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Fintech

Black-owned fintech startup, Guava, has closed a pre-seed funding round of $2.4 million. The funding round, which Heron Rock led, also included investment firm Ruthless for Good Fund, Precursor Ventures, Backstage Capital, and angel investors Lexi Reese and Ed Zimmerman.  Guava, founded in 2021 by Kelly Ifill, helps Black-owned businesses bank and build community. The banking and networking platform works to close the racial wealth gap by aiding small Black companies and creators with the tools needed to scale and grow their businesses.  The digital platform, which is yet to

San Francisco-based fintech company, TomoCredit, has raised $122 million in funding and debt financing. The funding round was led by Morgan Stanley’s Next Level Fund and included Morgan Stanley’s Next Level Fund, MasterCard, and debt from Silicon Valley Bank. The funding will help the platform expand its credit product offerings to help support immigrants with no credit history in the US. TomoCredit, co-founded in 2018 by Kristy Kim and Dmitry Kashlev, is a fintech platform dedicated to providing the next generation with a credit card designed to help millennials boost

Bizao has raised $8.15 million in Series A funding. The funding round was led by AfricInvest, Adelie, and Seedstars Africa Ventures and will help the platform accelerate its expansion, helping them provide services to citizens across the continent. Bizao, founded in 2019 by Aurélien Duval-Delort, helps companies accept all local payment methods across Africa. The tech platform uses powerful APIs and advanced financial flows to simplify the challenge of getting Mobile Money, Visa/Mastercard, and Airtime payments. The outlet powers all businesses: local retailers, online merchants, international digital content providers, money

Black-owned money movement, Zazuu, has raised $2 million in investment funding in a new venture round. The startup, which works to build a more robust remittance for residents in the diaspora, has quickly evolved to become the world’s first cross-border payment marketplace. Zazuu, co-founded in 2018 by Kay Akinwunmi, Korede Fanilola, Tola Alade, and Tosin Ekolie, is on a mission to ease the difficulty of sending money back home, which is currently expensive, slow, and unfair to millions of migrant customers. The platform has helped empower customers by building an

From financial impropriety and conflict of interest to operating without a license, Nigerian fintech company Flutterwave is no stranger to allegations. Most recently, the Kenyan High Court officially granted the Asset Recovery Agency (ARA) permission to freeze over $50 million in 52 accounts belonging to the fintech giant following allegations of money laundering in Kenya.  According to local media reports, the ARA believes that the platform “concealed” the nature of its business by providing a payment service payment without approval from the Central Bank of Kenya. The assets recovery agency claims the accounts

Senegal-based fintech startup, Wave, raises a syndicated loan of $91.5 million from International Finance Corporation (IFC), Blue Orchard, Symbiotics, responsAbility, and Lendable. Wave Mobile Money, founded by Drew Durbin and Lincoln Quirk in 2018, has quickly grown to become the largest mobile money remittance in Senegal. In 2021, the company closed the most extensive Series A round for an African fintech at $200 million. The digital fintech platform uses technology to build a radically inclusive and affordable financial network. As a result, Wave has built a life-changing economic infrastructure for

Earlier this year, on February 13th, Sporting Lagos FC played its first-ever football match, which ended in a draw. The club, which currently plays in the Nigerian National League, the country’s second tier, is the brainchild of Shola Akinlade, co-founder and CEO of financial technology company Paystack, which he says was acquired for more than $200 million in 2020 by Irish American financial services company Stripe. Akinlade says he intends for Sporting Lagos to be a platform for community development and social change. But managing a football club in Nigeria is often

Black-led fintech startup, Moove, raises $20 million in investment funding from the British International Investment (BII) program, formerly known as the CDC. The investment reflects the BII’s plans to build a resilient market in Nigeria, providing access to various economic opportunities for upcoming businesses while simultaneously accelerating the country’s limitless entrepreneurial spirit. Moove, co-founded by Jidi Odunsi and Ladi Delano in 2020, is a mobility fintech platform that provides revenue-based vehicle financing to mobility entrepreneurs across Africa. The co-founders, both British-born Nigerians with degrees from the London School of Economics

Atlanta-based digital Fintech company Greenwood recently announced the acquisition of Black-owned networking platform Valence. The partnership will provide millions of Black professionals access to new career opportunities. Valence, which Kobie Fuller co-founded with Emily Slade and LaMer Walker in 2019, is a leading recruitment platform that helps connect, empower, and showcase Black professionals. In addition, the networking platform, which was launched to address the lack of diversity within leadership roles, has provided alternative routes for professionals whose skin color may have played a role in how they were perceived in

London-based venture capital firm, Octopus Ventures, has launched its first £10 million ($12 million) pre-seed fund to support fresh startups in the fintech and health sectors. The firm, founded in 2007, works to fill the growing gap in early pre-seed funding for European founders.  Kirsten Connell and Maria Rotilu, veterans of Seedcamp and Uber, will lead the company’s first-ever investment fund. They will bring their extensive experience and knowledge of growing firms from the beginning to the job, enabling them to work closely with start-ups in their early years.  Octopus

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