments Unlike traditional transfers made
South Africa’s leading digital bank, TymeBank, has successfully raised $77.8 million in a pre-Series C funding round. The round was co-led by African growth-stage investor Norrsken22 and global impact investment firm Blue Earth Capital. This increase of capital brings TymeBank’s total raised funds to over $260 million, marking a milestone in the bank’s growth and expansion plans. Existing investor Tencent, which spearheaded TymeBank’s $180 million Series B round in December 2021, also participated in this round, further increasing its stake to become the third-largest shareholder. Strategic Investments and Growth Launched
Minka, a Colombian cloud-based fintech startup, has embarked on an expansion plan to bring its innovative financial solutions to Africa. This move aims to replicate its success in Latin America by addressing the continent’s financial inclusion challenges and leveraging the growing digital payments market. Launching in Eastern and Southern Africa On July 2, 2024, Minka officially launched its operations in East Africa, marking its first expansion phase. The fintech company began its journey in Kenya, Tanzania, Uganda, and Ethiopia and plans to expand to Southern African markets such as Mozambique,
Cadana has raised $7.1 million in seed funding this year. Launched in 2021, the startup allows global workforces to integrate payments and payroll management into their systems. Cadana According to the company, the world’s largest payroll platforms and talent marketplaces use Cadana’s APIs to build compliant hiring products in Africa, Asia, and Latin America. Founders Albert Owusu-Asare and Ameer Shujjah, who are originally from Ghana and Pakistan, gained years of experience working at Amazon, Esusu, and Goldman Sachs before founding the company. Although the pair appreciated their version of the
Prósperos has successfully raised $3 million in seed funding to advance its mission of empowering Latine communities through innovative financial solutions. This funding round saw investments from FEBE Ventures, BAT VC, Tekton Ventures, and Courtyard Ventures, among others. Revolutionizing Financial Services For Latine Communities Founded in 2023 by Vinay Pai and Salvador Chavez, Prósperos aims to transform the financial landscape for Latine communities in the USA and Latin America. The Prósperos platform provides two bank accounts and cards: one for the account holder in the USA and another for their
Félix Pago, a fast-growing fintech startup, has recently raised $15.5 million in a Series A funding round to enhance its services across Latin America and the US, according to TechCrunch. Revolutionizing Remittances With WhatsApp Félix Pago’s approach leverages WhatsApp as its main interface, with a chatbot that makes it simple to send and receive cross-border money transfers, even with a voice message. This choice is strategic, given WhatsApp’s extensive regional user base. Users in the US initiate transactions via the WhatsApp chatbot, completing the final step by securely entering debit
The Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against SoLo Funds, an online lending platform, over its lending practices. According to the CFPB, SoLo Funds used deceptive tactics to ensure almost every borrower paid hidden fees despite advertising zero-cost loans. Misleading Tactics and Hidden Fees SoLo Funds markets itself as a consumer-friendly alternative to high-cost, short-term loans. However, the CFPB alleges that SoLo’s practice of requesting borrowers pay “tips” and “donations” hides the actual cost of their loans. The lawsuit alleges that from March 2018 through December 2022, SoLo received
Toro Taxes and Trez, two Latine-owned companies, have formed a strategic partnership to better deliver their services to Latine entrepreneurs across the U.S. The Partnership The Latine market represents nearly 19% of the country’s population and continues to be the fastest-growing demographic in the US. Toro Taxes, the largest Hispanic tax preparation and business services franchise in the U.S., operates over 200 locations nationwide. Trez, a specialized payroll and benefits platform designed for the Latine community, will serve as the primary platform for onboarding the Toro Taxes’ clients onto the
Toku, a fintech startup that specializes in recurring payment solutions, has raised $9.3 million in its latest funding round. The funding round was led by Gradient Ventures and supported by existing investors including F-Prime Capital, Clocktower, Y Combinator, Wollef, and Funders Club. This latest investment has now pushed Toku’s total funding to nearly $20 million. Revolutionizing Payment Collections In Latin America Founded in 2020, Toku has become a leading player in the fintech sector by automating the entire payment processing lifecycle. Its platform offers varied payment options, handles customer outreach, and optimizes collection strategies using real-time data. This approach enhances the
NBA star Chris Paul has teamed up with Goalsetter, a Black women-owned fintech company founded by Tanya Van Court, promoting financial literacy among middle school students in Oakland, California. Addressing the Financial Literacy Gap Goalsetter’s recent study with Ivy League students revealed a gap in financial knowledge, with many failing to answer basic financial literacy questions correctly. “Empowering our youth with the knowledge and tools to secure a financially sound future is not just a commitment, it’s a necessity,” Paul said in a press release sent to AFROTECH. “We owe
