Nigerian fintech startup, Carrot Credit, has raised $4.2 million in seed funding to expand its credit platform across Africa. The startup offers users loans backed by digital investment assets, including stocks, exchange-traded funds (ETFs), and cryptocurrencies. The funding round was led by US-based MaC Venture Capital, with participation from Authentic Ventures, as reported by TechCabal. What does Carrot Credit do? Carrot Credit is a digital lending platform that enables individuals to borrow money without selling their investment portfolios, including ETFs, bonds, or cryptocurrencies. It was founded by Bolu Aiki-Raji in
Nigerian fintech startup Moniepoint announced the launch of MonieWorld, a platform that offers immigrants various financial services, starting with remittances to Nigeria. The new financial product allows users to return money to Nigeria, beginning with the UK. “With MonieWorld, Nigerians in the UK can send money home in seconds directly into any Nigerian bank account. With remittances to Nigeria crossing $20B in 2023, we see this as an opportunity to support economic growth in Nigeria, while bringing families closer,” the company said in a blog post. Customers will be able
The Nigerian fintech Payhippo, which previously provided SME loans, has rebranded to RIVY and raised $4 million in a pre-Series A funding round to focus on increasing clean energy financing in the continent. The funding was split between $2 million equity and $2 million debt. The seed round was co-led by EchoVC, a Nigerian venture capital (VC) firm through its $2.5 million Eco fund, which focuses on climate, energy, agriculture, and mobility solutions, and Shell’s All On, a climate-focused impact investment organization. Local debt providers supplied the debt. “Renewable energy is
Nigerian fintech unicorn Moniepoint has received a “strategic investment” from Visa, according to Techcrunch. The funding aims to propel financial inclusion and support the expansion of small and medium-sized enterprises (SMEs) across Africa. Moniepoint’s Series C Sources close to the deal say Moniepoint received over $10 million from Visa after securing a $110 million Series C round last October. Now, its Series C surpasses $120 million, and the company is allegedly speaking to other investors and could potentially attract more funding in the coming months while continuing its billion-dollar valuation.
Nigerian fintech startup Billboxx has raised $1.6 million in a pre-seed funding round, aiming to empower African small and medium-sized enterprises (SMEs) with cash flow management solutions. The funding, a combination of debt and equity, was led by Norrsken Accelerator, Kaleo Ventures, 54 Collective, P2Vest, and Afrinovation Ventures. Addressing SME Cash Flow Issues Founded in 2023 by Justus Obaoye and Abdulazeez Ogunjobi, Billboxx offers invoice financing and payment processing services to help SMEs combat cash flow challenges caused by delayed payments from enterprise clients. The platform facilitates upfront payments for
Moniepoint, a Nigeria-based fintech company, has successfully raised $110 million in a Series C funding round. This raise gives the company a valuation of at least $1 billion for the first time, according to the Financial Times. The financing was led by Development Partners International’s African Development Partners III (ADP III) fund, with participation from investors such as Google’s Africa Investment Fund, Verod Capital, and Lightrock. Strategic Focus on Business Banking and Financial Access Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint originally launched as TeamApt. The company
Kredete, a Nigerian fintech platform, has raised $2.25 million in seed funding, enhancing its ability to serve African immigrants in the U.S. The funding round, led by Blockchain Founders Fund (BFF), also included investors like Techstars, Tezos Foundation, Polymorphic Capital, among others. Kredete’s mission is to help African immigrants build credit while simplifying remittances, transforming how they send money home. Addressing Financial Barriers for African Immigrants Kredete’s innovative approach has attracted a user base of over 300,000 and processed transactions exceeding $100 million. The platform allows immigrants to send money
Nigerian startup Thepeer, which gained prominence for its API-based payment solutions, has announced its closure just three years after its inception. Thepeer went from securing $2.1 million in seed funding led by Raba Partnership, with participation from Rali_cap Ventures, BYLD, and fintech giants like Chipper Cash and Stitch, to its unexpected shutdown recently announced. “We embarked on a mission to create something unprecedented, a unique method for transferring money between digital wallets and making payments for goods and services directly from these wallets,” the founders said in a statement. “Yet, we soon realized that exceptional
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
