Startup buying startup

Beyond VCs: African Startups Are Now Investing In Other African Startups

By  |  April 21, 2021

As acquisitions grow in the African tech startup ecosystem, some African startups themselves are also staking for spoils.

Prima facie, African startups are acquiring—or investing in—other African startups. The most recent of these developments is MFS Africa's investment in Ugandan fintech Numidia—the second African fintech firm the pan-African payments provider is taking over.

Ever since Nigeria's CcHub acquired Kenya's iHub, the takeover of African startups by startups in the continent seemed to have developed pace.

To understand why this trend is picking up, WeeTracker had an exclusive interview with  Patrick Gutmann, Managing Director of Banking, Institutions and Government at MFS Africa.

Patrick is also the previous CEO of United Bank of Africa UK Limited, and Managing Director at BACB—a UK‐based bank with four decades of experience in Africa’s trade finance.

Courtesy: UBA Group

What is the major reason MFS Africa has invested in Numidia?

The Numida investment makes a lot of sense for MFS Africa on several dimensions. Firstly we believe SMEs in Uganda and across the continent remain under-served by the traditional financial institutions an...

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