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The Ecobank Fintech Challenge A Catalyst ⚙️ for African Innovation? 🌍 Ecobank has held the Ecobank Fintech Challenge for six years, with the first edition in 2018. The challenge has been held annually since then, with the seventh edition announced in 2024. Fintech is redrawing economic landscapes 🏞️. This challenge is a growth catalyst for fintech startups 🚀, expanding horizons beyond standard banking solutions 🏦. Through an enabling ecosystem, Ecobank gifts startups with essential scale-up capital 💰, mentorship 👥, and networking opportunities 🤝, hoping to assist #FinTechs scale at a Pan-African level and grow its ecosystem. At some point in their growth, African FinTech Champions like Flutterwave and Cellulant have leveraged Ecobank Transnational Incorporated's services to grow. Participants enjoy international exposure, setting a towering benchmark for African fintechs globally 🌐. Let's discuss 🗨️. How can banks and fintechs collaborate more effectively? How can we echo the success of the Ecobank Fintech Challenge in other regions and promote financial innovation and inclusivity 🌈? To apply, click the link below:- https://lnkd.in/deAgRWtr Jeremy Awori, Josephine Anan-Ankomah, Harry Hare, Jack Ngare

Ziina زينة, a leading financial platform serving both consumers and businesses, has just secured a $22 million Series A round led by Altos Ventures, with participation from FinTech Collective, Avenir Growth, Activant Capital, Y Combinator, FJ Labs, Middle East Venture Partners (MEVP), and Jabbar Internet Group.  This investment isn't just a win for Ziina; it's a significant signal for the entire Middle Eastern fintech market. Even as global fintech funding experiences a slowdown, Ziina's success highlights the immense potential and investor confidence in this region. What this means: > Empowering SMEs: Ziina is tackling a critical gap in the market by providing essential financial tools to the 560,000 SMEs in the UAE, a sector that forms the backbone of the country's economy. > Expansion Beyond Payments: With this funding, Ziina is set to evolve into a comprehensive financial services provider, offering a wider range of solutions to meet the growing needs of businesses and consumers. > Innovation Acceleration: Expect to see Ziina pushing the boundaries of fintech innovation with new products and features, including the highly anticipated ZiiCard, designed to transform how businesses and individuals manage their finances. > Attracting Top Talent: Ziina's ability to recruit top talent from global tech giants and fintech innovators like Revolut and Nubank further strengthens its position as a leader in the industry. Opportunities on the Horizon: > Cashless Society: Ziina's growth aligns with the UAE's vision of becoming a cashless society, creating opportunities for further fintech adoption and innovation. > Regional Expansion: With plans to enter new markets like Saudi Arabia and Jordan, Ziina is poised to become a dominant player in the Middle Eastern fintech landscape. > Financial Inclusion: By addressing the financial needs of underserved SMEs, Ziina is contributing to greater financial inclusion and economic empowerment in the region. #fintech #UAE #investment #innovation #SMEs #Ziina 

📈 Are African Fintechs Overvalued? The best way to answer this question is to start backwards by asking, what does an African commercial success story look like and what's the probability of achieving such an outcome? African Fintech has dominated VC funding over the past decade, but with deal volumes and values on the decline, it’s time for a deeper conversation: 👉 What does success look like for African startups as they scale? 👉 How do they navigate the unique challenges of building in Africa, from currency volatility to political risks? 👉 What does this mean for founders, investors, and the broader ecosystem? In this article, I explore these questions through a fictional case study—EmergePay—a startup navigating Africa’s complex landscape. Here’s how the article flows: 🔥 1. The Onion Theory of Risk: Inspired by Marc Andreessen, this framework breaks down how startups remove risks layer by layer—from team and product risks at the seed stage to geopolitical risks at maturity. This is a useful foundation for understanding company building. 🔍 2. Defining Success: Whilst not necessarily being replicable, there are already billion+ dollar mature growth companies in Africa such as Vodacom, MTN, Safaricom PLC and Equity Bank Limited. These have all been built within a "founders lifetime". Through them, we identify what a “terminal state” in 10 years looks like for African Fintechs. Think: $20B in revenue, $2B in profits, and operations across multiple markets. 💡 3. The Challenges of Scaling: Building a $25B company in Africa means confronting challenges that extend far beyond product-market fit. From political interference to macroeconomic instability, founders face a uniquely layered risk profile. I map these out from seed to Series C. 🤔 4. The Big Question: Is it realistic to aim for $25B outcomes, or should the focus shift toward building $200M-$1B businesses? For founders and investors, this means balancing ambition with the reality of Africa’s market dynamics. For Growth Stage investors, Warren Buffett reminds us that: "If you can't hold it for 10 years, don't hold it for 10 minutes." This may be the attitude to take at that stage of investing. This article is a deep dive into the real nature of scaling and funding in African Fintech. Whether you’re a founder, operator, or investor, it offers valuable insights into navigating Africa’s unique opportunities and challenges. ➡️ Read the full article to explore the lessons and practical takeaways for building sustainable Fintech businesses in Africa. Article in Comment

A powerful platform since 2010 for MSMEs and this edition is for connecting the Fintech companies and MSMEs.

🔔 As we move into the second half of 2024, it's interesting to reflect on the venture capital in comparison to last year. MAGNiTT just released its flagship report and its full on insights! 📊 Regional Overview Southeast Asia (SEA) captured 64% of total Emerging Venture Markets (EVM) funding, marking a 3 percentage point increase from H1 2023. Meanwhile, MEPT (Middle East, Pakistan, and Türkiye) increased its share by 4 percentage points to 25%. In contrast, Africa’s share dropped to 11% from 18% year-over-year. 💰 FinTech Leading the Charge Despite a 34% drop in deal numbers, FinTech remained the most transacted industry, accounting for 21% of total deals in H1 2024. This consistency matches its share from H1 2023, highlighting the sector's resilience and sustained interest. 🔢 Deal Size Trends Compared to 2020, deals in the $1M-$5M range have seen a substantial increase, gaining 23 percentage points in deal share. They now represent 41% of total deals in H1 2024, up from just 18% in 2020. We are certainly experiencing a pivotal moment in the MENA region, with numbers reflecting pre-COVID years and showing steady growth. Want to dive deeper? Check out the full report here: https://lnkd.in/dMYje-Rc What will the second half of 2024 bring? Many international and local factors will play a role, and MAGNiTT will be there to cover it all. #VentureCapital #MAGNiTT #MENA #Startups #VC

Latin America's fintech sector, with Brazil at the forefront, is on the right track. According to Distrito's FinTech Report 2024, financial startups in the region have secured US$ 15.6 billion in investments over the last decade, with 66% going to Brazilian companies. 👨💻 🌎 The region ranks fourth globally in active fintechs, boasting 4,370 according to Finnovating's Fintech Global Vision 2023. Brazil alone is home to 869 fintechs, 623 of which are fully local (IDB data). By 2030, LatAm fintech revenues are expected to hit US$ 1.5 trillion, or 7% of the global market (Boston Consulting Group (BCG) and QED Investors). 💰 📈 While impressive, this number pales compared to mature markets like the US, which has 5,700 fintechs and an estimated US$ 5.62 trillion market value this year (per Mordor Intelligence). 🥇 There's still much to be done, but the future is bright. We continue to monitor these trends and see exciting investment opportunities in the region. 🔝 📌 Find more data on the Brazilian fintech market https://lnkd.in/eh_A-T4v #fintech #LatinAmerica #growth #innovation #entrepreneurship

MNT-Halan Secures $157.5 Million to Accelerate Fintech Ecosystem Expansion MNT-Halan , an Egyptian fintech startup founded in 2018 by Mounir Nakhla , has raised $157.5 million in a recent funding round. The investment comes from a notable group of investors, including the IFC - International Finance Corporation , Development Partners International (DPI) , Lorax Capital , Apis Partners , Lunate , and GB Corp Partners. MNT-Halan offers a wide range of digital finance solutions, including a consumer-transaction product, a merchant app, distributed payment processing software, and other payment services. The startup operates a proprietary fintech ecosystem that seamlessly connects vendors, microenterprises, and customers, serving millions across Egypt. With this significant funding boost, MNT-Halan aims to enhance its strategic growth and expansion plans, further solidifying its position as a leader in the fintech sector. The company is poised to scale its operations, extend its market reach, and continue innovating within the digital finance landscape. #Smart4Africa congratulates MNT-Halan and wish the team well in scaling up its operations. 🚀💻 #TechForAll #EdtechInnovation #FundingAnnouncement #TechInvestment #StartupFunding #InnovationFunding #fintech #InvestInTech #EdTechGrowth #skincare #AgriTechInnovation #SustainableFood #EcommerceExpansion #BusinessGrowth #Renda #TechInnovation #BusinessScalability #AfricanStartup #ecommerce #agriculture #agritech #sustainability #GoGreen #Solar

🚀 Fintech Revolution in MENAP! 🌍 This McKinsey report highlights a massive surge in fintech across the Middle East, North Africa, and Pakistan (MENAP). By 2025, fintech revenues are expected to skyrocket to $3.5-$4.5 billion, up from $1.5 billion in 2022. This region is not just growing; it's thriving with potential as numerous fintech startups are now approaching valuations of $150 million, with several surpassing the $250 million mark. Given this pace, we're on the brink of seeing several new fintech unicorns by 2025. The future is here, and it's digital! 💡🔍 #Fintech #Innovation #MENA #FinancialServices #TechTrends #StartupGrowth

The Gulf region’s fintech market has continued to thrive despite recent downturns in funding and valuations. With the rise of disruptive technologies like generative AI and a growing demand for innovative financial solutions, the GCC fintech sector has seen significant opportunities. According to Magnitt’s H1 2024 MENA FinTech Venture Investment report, fintech in MENA has raised $186m across 50 deals, showing its resilience in a challenging venture capital landscape. Saudi Arabia, in particular, has registered a remarkable 391% growth in fintech funding during the first half of this year. At the inaugural 24 Fintech Summit in Riyadh, industry leaders, innovators, and investors came together to unlock new business opportunities, embrace change, and drive fintech innovation across the region. We have highlighted all the key partners and sponsors for 24 Fintech 2024! #24Fintech #FintechInnovation #SaudiVision2030

“If you want to go fast, go alone; if you want to go far, go together.” 🔍 In our newest #WealtTalks, join us as Munya Chiura, a leader in African fintech, shares invaluable insights. We delve into the unique dynamics of the African market, the growth potential, and the crucial role fintech plays in financial inclusion across the continent. 📖 Make sure to read: https://lnkd.in/dEEzGtyc Gain expert perspectives on: 🔹 The rapid growth of fintech in Africa 🔹 Overcoming market challenges 🔹 Navigating diverse regulatory environments Don't miss this enlightening conversation to understand fintech's global impact better. #AfricanFintech #FinancialInclusion #MarketInsights #GlobalFinance #WealtConversations #webinar #startup