Deal-Street Africa [May 10-16]: World Bank Approves USD 100 Mn Grant, 2 Major Acquisitions, 13 Startups Funded

By  |  May 17, 2021

Here is a recap of last week’s notable deals on the African continent, Fintechs lead with 63% of last week’s total funding deals.

Branch International Acquires Kenya’s Century Microfinance Bank

Kenyan fintech Branch International acquired microfinance lender Century Microfinance Bank. According to regulatory filings released by the Competition Authority of Kenya (CAK), Branch has acquired 84.89% of the issued share capital in the microfinance bank. The acquisition will enable Branch to deploy more solutions in Kenya, allowing it to expand its digital and physical footprint.

South African FoodTech Kombo King Secures Funding

Kombo King, a foodtech startup based in Cape Town, received an undisclosed amount of funding from The Vumela Fund, a joint venture between FNB Business and Edge Growth.

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I&M Holdings PLC Completes Acquisition Of Uganda’s Orient Bank Limited

I&M Holdings PLC announced the majority acquisition of Orient Bank Limited (OBL), a licensed and established commercial bank in Uganda from 8 miles LLP and Morka Holdings Limited. The acquisition supports the Group’s Business Growth initiatives by diversifying revenue sources through new market penetration and extending its Corporate, Business, Personal Banking, Treasury, and Trade Finance solutions to all of its Ugandan customers.

Two Ivorian Fintech Startups Secure Funding From I&P

Two Ivory Coast-based fintech startups received funding from VC company I&P through its I&P Acceleration Technologies Program funded by the French Development Agency. The two startups include; Keiwa, a streamlined accounting, financial reporting, and inventory management program. Legafrik is a digital platform for the OHADA countries to simplify legal, administrative, tax, and accounting procedures.

South African Edtech iXperience Secures USD 2.5 Mn Series A Funding

Cape Town-based edtech company iXperience secured $2.5-million in a Series A funding round led by Kalon Venture Partners and Caleo Private Equity. The startup seeks to use the investment to grow its team, develop its creative software platform, launch programs in new markets, and expand its global strategic alliances division.

Senegalese Foodtech Startup Mburu Secures USD 450 K Funding

Mburu, a Senegalese FoodTech brand active in the production and marketing of bread, pastries, and pastries, secured no less than 243 Mn FCFA (USD 450 K) funding, made up of a mix of capital and quasi-capital from WIC Capital and WE! Fund.

Cameroon Fintech Maviance Secures USD 3 Mn Funding From MFS Africa

Maviance, a Cameroon-based company that provides digital financial services and technology consulting, raised USD 3 Mn in equity funding from MFS Africa. Maviance is now looking to expand its products in the home market and scale its operations into neighboring Central African countries Gabon and the Republic of Congo.

Four South African Startups Secure Funding From AlphaCode Incubate Program

Four South African startups secured an additional ZAR 500 K (USD 35 K) each in funding as well as further support after moving into the second phase of the AlphaCode Incubate program’s demo day. The four startups include; AgriCool, an e-marketplace that connects smallholder farmers and consumers to a fair and reliable market; Bento, an out-of-the-box employee rewards and benefits network; Imfuyo Technologies, a smart farming solution that offers livestock farmers greater control of their operations at affordable prices; and MatchKit, a platform that helps athletes better commercialize their careers.

Two Energy Startups Secure Funding From Impact Investor Opes-LCEF

Rwanda’s Munyax Eco and Zambia’s WidEnergy secured investment from female-focused fund Opes-LCEF, an impact investor that provides catalytic capital to early-stage social enterprises in emerging markets. The startups seek to use the new funding to scale operations and expand product lines.

World Bank Approves USD 100 Mn Grant To Support MSMEs In Mozambique

The World Bank has approved a USD 100 Mn grant from the International Development Association (IDA), in support of the Government of Mozambique’s Economic Linkages for Diversification Project, which supports Micro, Small, and Medium Enterprises (MSMEs), develop their capacities to provide goods and services to larger businesses, as well as serve the growing cities in the center and north of Mozambique, thus fostering linkages and economic diversification.

Nigerian Startup BFREE Raises USD 800 K Seed Round

BFREE, a Lagos-based startup that focuses on improving consumers’ financial health through a tech-enabled credit management solution, has raised an initial funding round of USD 800 K to help it grow. The round was led by Nigeria-based Beta Ventures alongside Launch Africa Ventures and GreenHouse Capital.  

Two Fintechs And A HealthTech Win The Wazo Challenge Tanzania

Three Tanzanian startups received grant funding in the inaugural edition of the Wazo Challenge Tanzania launched in February 2021 by Startup Réseau. Kikoba App, a fintech startup that helps savings groups to manage and collect funds, loan cash easily received a cash grant of USD 5 K; MedPack, a B2C pharmacy service that sorts your medication by dosage and delivers directly to your door received USD 2 K; Mipango, a fintech startup enables users to manage their income, expenses, savings, financial targets, help, and offerings received USD 3 K.

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