Michael Olorunninwo

London, UK based TLcom Capital LLP recently closed its second fund to back early-stage start-ups across Africa. 💸 $154M for TIDE Africa Fund II, with participation from over 20 limited partners including European Investment Bank (EIB), Visa Foundation, Bertelsmann, and AfricaGrow, a joint venture between Allianz and DEG Impact. 💡 Actively seeking 20 to 25 early-stage investment opportunities, with a particular focus on the #seedstage and #SeriesA, with consideration for exploring deals at growth and later stages too. Investment interests lie in traditional sectors, including #fintech, #mobility, #agriculture, #healthcare, #education, and #commerce. Initial investments typically range from $1 million to $3 million. 🌍 #Africa 📈 TLcom's current portfolio companies include SeamlessHR, Autochek Africa, Vendease Africa, Ilara Health, PULA, Terragon Group, among others. The VC operates from offices in London, Lagos and Nairobi. 💭 “We need global capital to look at Africa and think of a place where good investments can be made and technology can generate much value. That’s still to be achieved at scale, so that’s our primary target.” - Maurizio Caio, managing partner 🗞️ Tage Kene-Okafor, TechCrunch https://lnkd.in/eNZGqJhc 👏 For the #AudaciousInvestors unleashing innovation and empowering tomorrow🚀 Maurizio I Omobola I Ido I Andreata I Eloho I Philippe I Wairimu I Olumide I Shamona I Francesca I Team TLcom … #venturecapital #vc #funds #startups #entrepreneurs #funding #tech #uk #entrepreneurship #technology #innovation #Nairobi #Lagos #London

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I'm very proud to share the news about our TLcom Capital LLP TIDE Africa II fund final close at $154mn. While we remain laser focused on our journey to build the best early stage VC in the world investing in Africa, this is a serious milestone for us more than doubling our first fund size, expanding team, entering new African markets and most importantly growing the ability to partner with the best and brightest founders out there building in and for Africa. Many thanks for all our LPs, the many who kept believing in us since TIDE Africa I, and those who decided to back us on this one and join our journey - we couldn't make it without you! https://lnkd.in/eDjapC85 On a more personal note, it's been a patchy year. A year full of reflection, learning and realisations. In a world that keeps going sideways often fuelled by populists agendas, wars and hate, and with too many of us wanting to always win (by making sure someone else is losing), not being able to digest and understand complexities and nuances, and feeling obliged to have a firm view within 20sec about everything, our responsibility is even bigger. It's tough out there. On the macro, on the details and on everything in between. So what does it have to do with Africa VC? We have the privilege of helping and supporting the ones who stand up, look complexity in the eye and decide to build for the better. Of course we want and need it to return multiples of cash, but our real job is be there for the journey, and remember it's never "linear up into the right". To partner with those who can understand the complexity and nuances of the problem better than anyone (and not try and flatten it), but can define simple and scalable solutions to these complexities. Have a long term strategy and vision, and not a short sighted view. Distinct the core of the problem from the noise, paint in their (and our) minds how the world will look in a decade and create a path to get there and make it better. And in all of it, it remains about people. People who need to have the drive, the focus, the mental flexibility and curiosity but also the boldness to embark on these journeys. And our role is to help. To listen, to be a sounding board. The most trusted advisor, but also push back when needs be. And through all of it remain humane, and remember they too have life outside work, feelings, challenges and difficulties. So what's next? I'm nearing 13years in, but it's only the beginning... With the best partners and team around, we celebrate, but keep our eyes on the prize. Build a memorable platform, partner with the best founders out there and contribute what we can to making Africa better, while embracing complexity, diversity, nuances keeping curious and humane. Now back to work. A lot to build... With Maurizio Caio Omobola Johnson Andreata Muforo and Eloho Omame #AfricanTech #VentureCapital #Startup

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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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African VC firm TLcom Capital LLP has closed its second fund, TIDE Africa Fund II, at $154 million, cementing its place as the continent’s largest investor across seed and Series A. “The oversubscribed fund, initially targeted to close at $150 million, attracted participation from over 20 limited partners. Notable investors include the European Investment Bank (EIB), Visa Foundation, Bertelsmann, and AfricaGrow, a joint venture between Allianz and DEG Impact. “TLcom Capital, which focuses on traditional sectors like fintech, mobility, agriculture, healthcare, education, and commerce, has already backed six companies from its new fund, making initial investments ranging from $1 million to $3 million. They include SeamlessHR, FairMoney, Zone, and Vendease. Additionally, the firm has expanded its portfolio to include ILLA, a middle-mile logistics platform, and Littlefish, which enable payments and banking products for SMEs, marking its first investments in Egypt and South Africa, respectively.” https://lnkd.in/eNZGqJhc Maurizio Caio, Omobola Johnson, Eloho Omame, Andreata Muforo, Ido Sum, Wairimu Muriithi, Philippe Griffiths, Francesca Iannilli #funding #fundingnews #vcfunding #venturecapital #startups #tech #fintech #innovation

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Janade Du Plessis of Launch Africa Ventures and Polo Mohau Leteka of IDF Capital recently shared some valuable insights into the fintech landscape in Africa, stressing on exits in Africa. In their discussion with CNBC Africa, they highlighted some key takeaways that are worth noting. 👉 Firstly, investors are looking for exits, which is why they invest in the first place. 👉 Secondly, big banks and other corporates are struggling to crack the financial inclusion dilemma faced by the continent, which could lead to the acquisition of smaller players. 👉 Thirdly, fintech is a broad space with 9 verticals, so understanding where you play is important. Being agile and able to integrate into other solutions is becoming increasingly important, with embedded solutions on the rise. 👉 Fourthly, fintech is increasingly becoming the basis for access in related sectors like health and education. Improving financial inclusion is seen as the golden thread to improving the lives of African people. 👉 Lastly, the pipeline of deals that are investable is crucial for the growth of fintech in Africa. The discussion also touched on the journeys of women in fintech, with Nicole Dunn of Revio emphasizing the importance of understanding the space, regulation, and adoption of your target market. Regulation is slowly improving, but transparency of processes and controls, stability in institutions and currency across the continent are still lacking, negatively impacting the ability to raise funds. Mélanie Keïta of Melanin Kapital highlighted that the product market is key to getting the right funders on board. Raising funding without this is a challenge, so physically getting into the market you are serving to understand the problem is crucial. Innovative solutions that are fit for the problem can leapfrog startups in solving for financial inclusion. Overall, the fintech landscape in Africa is complex and requires a deep understanding of the market, regulation, and adoption to succeed. Share your thoughts below in the comments 👇 Share the insights by sharing this post with your network ♻ Shout out to Zachariah George for sharing this with us! #fintech #founders #vc #africa #financialinclusion

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We are thrilled to announce the launch of 'The Nigerian Payment Report 2024,' a collaboration with TechCabal Insights. --- This report provides an in-depth exploration of the Nigerian payment industry, offering invaluable insights for Financial Services Providers, Policymakers, and Industry Professionals. --- Key highlights include: ·   An analysis of the structure and key players within the Nigerian payment industry ·   Examination of key payment trends, metrics, and consumer preferences ·   Insights into the regulatory landscape and its impact on payment providers ·   Exploration of emerging technologies with the potential to disrupt the payment space ·   Success stories and best practices from leading payment companies in Nigeria ---- With 'The Nigerian Payment Report 2024,' we aim to empower the financial services industry with the knowledge necessary to drive innovation, foster collaboration, and unlock new opportunities within the payment ecosystem. --- Join us in shaping the future of payments by accessing this invaluable resource. ---- Click here to download the Full report: https://lnkd.in/drmBuKT2  #WeAreZone #ConnectToTheFuture 

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Peleza International joins forces with YC-backed Prembly to form Prembly Group Kenyan identity management #startup #Peleza has merged with YC-backed #Prembly to create the Prembly Group. This strategic merger is set to transform the identity verification and compliance landscape across East Africa and beyond. Peleza was founded by Marita Mutemi, who will now serve as CFO of Prembly Group and CEO of Prembly East Africa. Lanre Ogungbe, MBA, the co-founder and CEO of Prembly, will take the helm as CEO of the newly formed Prembly Group. Prembly was founded in 2021 and raised $2.8 million in a seed round in 2022, backed by MaC Venture Capital and Soma Capital. Peleza, established in 2015, is known for key partnerships with Uber, Bolt, and FedEx in East Africa. Prembly specializes in identity verification, security, and compliance, while Peleza conducts comprehensive background checks for businesses. The merger aims to leverage Peleza’s industry knowledge and Prembly’s robust infrastructure to enhance customer service and expand offerings across various markets, including a significant presence in Pan-Africa. By combining their strengths, Prembly Group aims to become the most widely used provider in the identity management sector across Africa. The merger includes plans to integrate the KYC/B technology platforms of both companies, providing a seamless and robust service to clients. The decision to name the entity Prembly Group leverages Prembly’s established brand equity and global recognition in compliance and digital security solutions. The combined team will consist of approximately 100 employees. Unfortunately, due to role duplication, around ten employees will be let go but will receive a severance package. 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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TLcom Capital LLP raises $154 million to fund seed African startups #TLcom Capital, an African #VC firm with offices in Lagos and Nairobi, has closed its second fund, TIDE Africa Fund II, at an impressive $154 million! This milestone solidifies TLcom as the largest investor across seed and Series A stages in Africa. Founded in 2009 by Maurizio Caio, TLcom Capital focuses on early-stage startups in traditional sectors such as #fintech, mobility, agriculture, healthcare, education, and commerce. Notable investors in the oversubscribed fund include the European Investment Bank (EIB), Visa Foundation, Bertelsmann Investments, and AfricaGrow, showcasing strong support from both local and international entities. TLcom's investment strategy centers on backing early-stage opportunities, particularly at the seed and Series A stages. The firm aims to support entrepreneurs from the outset and continue investing in promising companies as they grow. With a portfolio of over 300,000 SME clients across Europe, TLcom prioritizes sectors with significant potential for growth and impact, including fintech, where TLcom has made strategic investments in companies like FairMoney and SeamlessHR. TLcom's successful fundraising reflects the growing interest in African startups and the resilience of venture capital activity on the continent. The firm's commitment to gender balance, evidenced by its majority-female partnership and investment committee, demonstrates a dedication to diversity and inclusion in the tech ecosystem. As TLcom expands its operational capacity and expertise beyond Nigeria and Kenya, its investments in Egypt and South Africa signal a broader reach and a commitment to supporting innovation across the African continent. The article on TechCrunch in the first comment. Want to stay up to date with the market? Here my newsletter: - Linkedin: https://t.ly/s541W   - Substack: https://lnkd.in/dzfGJzmW

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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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Since 2021, this fintech has processed more than $150 million in transactions. And they just closed a $7.1 million seed round to streamline and accelerate remittances for African talents. Here's everything we could gather about Cadana's recent raise: Cadana was co-founded in 2021 by Ghanaian Albert Owusu-Asare (CEO) and Pakistani Ameer Shujjah (CTO). To streamline payroll for talent marketplaces, staffing companies, and HR providers, enabling them to pay workers in 32 emerging markets, including Nigeria and Ghana. Owusu-Asare and Ameer Shujjah, both immigrants to the U.S., met while in college as computer science and physics majors. They founded Cadana, initially as a platform for earned wage access (EWA) in specific African countries, after years of working at Amazon, Esusu, and Goldman Sachs. Cadana says it makes global employment opportunities more accessible to African talent. Additionally, it claims to have processed more than $150 million in transactions for its clients, growing threefold in the last year. So far, Cadana has saved workers in emerging markets over $2.5 million in fees. Cadana plans to use the latest funds to expand its team, accelerate product development, and scale into new markets as it looks to continue being profitable. The seed round was led by Costanoa Ventures, with participation from Better Tomorrow Ventures and 500 Startups. Since its founding in January 2021, the company has raised $7.4 million in funding, including $325,000 in pre-seed funding. Read more here: https://lnkd.in/dwRXMWTG

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OPay, a Nigerian fintech startup, has experienced a significant increase in valuation, rising by over 30% since its Series C funding round in 2021 to nearly $3 billion. This growth is largely driven by the rapid adoption of digital payments in Nigeria, which has led to a surge in the use of fintech apps such as OPay and Moniepoint. As a result, OPay has seen a substantial increase in its user base and revenue, with a quadrupling of users and a 60% growth in revenue on a constant currency basis. However, OPay still faces challenges related to fraud and customer safety concerns, which have led to regulatory bodies tightening rules on account safety. Read more: https://lnkd.in/emQ_VbTk

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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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Conduit Expands into Africa After Raising $6M in Seed Extension Round Conduit, a fintech company specializing in cross-border B2B payments, is making its entry into the African market following a successful $6 million seed extension round led by Helios Digital Ventures, the venture capital arm of Helios Investment Partners. Originally launched in Latin America in August 2023, Conduit enables businesses to conduct cross-border transactions in US dollars through ACH or SWIFT, even if they lack a U.S. entity. This expansion marks a strategic shift for Conduit, which initially focused on providing API connections for fintechs and neobanks to offer crypto-backed earning products. Read more Kirill Gertman Andre Masse Brynna Randall Eric Wainaina

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Amplify Growth Partnership, a venture debt firm, has announced the launch of its $100 million growth debt fund. This fund aims to provide alternative financing solutions to high-growth technology companies across Africa, the Middle East, and Pakistan. The fund will focus on offering debt capital to startups and scale-ups that have demonstrated strong market traction and are seeking non-dilutive financing to fuel their expansion. Amplify Growth Partnership's approach is designed to complement traditional equity funding, allowing companies to accelerate growth without sacrificing ownership. Target sectors for the fund include fintech, e-commerce, healthtech, and enterprise software. The firm plans to deploy capital in ticket sizes ranging from $1 million to $10 million, with flexible repayment terms tailored to each company's cash flow and growth projections. Amplify Growth Partnership's fund launch comes at a time when many startups in emerging markets are facing challenges in raising equity capital due to global economic uncertainties. The growth debt offering provides an alternative funding avenue, potentially helping companies extend their runway and achieve key milestones without dilution. This initiative reflects the growing sophistication of the startup financing ecosystem in Africa, the Middle East, and Pakistan, as well as the increasing demand for diverse funding options to support the region's burgeoning technology sector. #VentureDebt #StartupFundin

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Before the emergence of #Verve as a homegrown payment token tailored to the nuances of transactions in Africa, Nigeria’s card payment landscape faced limitations in options, affordability and accessibility, particularly for previously under-served demographics, from consumer and business stand-points. However, with #Verve’s entry, the narrative began to shift dramatically, marking a pivotal moment in the country’s financial evolution. #Verve entered the scene not just as a domestic card, but spearheading a paradigm shift in how Nigerians engaged with financial transactions, and progressively forging strategic partnerships with other prominent ecosystem players, aiming to enhance the digital payment experience for millions of cardholders... This piece in TechCabal details how Africa's pioneer EMV-standard domestic payment cards scheme is leveraging a collaborative approach to enhance and scale digital #payments in Africa's largest consumer market... https://lnkd.in/eeemX8W3 #VerveByChoice 💳 #PoweredByTheSwitch💡 #NeverS20P⏩ #EnablingTheGoodLife🎉

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Ghana’s Oze and Nyla Bank named Milken-Motsepe Fintech Prize semifinalists. 1️⃣ Two Ghana-based fintechs, Oze and Nyla Bank, have advanced to the semifinalist stage in the Milken-Motsepe Prize in Fintech, joining eight other teams from across Africa and the United Kingdom. 2️⃣ Each semifinalist team will receive $100,000 in funding to support developing and scaling innovative financial solutions that advance financial inclusion in emerging and frontier markets. 3️⃣ Led by Meghan McCormick, Oze offers a digital lending platform to close Africa’s credit gap for small and medium-sized enterprises. The app digitizes SMEs' financial data, allowing banks to evaluate risk more accurately and extend credit to businesses that may otherwise struggle to access funding. 4️⃣ Founded by Mubarak Sumaila, Nyla Bank aims to become Africa’s first digital Islamic bank, offering Shariah-compliant banking services that adhere to ethical principles.

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