Anderson Pereira

Nigerian Mobility Fintech Startup Moove Enters Mexico, Accelerating Its Global Expansion Moove, the Nigerian-born mobility fintech startup, has officially launched its vehicle financing operations in Mexico, just a month after entering the U.S. market. Moove’s expansion into Mexico is part of its broader goal to meet the rising demand for ride-hailing services in Latin America. Read more👇 #Moove #Mobilityfintechstartup Princeton Eze Atta Arome Adedoyin Kafidipe Jephthah Datsomor Ayesha Farhat

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Coinbase, which is a US-based, cryptocurrency exchange, is exploring opportunities in the Kenyan technology and payments ecosystem, and is doing so by supporting local developers. A team of Coinbase executives visited Nairobi in November, and hosted several events with developers who are building projects on its technology platform, called the “Base”. The team from Coinbase also met with Mpesa specialists from Safaricom, and discussed how they could incorporate blockchain technology with the ubiquitous mobile payment system. Kenya's cryptocurrency market is one of the largest in Africa, with Kenyans increasingly using digital currencies for remittances, investments, and transactions. Despite the high rate of crypto adoption and a population that is eager to capitalise on this transformative technology, the Central Bank of Kenya is once again behind on the technology curve, having adopted a cautionary attitude towards cryptocurrencies. Case in point, in 2015, the Central Bank of Kenya issued a cautionary notice to financial institutions, and warned them against dealing with cryptocurrencies. However, in February 2022, the CBK appeared to be warming up to cryptocurrencies, as it published a discussion paper on Central Bank Digital Currencies, and sought public input on the potential benefits and risks of digital currencies. Eventually, the CBK opted to align with other major central banks, which also determined that Central Bank Digital Currencies were not a priority, and therefore decided to defer their adoption. In the meantime, Kenyans continue to be drawn to cryptocurrencies … mainly due to the potential for significant capital gain … especially now when the crypto market is in a bull run. However, they do so at their own risk, in the absence of any government regulation, that provides guidance and protection.

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The dominant rhetoric in the market is “more is better” when it comes to payments. While this may have initially been true, we have reached a point of diminishing marginal returns, where adding payment methods has a declining — if not negative — ROI. While we know this intuitively, there is often a disconnect between merchants’ internal teams, leading to an inefficient allocation of resources, scaling technical and reconciliation complexity, and declining conversion due to the paradox of choice. Looking forward, we expect merchants to become increasingly strategic and discerning about the payment options they expose to customers, to deliver better conversion, personalisation, and internal ROI. Read more in our latest blog.

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If African mobile money providers had access to customer deposits in the same way banks do, allowing them to leverage these funds for lending and investments, would their fees be lower or more affordable (currently, they charge up to 20% per transaction)? Is the reason mobile money is so expensive because they don't have access to generate additional revenue from deposits, and as a result, they focus on transaction fees as their primary and major source of revenue?

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Are you startup founder looking to raising capital? The #NFW2024 Startup Investor Forum is where you should be. Pitch your ideas to #Investors at the largest gathering of the Nigeria Fintech Week 2024 Investor Forum Apply today: bit.ly/nfwstartup #opologlobal #nfw24 #investorforum #startupforum #pitch #fintechngr #startupecosystem #fintechweek #venturecapitalists

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Nigeria's Digital Lending Boom: 320 and Counting! With over 320 approved loan platforms, Nigeria's digital lending space is expanding rapidly. This surge presents a unique opportunity for entrepreneurs and startups to enter the market with low-cost, flexible microloan solutions. In this week’s newsletter, we break down what this growth means for the financial landscape and how businesses can tap into the rising demand for digital loans. Want to know how this shift can benefit you? Read the full newsletter here: https://bit.ly/47OCLR1 #DigitalLending #Entrepreneurship #Fintech #BusinessGrowth #FinancialServices #Nigeria #Startups #Innovation

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Nigerian fintech Waza (YC W23) raises $8 million in an equity and debt funding round #Waza, a Nigerian #fintech company focused on B2B payments and liquidity, has emerged from stealth mode and raised $8 million in equity and debt funding to fuel its expansion across Africa. Founded by Maxwell Obi, who also serves as CEO, Waza aims to transform the landscape of business-to-business transactions by providing a more efficient settlement infrastructure. This platform addresses the critical foreign exchange and liquidity challenges faced by businesses in Africa, thereby empowering them to tap into global trade opportunities. The recent funding round was led by prominent investors, including Y Combinator, Norrsken East Africa, Heirloom VC, Byld Ventures, Plug and Play Tech Center, and Olive Tree Capital, contributing $3 million in seed equity. Additionally, Waza secured $5 million in debt funding from Timon Capital, which will be used to pilot trade financing solutions for large enterprise clients. Since its inception in January 2023, Waza has made significant strides in the fintech market. In just a few months, the company’s monthly payment volume surged from $280,000 to $70 million by May, translating into an annualized transaction volume of $700 million. The company’s rapid growth is driven by its competitive edge in offering both affordability and speed in cross-border payments, crucial factors for businesses involved in international trade. Waza’s platform already serves hundreds of clients across six continents and is positioned to capture a share of the $7 trillion global payments market, with the potential to generate $250 billion in revenue. The company’s innovative approach is making international trade more accessible for African businesses but also contributing to economic growth and development in the region. The article on TechCrunch in the first comment. Want to stay up to date with the market? Here my newsletter: - Linkedin: https://lnkd.in/d4h8zqKA  - Substack: https://lnkd.in/dzfGJzmW

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We’re proud to announce our latest customer launch! Trove Finance, a Nigerian 🇳🇬 neobroker, used our social investing API to launch Trove Social. Now Trove’s users can connect with fellow investors, track market trends, and evaluate their portfolios. This is our first customer in Africa and underscores our commitment to democratizing investing globally. 🌍 Check out our blog announcement by clicking the link in the comments below. #FinTech #SocialTrading

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Moove, the Nigerian mobility fintech that offers vehicle financing to drivers working with ride-hailing companies, has begun expanding to the U.S. The company had earlier stated its intention to venture into new markets when it raised $100 million from Uber and other investors in March. “The U.S. expansion may play out like  Moove’s 2023 move into the UAE where it operates a 100% EV fleet some of which accounted for the largest number of EV trips on the Uber UAE platform in the same year. It also operates EV fleets in the U.K. and is preparing to introduce more than 20,000 EVs on Uber in India, per a March report. “If Uber’s partnership with Moove is borderless, as its participation in the startup’s $100 million raise suggests, the company’s zero-emission mandate may see a similar soft landing in the U.S. where electric vehicles are increasingly popular.” Via TechCabal. https://lnkd.in/g8xm85GQ #fintech #financialservices #mobilityfintech #africa #africanstartups

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𝐌𝐨𝐧𝐢𝐞𝐩𝐨𝐢𝐧𝐭 𝐫𝐚𝐢𝐬𝐞𝐬 $𝟏𝟏𝟎𝐦 𝐭𝐨 𝐛𝐞𝐜𝐨𝐦𝐞 𝐀𝐟𝐫𝐢𝐜𝐚’𝐬 𝐥𝐚𝐭𝐞𝐬𝐭 𝐮𝐧𝐢𝐜𝐨𝐫𝐧 Moniepoint Group has successfully raised $110 million in its latest Series C equity financing, propelling the Nigerian fintech to unicorn status with a valuation of $1 billion. Led by Development Partners International’s African Development Partners (ADP) III fund, the funding round also attracted investments from Google’s Africa Investment Fund, Verod Capital, and existing investor Lightrock. This substantial capital injection will accelerate Moniepoint’s expansion across Africa, enhancing its all-in-one platform designed for businesses of all sizes. The company currently processes over 800 million transactions monthly, valued at more than $17 billion, and has seen its annualized revenues grow to over $100 million despite challenges like naira devaluation. Recognized as the second-fastest-growing company in Africa by the Financial Times in 2023, Moniepoint continues to lead Nigeria’s agent banking space, demonstrating significant growth with a 205% increase in transaction value and processing over $150 billion in 2023 alone. This funding round, which follows a previous $55 million investment, included a secondary sale with a discounted valuation that attracted various investors. Moniepoint, recognized as one of Africa's fastest-growing companies by the Financial Times in 2023, has established itself as a market leader in Nigeria's agent banking space while providing retail banking services and catering to small and medium businesses.

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I just love practical no BS advice. Great tips on getting into YC from Yurii Rebryk, but these tips are important for any investor call - Be concise and clear - Know your product, customers, and numbers - Do not memorize answers Hope this is helpful for fellow entrepreneurs who have applied to Y Combinator's upcoming batch

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Ever wondered how to use the bank's money to pay off your home loan faster? Shelly Medina from Lagos Financial shares a brilliant strategy combining offset accounts and credit cards that could save you thousands! Don't miss this insightful clip from the Debt to Financial Freedom Podcast with host Victor Lagos. 🎧 Watch the full episode for more valuable tips on property investing: https://lnkd.in/gpbh2nuJ #PropertyInvesting #OffsetAccounts #MortgageStrategy #FinancialFreedom #InvestingSmart

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What happened This Week in Fintech Africa -Africa’s largest crypto startup raised $33 Million to scale its B2B services. - Africa’s cross-border payments platform raised $2 Million to expand its B2B services to China. - Nigeria based HR platform launched cross-border payroll and was in talks for a $1.5million seed round. - Africa’s largest Uber backed Mobility Fintech expanded to Mexico. - Nigeria’s B2B ecommerce platform acquired a fintech company that raised $6 Million last year. - Kenya's Central Bank issued an operating license to America’s largest Bank. Read more 👇🏿 https://lnkd.in/dUXt_EqC

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The WorldPay Global Payments Report 2024 validates that the VC support for Fintech and Payment companies, as seen in Nigeria and India, can significantly reduce cash usage. #Fintech #Payments #Innovation #VC #CashlessEconomy #Visualcapitalist

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🌟Moniepoint Raises $110M, Hits Unicorn Status in Africa’s Fintech Landscape Nigerian fintech giant Moniepoint has officially joined Africa’s exclusive club of unicorns! 🚀 Following a $110 million Series C funding round led by Development Partners International (DPI) and supported by Google’s Africa Investment Fund, Verod Capital, and Lightrock, Moniepoint’s valuation has now surpassed $1 billion, making it one of the continent’s fintech powerhouses. This capital injection positions Moniepoint as the eighth African unicorn, joining the ranks of companies like Interswitch, Flutterwave, Chipper Cash, and OPay. Founded in 2015, Moniepoint has evolved from a budding startup into one of the most impactful players in Nigeria’s financial technology ecosystem. Moniepoint has emerged as a leader in Nigeria’s agent banking space, providing seamless retail banking services and tailored solutions for small to medium-sized businesses. The platform has significantly boosted financial access, especially for underserved and rural areas, aligning with the Central Bank of Nigeria’s vision for nationwide financial inclusion. In 2023, Moniepoint’s growth soared with a 205% increase in transaction value, processing 5.2 billion transactions worth over $150 billion—a clear indicator of its robust, user-centric model. In addition to supporting agent banking and retail services, Moniepoint’s platform offers an expanding suite of business solutions, from digital payments and FX services to credit and business management tools. Moniepoint is committed to sustainable growth as it scales, aiming to leverage these new funds to drive economic activity and inclusion across Africa and its diaspora. Moniepoint’s rapid ascent began with a 2022 funding round valued at around $400 million. This recent Series C round and strategic secondary sales have nearly tripled its valuation. DPI’s backing and support from renowned investors like Google’s Africa Investment Fund highlight Moniepoint’s potential to shape Africa’s digital and financial inclusion landscape. Commenting on the achievement, Tosin Eniolorunda, Founder and CEO of Moniepoint, said, “This investment enables us to drive further financial inclusion across Africa, a critical mission given the region’s informal employment rate of 83%. We aim to help our customers overcome challenges by continually innovating and enhancing our platform. We are just getting started.” Moniepoint’s success is a testament to the potential within Nigeria’s fintech sector, with African startups continuing to demonstrate their resilience and growth. The company’s revenue has also mirrored this momentum, with insiders noting that its annualized revenue is over $100 million. While currency devaluations have posed challenges, Moniepoint has become a high-growth and profitable enterprise.

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Moniepoint Nigeria, a Nigeria-based fintech, has achieved unicorn status — raising $110MM with a recent valuation above $1Bn. Nigeria is the fastest growing #fintech market in #Africa, driven by its more than 200 million people — many who still lack access to financial services like banking. I’m thrilled (and proud) to see consumer-centric solutions continue emerge on the continent, shifting economic power to communities with less friction. The informal sector accounts for 83% of the employment sector across Africa. Formal banking systems must adapt to meet the needs of the people — not the other way around. Big ups to the Moniepoint team for pushing the sector forward! 👏🏽👏🏽👏🏽 Read more here: https://lnkd.in/euNhkYPa

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Africa’s mobile payments market is worth over $456 billion, presenting a promising opportunity for companies like dLocal to simplify cross-border payments. However, payments in Africa are not as seamless as one would expect. In a continent of 54 independent countries, each has a unique payment infrastructure that, in most cases, disallows interoperability with the other. For instance, a Nigerian on vacation in, say, Cape Verde, will find it difficult to send money home using a Nigerian bank based in the island country. So what's the solution? dLocal - which boasts a multinational operations network across several countries, including Nigeria, India, and Uruguay - devotes itself to ensuring both emerging and established markets operate payments at the same wavelength. This means helping growing markets like Africa and Latin America to scale their payment processes, enabling seamless both local and international transactions between customers and service providers. #AfricanPayments #AfricanRemittances #MySmartBizAfrica

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After Kenya, this week it is time for #NIGERIA ! 🇳🇬 🚀 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰 Despite global economic headwinds, Nigeria's tech ecosystem remained vested in 2023, with fintech attracting substantial investments. Nomba, for example, secured $30 million in a Series B funding round, showcasing strong investor confidence in Nigeria's fintech sector. 💹 Nigeria has significantly contributed to Africa's tech unicorn scene, boasting several high-valued startups such as Flutterwave, OPay, Andela, and Interswitch, each achieving unicorn status. This success underlines Nigeria's dynamic #fintech sector and its appeal to global investors. 👩🏼‍💻 #Lagos continues to be Nigeria's tech hub, hosting the majority of the country's startups. Its strategic importance and concentration of VCs make it a nurturing environment for tech innovation. Key players supporting early-stage ventures include Co-Creation Hub, LeadPath, and Spark. 🌍 𝐄𝐦𝐩𝐥𝐨𝐲𝐦𝐞𝐧𝐭 𝐚𝐧𝐝 𝐄𝐜𝐨𝐧𝐨𝐦𝐢𝐜 𝐈𝐦𝐩𝐚𝐜𝐭 The tech sector remains a major employment driver, with startups like Shuttlers and Vendease creating numerous jobs. This not only underscores the sector's role in economic activities but also highlights its potential for scalability within the Nigerian market​. 📈 𝐒𝐞𝐜𝐭𝐨𝐫 𝐃𝐢𝐬𝐭𝐫𝐢𝐛𝐮𝐭𝐢𝐨𝐧 #Fintech, #ecommerce, and #CleanTech are prominent sectors receiving investments. For instance, the fintech sector alone drew $507 million, constituting 67.8% of Nigeria's total funding for the year. CleanTech also showed growth with a $12 million Series A funding for Okra Solar​. 🌟 𝐆𝐥𝐨𝐛𝐚𝐥 𝐑𝐞𝐜𝐨𝐠𝐧𝐢𝐭𝐢𝐨𝐧 Nigerian startups like Alerzo, Shuttlers, and Vendease were highlighted on the World Economic Forum’s 2023 #TechnologyPioneers list, underscoring the global relevance of Nigeria's tech startups. 🤝 𝐃𝐢𝐯𝐞𝐫𝐬𝐢𝐭𝐲 Aduna Capital's $20 million maiden fund aimed at boosting female participation in Northern Nigeria is part of transformative changes in the venture capital scene, playing a part in enhancing gender parity in the tech ecosystem​. "𝘛𝘩𝘦 𝘧𝘶𝘯𝘥 𝘸𝘪𝘭𝘭 𝘱𝘳𝘪𝘮𝘢𝘳𝘪𝘭𝘺 𝘪𝘯𝘷𝘦𝘴𝘵 𝘪𝘯 𝘕𝘰𝘳𝘵𝘩𝘦𝘳𝘯 𝘕𝘪𝘨𝘦𝘳𝘪𝘢, 𝘸𝘪𝘵𝘩 𝘢 𝘨𝘰𝘢𝘭 𝘰𝘧 𝘩𝘢𝘷𝘪𝘯𝘨 50% 𝘧𝘦𝘮𝘢𝘭𝘦 𝘱𝘢𝘳𝘵𝘪𝘤𝘪𝘱𝘢𝘵𝘪𝘰𝘯 𝘪𝘯 𝘵𝘩𝘦 𝘧𝘪𝘳𝘮𝘴 𝘪𝘵 𝘴𝘶𝘱𝘱𝘰𝘳𝘵𝘴." - AVCA 💰 𝑰𝒏 𝒈𝒆𝒏𝒆𝒓𝒂𝒍, 𝒔𝒕𝒂𝒓𝒕𝒖𝒑𝒔 𝒂𝒓𝒆 𝒂𝒅𝒂𝒑𝒕𝒊𝒏𝒈 𝒃𝒚 𝒇𝒐𝒄𝒖𝒔𝒊𝒏𝒈 𝒎𝒐𝒓𝒆 𝒐𝒏 𝒓𝒆𝒈𝒊𝒐𝒏𝒂𝒍 𝒈𝒓𝒐𝒘𝒕𝒉 𝒂𝒏𝒅 𝒆𝒙𝒑𝒍𝒐𝒓𝒊𝒏𝒈 𝒂𝒍𝒕𝒆𝒓𝒏𝒂𝒕𝒊𝒗𝒆 𝒇𝒖𝒏𝒅𝒊𝒏𝒈 𝒂𝒗𝒆𝒏𝒖𝒆𝒔 𝒔𝒖𝒄𝒉 𝒂𝒔 𝒄𝒓𝒐𝒘𝒅𝒇𝒖𝒏𝒅𝒊𝒏𝒈 𝒂𝒏𝒅 𝒔𝒕𝒓𝒂𝒕𝒆𝒈𝒊𝒄 𝒂𝒍𝒍𝒊𝒂𝒏𝒄𝒆𝒔​. ❓ What strategies should Nigeria prioritize to sustain growth? How can the ecosystem balance global scaling with local market optimization? - Sources: (Founders Factory Africa, Nairametrics, Ventures Africa, AVCA, Oxford Business Group)​. #dreamvc #africa #startups

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Ghana’s WeWire selected for the Visa Africa Fintech Accelerator. 1️⃣ Ghana-based fintech startup, WeWire, has been selected for the third cohort of the Visa Africa Fintech Accelerator. 2️⃣ Founded in 2021 by Ebenezer Ghanney, WeWire is a B2B cross-border payments platform that simplifies how businesses pay and collect payments from vendors, suppliers, and trade partners. 3️⃣ Ghanney, who previously served as the Ghana Country Manager for Yellow Card, recognized the high demand for efficient cross-border payment solutions among business owners. The company provides businesses with over-the-counter money transfer services, multi-currency wallets, virtual accounts, and cards. 4️⃣ Earlier this year, WeWire reported surpassing $1 billion in cross-border payment transactions, highlighting its growing impact in Africa's fintech ecosystem. 5️⃣ This year's accelerator cohort includes 19 fintech innovators from 21 African countries, spanning diverse sectors such as embedded finance, SME lending, and digital banking. Notably, 85% of the startups are led by women. The three-month accelerator will culminate in an exclusive Demo Day, where startups will present their solutions to investors, industry leaders, and potential partners. #startupghana

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