Challenger Capital’s Post

🚀 scale secures $700,000 in pre-seed funding to simplify card issuing and payments in Africa. scale, an Issuer Orchestration Platform and pioneering payments enabler, is excited to announce a successful Pre-Seed funding raise of $700,000, led by prominent early-stage investors 54 Collective and First Circle Capital, joined by Sunny Side Venture Partners and prominent expert angels from the industry. 🌍 As scale celebrates its first anniversary in October, this significant milestone sets the stage for an exciting journey ahead. The fundraise is instrumental in accelerating scale’s market entry into Kenya, Zambia, and Cote d’Ivoire, where the company is poised to go live and transform the payments landscape, enabling critical payment use cases at speed. In less than a year, scale has strategically secured investment, banking, network, and payment technology partners, positioning itself as a modern card issuing orchestration and Infrastructure-as-a-Service (IaaS) enabler. Simultaneously, Scale offers a seamless and commercially sustainable solution tailored to the unique needs of businesses and their customers across Africa. 🐘 Miranda Perumal, CEO of scale, believes the investment is testament to Scale’s value proposition and the venture’s commitment to propelling African fintechs to new heights. “It’s not just what we do; it’s ingrained in the very fiber of our values. With the backing of our esteemed investors and partners, we are well-positioned to expedite our ecosystem engagement, build trust with African businesses and continue to strongly focus on solving major pain points when enabling card rails by delivering unrivalled, world class service,” Perumal says. 🔑 According to Hetal Patel, Chief Investment Officer at 54 Collective, by simplifying the card-issuing process and addressing key pain points, Scale is uniquely positioned to unlock value for its clients, many of whom offer products and services for the underserved, like women and youth. “At 54 Collective, we believe in backing ventures poised to disrupt industries and drive real impact across the continent, including through widening financial inclusion and enabling entrepreneurship and business growth. The Scale team, led by a rockstar female founder, deep sector expertise and proven bias toward action truly excite us, and we look forward to seeing Scale become a critical enabler for fintechs,” Patel says. 💳 Scale is actively engaging global investors and partners for similar collaborations, aiming to empower any-tech business with payment and card use cases in Africa. ➡️ Read the full release here: https://lnkd.in/eQBucjEV For more information about scale and its innovative solutions, visit https://lnkd.in/d7rbxUvw #54Collective #scale #preseed #investment #venturecapital #africantech

T&T included in new fintech study | Local Business | trinidadexpress.com: A new report has said the region's fintech ecosystem registered growth of more than 340% in the number of technological finance startups created ...

📰 The 9th edition of Frontier Fintech GPS is Here 📰 Every week, I break down the Top 10 Fintech News stories that matter to Fintech leaders in Africa. The aim is to help readers navigate the endless stream of Fintech news and get smart on Global Fintech from an African perspective. 🔍 What's in this week's edition? (Link in the comments) 🇳🇬 Moniepoint Group gets $1 billion valuation in new funding round led by DPI and Google Moniepoint Group, a Nigerian fintech company, has secured $110 million in a Series C funding round led by Development Partners International (DPI), with participation from Google's Africa Investment Fund, Verod Capital, and Lightrock. This investment elevates Moniepoint's valuation to over $1 billion, marking its entry into the "unicorn" category. The capital will be utilized to expand Moniepoint's digital payment and banking solutions across Africa, aiming to build an integrated platform for businesses that encompasses digital payments, banking, foreign exchange, credit, and business management tools. Currently, Moniepoint processes over 800 million transactions monthly, totalling more than $17 billion in value. Other investors in Moniepoint include QED Investors and British International Investment which both led a round two years ago valuing Moniepoint at US$ 800m. Whilst it's a rich valuation, there's been precedent of a PE player in Africa acquiring a challenger bank at what was then viewed as a steep valuation. 🇪🇬 Sawari Ventures to back more African startups with new $200 million fund Sawari Ventures, an Egypt-based VC firm, is launching its second fund, Sawari Ventures II, targeting $200 million to invest in African startups. The fund, debuting in early 2025, will focus on Series A and B investments, allocating about 70% to Egyptian ventures and expanding into North, West, and East Africa. Key sectors include fintech, healthtech, agri-tech, and digital education. In partnership with Bpifrance, Sawari aims to foster collaboration between African and French markets. Local capital is always good for the ecosystem if it comes with local context and relationships. 🇳🇬 CBN Optimistic About Nigeria’s Removal from FATF Grey List by May 2025 The Central Bank of Nigeria (CBN) is optimistic about Nigeria’s removal from the Financial Action Task Force (FATF) grey list by May 2025. CBN Deputy Governor Aishah Nnaji highlighted that Nigeria has completed the necessary requirements for this removal, which will enhance remittance flows and foreign direct investment (FDI). Find out what this means for Nigerian Fintechs and Banks. Read these and 7 other stories including Sterling Bank's efforts towards becoming a tech enabler, Network International and Ant Group's partnership for wallets in the Middle East and Africa and Bank of England's CBDC efforts.

📉 Fintech funding in Singapore fell by 35% to $1.49 billion in 2023, down from $2.31 billion in 2022. 💼 Despite the decline, fintech remains a top investment sector, making up half of all startup deal values in the region last year. 🌐 The funding downtrend continues into 2024, with a 13% decrease in fintech investments in Southeast Asia during Q1. - Want full insights? Subscribe to Tech in Asia to read the entire article.

[Published in January 2024] 🚀 Aspire, the Singapore-based fintech startup, is making waves with its unique approach to business finance. Let's dive into their story: 🔍 Aspire CEO Andrea Baronchelli emphasizes that they're not a bank but an operating system for business finance. 📈 With US$300 million in funding and plans to double their headcount, Aspire aims to become a regional leader. However, challenges loom as they navigate competition and convince SMEs to adopt their platform beyond Singapore. 🏦 Aspire sets itself apart from digital banks by focusing on B2B payment workflows and partnering with banks for core functions. 💼 While SMEs are their primary target, Aspire sees potential in serving larger businesses and expanding across Asia. 💰 Speculation swirls around Aspire's valuation and potential IPO. While they've seen significant funding and growth, the road ahead will determine if they can reach unicorn status and beyond.

According to recent data from Dealroom and HSBC Innovation Banking, fintech is back in the spotlight as the UK's best-funded start-up sector, reclaiming its position after climate tech took the lead in 2023. In the first quarter of 2024 alone, UK fintech companies have raised a whopping $1.4 billion across 73 rounds, signalling a strong resurgence of investor confidence in this dynamic sector. Notable funding rounds include £340 million raised by challenger bank Monzo and £18.8 million raised by Manchester-based AccessPay. Read the full article about fintech retaking the top spot for UK start-up investment here: https://loom.ly/rRBz-wM #tech #fintech #uktech

"The Estonian fintech industry more than doubled, measured by volume of total assets, between 2019 and 2021. It grew from €1.03 billion to €2.24 billion. Crucially, 89% of the total value came from fintechs focusing on digital asset exchange, digital banking, or digital lending. " So what makes Estonia such a great place for (Fintech) startups ? 1. Estonia’s digital infrastructure is world-leading. Having studied the Estonian eGovernance set up, I have, and always will be amazed by how forward looking the country is. The proximity between the regulatory bodies and the innovation actor makes it impressively fast to adapt! 2. Estonia is a global hub of talent and investors. For the past ten years I have lived and worked in Estonia for a very good reason, not only it is a hub that attracts talent, but it is also the ground for such a vibrant and friendly ecosystem that fosters collaboration. Successful people, always give back and most important, remain available to new entrepreneurs. 3. Estonia can serve as a valuable testing ground for fintechs. As I have always said, Estonia is Europe's incubator, for both, private and public endeavours. Always looking forward, and supported by like-minded citizens! Read more about the state of the #fintech ecosystem. A valuable piece by my side kick Uve Poom ! https://lnkd.in/eBeb-DXp So are you joining our ecosystem ? Apply to this link to be part of our next cohort of Fintech investments --> https://lnkd.in/deiZu-Re #TenityNordics #Innovation #Startup #Finance #Estonia

The Regional Fintech Revolution Presents Untapped Opportunities for Startups: Financial technology, or fintech, is one of the most invested sectors in the Middle East and North Africa (MENA). Boasting more than 800 startups ...

Revolut Enters the UAE Market: A Game-Changer for Fintech! 🚀   Revolut’s entry into the #UAE, backed by Abu Dhabi’s sovereign investor, Mubadala, marks a significant development in the UAE’s #fintech landscape & the wider banking/financial sector. This investment, part of a share sale that valued Revolut at $45 billion. The sale involved $500 million worth of shares sold by Revolut employees, including founder & CEO Nik Storonsky, highlighting the company’s strong growth and market confidence. Storonsky’s proceeds are expected to support his venture capital fund, QuantumLight, which focuses on AI-driven investing. This strategic move aligns with Mubadala’s increased focus on #European venture deals, having participated in at least 28 European transactions over the past five years. With over 45 million customers globally and a swing to pre-tax profit of £438 million in 2023, Revolut is poised for significant growth. Revolut is also targeting Saudi Arabia...   Benefits to the Financial Services & Fintech Ecosystems in Dubai and beyond in the region:   ✔ Increased #Competition: Revolut’s entry introduces a new level of competition, encouraging local banks & fintech companies to rapidly innovate and improve their services. It will raise the bar for customer experience in banking services, similar to the impact of Wio Bank or Careem. ✔ Enhanced Financial Services: Revolut offers a wide range of financial services, including fee-free currency exchange, stock and crypto trading, and peer-to-peer payments. ✔ Attracting #Talent: As Revolut expands its operations, it will attract skilled professionals, contributing to the growth of the local talent pool. ✔ Boosting #Investment: The presence of a globally recognized fintech company like Revolut can attract more investors to the region, boosting funding opportunities for local startups. ✔ Financial Inclusion: By offering accessible and user-friendly financial services, Revolut can help increase financial inclusion among the diverse population in #Dubai. ✔ Global Connectivity: Revolut’s global network can facilitate cross-border transactions and collaborations, enhancing Dubai’s position as a global fintech hub.   Even if #Revolut will face some challenges, including adapting to local regulations, competing with well-established local banks, and navigating cultural nuances in financial services. Revolut needs to secure multiple licenses from the UAE Central Bank to operate fully, including electronic money institution and #remittance services licenses. The investment from #Mubadala provides Revolut with a strong financial backing & strategic support, which can help mitigate some of these risks and facilitate a smoother entry into the UAE market.   #FintechHub #Investment #GlobalExpansion #Innovation #FinancialInclusion   https://lnkd.in/gU8iYGhh

Global Fintech Funding Declined by 16% in Q1 2024 Global fintech funding experienced a 16% reduction in the first quarter of 2024, as revealed by the tech startup analytics company CB Insights in a state of fintech report. The report disclosed a huge difference and a fall from $8.7 billion to $7.3 billion in financial technology companies worldwide in the third quarter of 2024. According to the report, fintech funding has declined the most since 2007. This decline sharply contrasts with previous gains in the broader venture market. While the value of the deals might have suffered a stiff quarterly decline, investors remain active in the market but are focused on smaller deals. However, the deals enjoyed a 15 percent increase, making a total of 904 deals against 724 recorded in the last quarter of 2023. Read: https://lnkd.in/duQmSBJJ Follow Business World Africa for exciting news updates in the African business space #businessnews #technologies #fintech