Ghana’s Affinity Africa Raises USD 8 M Seed Round For Digital Banking Solution

Affinity Africa, a digital banking platform focused on individuals and MSMEs, has secured an oversubscribed USD 8 M seed round led by Grazia Equity and BACKED VC. Other participants include Enza Capital, Launch Africa, Renew Capital, Finca International, Attijariwafa Ventures, Impact Assets, and prominent angels, joining early backer Eldon Capital. This marks the first African investment for both Grazia Equity and BACKED VC.

Launched in Ghana in October 2024, Affinity has onboarded over 50,000 customers, with 65% previously unbanked and over 60% being women in the informal sector. The company operates a branchless model, using a mobile and web app, an agent network, and a proprietary technology platform to deliver a full suite of banking services at lower costs than traditional banks. Its offerings include personal and SME accounts, savings, payments, transfers, investments, and instant loans with competitive rates.

Since launching its mobile app, Affinity has seen exponential growth, with savings increasing by over 35% month-on-month and instant loans growing by 30% monthly with an NPL of just 3%. The fresh capital will support Affinity’s expansion within Ghana before entering new markets across Africa.

Founder and CEO Tarek Mouganie highlighted the strong demand for Affinity’s customer-centric, fee-free banking model, emphasizing its role in bridging Africa’s financial gap. The African banking industry remains highly profitable, yet over 60% of the population lacks formal financial services, and fewer than 10% of businesses have access to credit.

BACKED VC’s Andre de Haes praised Mouganie’s expertise in banking and regulation, stating that Affinity’s early traction reflects a deep understanding of customer needs. With this investment, Affinity Africa aims to redefine digital banking, offering affordable and accessible financial solutions across the continent.