Visa and Mastercard are setting their sights on Africa’s fintech market. Africa’s booming fintech sector E-commerce is booming across the continent. The Wall Street Journal reports that by the end of this year, an estimated 435 million Africans are expected to shop online, a nearly twofold increase since the pandemic. However, people are less likely to make payments using cards than in other global markets, relying instead on mobile money, digital wallets, and bank transfers. Visa and Mastercard, determined to stay relevant, are pouring millions of dollars into the continent
Belong, a London-based fintech startup has recently launched out of stealth, following a €3.4 million ($3.6 million) pre-seed funding. This achievement marks the largest pre-seed round ever raised by female founders in Europe. Helping millenials build wealth Millennials are the first generation in history to be worse off than their parents financially. Belong was established in 2023 by former investment banker Avion Gray and behavioral economist Samantha Rosenberg to change this. Nick Hungerford, a pioneer in European fintech, brought together co-founders Gray and Rosenberg. Hungerford’s legacy continues to influence the company, even after passing in July 2023. “We
Uber Technologies Inc. has officially led a $100 million Series B funding round for Moove, an African mobility fintech company. This investment propels Moove’s valuation to an impressive $750 million and marks Uber’s first foray into African continent investment. Moove Founded in Lagos in 2020 by British-born Nigerian entrepreneurs Ladi Delano and Jide Odunsi, Moove has revolutionized vehicle financing. It operates with a business model that provides access to vehicle ownership for mobility entrepreneurs who traditionally face barriers in accessing financing. Moove’s model allows drivers to own vehicles by paying a portion of their weekly income, which
Lagos-based blockchain payments startup Zone has raised $8.5 million in an oversubscribed seed funding round. Nigerian Startup Zone Zone’s fundraising success is part of a growing trend in Africa’s fintech sector, which has recently seen companies like Cleva and Zuvy secure significant investments. Founded in 2008 by Emeka Emetarom, Obi Emetarom, and Wale Onawunmi in Lagos, Nigeria, Zone positions itself as Africa’s first regulated payment blockchain network. Its blockchain-based decentralized payment infrastructure caters to financial service providers across the continent and beyond. The startup has collaborated with over 15 of Africa’s top banks and fintech companies,
Nigeria, Africa’s top cryptocurrency market, is in a major dispute with Binance, one of the biggest names in the crypto world. Nigeria’s government has intensified its crackdown on unregulated crypto activities, resulting in a serious impasse following escalating tensions between Binance and the government. Binance is one of the world’s largest cryptocurrency exchanges. Nigeria cracks down on crypto Nigeria is currently grappling with a debilitating economic crisis, with inflation soaring to nearly 30%. The Nigerian government has turned its attention to cryptocurrency in an attempt to stabilize its currency, the naira (NGN). The
Trez, the first U.S. Latine payroll platform company, is reshaping the financial landscape for Latine businesses in America. Trez Recognized by notable institutions like Techstars, Forbes, Inc., and Stanford GSB, Trez provides specialized payroll, benefits, and financial services solutions. The platform is specifically designed to support the burgeoning Latine business community. Trez emerges at a crucial time when Latine-owned businesses, contributing $500 billion in annual sales and millions of jobs, are becoming vital in the U.S. economy. According to the Bureau of Labor Statistics, Hispanics will constitute 78% of the new workforce entrants between 2020 and
Robinhood, the renowned trading and investing platform, has partnered with Rich Paul, the founder of KLUTCH Sports Group and LeBron James’ agent. Robinhood ventures into sports and entertainment Robinhood is a stock brokerage that allows customers to buy and sell stocks, options, ETFs, and cryptocurrencies with zero commission. Announced on Thursday, this collaboration marks Robinhood’s ambitious venture into the realms of sports, entertainment, and media. The fintech firm prides itself on introducing a diverse range of first-time investors to the market, aligning with Paul’s impactful history in sports management. Meet
Altro, a leading credit-building and financial literacy platform, has raised $4 million in a strategic funding round, gaining support from figures such as Tinashe, Quavo, Marshawn Lynch, and Chris Paul. Altro Founded in 2019 by Michael Broughton and initially known as Perch, Altro has been instrumental in helping users enhance their credit scores. It ingeniously integrates everyday payments and subscriptions into its credit-building mechanism, including Netflix, Spotify, Amazon Prime, and Starz. Beyond this, Altro extends educational resources to all its members, even those with a baseline free membership. These resources encompass Altro’s Convo, featuring short
Black Tech Nation Ventures (BTN.vc), a venture firm based in Pittsburgh, has announced the final close of a $50 million inaugural fund. BTN.vc This fund specifically targets software startups led by founders from traditionally underrepresented backgrounds, including Black, Latinx, Indigenous, female, and LGBTQ+ entrepreneurs. BTN.vc’s founding in 2020 resulted from a collaboration between three serial entrepreneurs, Kelauni Jasmyn, David Motley, and Seán Sebastian. The focus addresses the long-standing issue of inequity in funding and anticipates significant returns within the venture industry. “We set up BTN.vc to equip and train a
Joe Cecala and Dwain J. Kyles are launching The Dream Exchange, which is set to become the first Black-owned stock exchange in the United States. Dr. Martin Luther King Jr’s Influence The two, influenced by the civil rights movement and drawing inspiration from Dr. Martin Luther King Jr., aim to bridge the gap between Main Street and Wall Street, creating a more inclusive financial marketplace. “What he [Dr. King] began to understand in the later years of his life [is] that you were not going to achieve equality anywhere in
