The Flip

Moniepoint CEO: This is the Future of Fintech in Nigeria Tosin Eniolorunda discusses the evolving landscape of fintech and banking, the challenges and opportunities associated with obtaining a banking license, and expanding into new markets in this clip. Tosin is the Co-Founder and CEO of the Nigerian fintech company Moniepoint Nigeria, ranked by the Financial Times as Africa’s fastest-growing fintech. Following a $110 million Series C funding round led by Development Partners International (DPI) and other investors like Google’s Africa Investment Fund, Verod Capital, and Lightrock, Moniepoint achieved unicorn status in October 2024. -------------- Want more insights and stories from entrepreneurs around the continent to help make building easier? Subscribe to our newsletter: https://lnkd.in/dFw3dXe

This fintech recently became a unicorn. It took over 10 years, and a $250M Series D pushing their valuation to $1.5B. Here’s the story of how TymeBank went from idea to unicorn: In 2000, during a macroeconomics exam at GIBS Business School… Coenraad (Coen) Jonker, then an MBA student, read a review of Hernando de Soto's The Mystery of Capital and had an epiphany: Poverty in emerging markets wasn’t due to laziness but to "invisible capital"—assets ignored by the system. This realization sparked the idea for TymeBank. Coen saw how banking could unlock financial empowerment. He joined the corporate world, became CEO of a law firm, and later spent five years at Standard Bank. But the system wasn’t built to help the underserved. To create real change, he’d need to start from scratch. In 2012, Coen teamed up with Tjaart van der Walt and Rolf Eichweber to create Tyme: Take Your Money Everywhere. With little capital, they didn’t start a bank right away. Instead, they built tools for retailers, telcos, and smaller banks. By 2015, their work caught the attention of the Commonwealth Bank of Australia (CBA). CBA acquired Tyme, renamed it TymeDigital, and used its tech to apply for a South African banking license. In 2017, TymeDigital made history as SA's first new bank in 18 years. But things didn’t stay smooth for long. In 2018, CBA exited international markets, leaving TymeDigital up for grabs. Patrice Motsepe stepped in. His African Rainbow Capital (ARC) bought TymeDigital, rebranded it as TymeBank, and set the stage for its November 2018 launch. TymeBank became SA’s first fully digital bank: No branches, just kiosks inside Pick n Pay and Boxer stores. Their big idea? Low-cost banking for the masses. The idea resonated. With tiered accounts, customers could start with minimal paperwork and later upgrade by adding biometrics or addresses. The result? Banking that anyone, regardless of income, could access. By 2019, TymeBank hit 1 million customers. Their strategy? A cloud-based core banking platform that slashed costs and passed savings to users. The kiosks were genius, turning stores into branch alternatives and leveraging Pick n Pay’s massive footprint. But TymeBank’s vision wasn’t limited to South Africa. In 2017, they launched TymeGlobal, their international arm. TymeBank entered Southeast Asia, launching GoTyme in the Philippines, planning expansion in Vietnam, and rolling out kiosks in Indonesia and New Zealand. By 2023, TymeBank reached profitability with over 10M customers in SA and 5M in the Philippines. Then, in December 2024, came their biggest milestone: A $1.5 billion valuation after a $250M Series D led by Nubank—Latin America’s largest digital bank. -------------------- Want more insights and stories from entrepreneurs around the continent to help make building easier? Subscribe to our newsletter: https://lnkd.in/dFw3dXe

Tyme Group just became Africa's newest unicorn. After raising $250M in Series D, bringing its valuation to $1.5B. Here’s what you need to know about this milestone and what’s next for Tyme: The funding breakdown: 1. $150M: Nu Holdings (NuBank’s parent company) for a 10% stake. 2. $50M: M&G Catalyst Fund. 3. $50M: Existing shareholders. This takes Tyme’s total capital raised to nearly $600M since its inception in 2019. Who is Tyme Group? Founded in 2019, Tyme operates a hybrid banking model combining digital services with physical touchpoints. It focuses on emerging markets and operates under two brands: 1: TymeBank (South Africa, 10M users) 2: GoTyme Bank (Philippines, 5M users, launched 2022). Across South Africa and the Philippines, Tyme has: - 15M customers. - Raised $400M+ in deposits. - Provided $600M+ in loans to small businesses. And the journey isn’t stopping here. So what’s next for the South African fintech? Tyme plans to expand into Vietnam and Indonesia in 2024, deepening its presence in Southeast Asia’s emerging markets. Long-term, it’s eyeing a New York IPO by 2028, with a secondary listing in South Africa. NuBank’s investment is strategic. Nubank, Latin America’s largest digital bank with over 100M customers, sees Tyme as key to its global ambitions. "Tyme is well-positioned to lead digital banking in Africa and Southeast Asia," said NuBank CEO David Vélez. More here via TechCrunch: https://lnkd.in/dvKndATt

Shola Akinlade on the Perspective-Shifting Power of Exposure:

In 2020, Stripe acquired Paystack for $200M. But how did it all begin? Here’s how two friends with one big idea transformed payments in Africa: Shola Akinlade and Ezra Olubi first met as Computer Science students at Babcock University. They bonded over a shared love of programming. This friendship would later change the face of African fintech. But first, they’d take separate paths after graduation... After Babcock, Shola worked in business intelligence at Nigerian Breweries. But corporate life wasn’t for him, so he co-founded Klein Devort, a software company. There, he spent a decade building tools like Precurio, a workflow platform. Until one key project at Klein Devort planted the seeds for Paystack. While working with Access Bank, Shola helped build PayWithCapture: A payment system using QR codes. It opened his eyes to the possibilities in online payments. His partner on the project, Olugbenga Agboola, would later found Flutterwave. Throughout this period, Ezra took a different route. Building products like SoftPurse and Eyowo, and migrated Jobberman to the cloud, saving it from catastrophic data loss. By 2014, he was CTO at Delivery Science, but he longed for a new challenge. The “Aha” moment came in 2015 When Shola realized he could charge cards directly from his computer. At the time, online payments in Nigeria were: ❌ Expensive ❌ Cumbersome ❌ Stuck in red tape He pitched the idea of a streamlined solution to Ezra. Ezra saw Paystack’s potential immediately. They officially teamed up, combining each other’s strengths. Their vision was to build the “Stripe of Africa” and make payments seamless for businesses across the continent. Then they applied to Y Combinator in 2015... and were rejected. But YC encouraged them to refine their pitch and focus on team dynamics. In 2016, they reapplied and became the first Nigerian startup accepted into YC. YC opened doors: - $120,000 in funding. - Built credibility within Africa’s tech ecosystem. - Access to a global network of mentors and investors. Armed with YC’s backing, Shola and Ezra set out to build the "Stripe of Africa." They launched publicly with 1,407 live customers processing 200,000+ transactions worth ₦1.1 billion. Their momentum attracted investors like Tencent, Comcast, and Ventures Platform Fund. In their first seed round, they raised $1.3M. 2018: Stripe led an $8M Series A round, with Visa and YC joining in. 2020: Stripe acquired Paystack for **$200 million**, the largest tech acquisition in Nigeria’s history. Why? Stripe wanted a foothold in Africa, and Paystack was the perfect partner with its strong market presence. Want more insights and stories from entrepreneurs around the continent to help make building easier? Subscribe to our newsletter 👇

Earlier this year, we (The Flip) started to consider producing a series on climate in Africa. The topic intrigued us. Anecdotally, I had seen more money coming into the ecosystem for climate startups, and more dedicated climate funds being raised. Climate startups have raised almost $700 million in 2024, which represents nearly 40 percent of the total funding that went to startups in Africa this year, the highest ratio to date according to Africa: The Big Deal. But we felt this tension. The pervasive narrative surrounding climate action is that we need to reduce emissions. What does that mean for the African continent, which is faced with significant economic development challenges? Should a region that contributes just 3 to 5 percent of global emissions annually have to reduce its emissions too? The Flip’s mission is to tell stories of progress across Africa, and to help people better understand what’s actually happening on the ground. With this mission in mind, and in the context of these climate-related questions, I knew we had to explore this topic further. Our exploration started with even more questions. What does climate-friendly economic development for Africa even look like? What is the continent's role in the global fight against climate change? And what can we learn from the founders at the last mile who are attempting to solve climate-related problems and have a positive economic impact on their beneficiaries at the same time? The African founders we spoke to are solving local problems with global implications. But to fight climate change and grow the continent, we need a blueprint. We’re calling this series The Greenprint. Our inaugural five-episode series, in partnership with the African climate investors Catalyst Fund, Delta40 Venture Studio, and Africa Climate Ventures, explores topics like building green industries, increasing agricultural productivity, delivering more reliable energy, and how to fund it all. If you care about climate issues, we want to show you the outsized role that Africa can play in getting to net zero. And if you care about Africa’s development, we want to show the opportunity to create jobs and economic impact in the fight against climate change. So after 14 interviewees, 11 production days across 4 countries, and nearly 2 TB of footage, I hope you enjoy The Greenprint. Watch on YouTube: https://lnkd.in/eFfaMEpt And follow me (Justin Norman) for more stories of progress from across the continent.

Three weeks ago, we launched "The Greenprint", a collaborative series on climate innovation in Africa, created in partnership with The Flip, Africa Climate Ventures, and Catalyst Fund. We’ve been blown away by the incredible feedback and responses so far, and we’re thrilled to be bringing these impactful conversations to the forefront. In the first episode, our Founder Lyndsay Holley Handler joins James Mwangi (Africa Climate Ventures) and Maxime Bayen (Catalyst Fund), moderated by Justin Norman (The Flip) to discuss how hands-on venture support can drive life-changing, planet-positive innovations out of Africa—and explore why the continent is poised to become a powerful solution to the global climate crisis. Our goal with this series is to spark meaningful conversations on climate innovation in Africa while showcasing tangible investment opportunities for interested stakeholders in this thriving market. 🎥 Watch Episode 1 here: https://lnkd.in/dGbN8bv3 join the conversation and stay tuned for the next episode!

Last week, these 11 African startups collectively raised over $15 million: 7. SAYeTECH SAYeTECH is an agritech startup developing agricultural machinery tailored for African smallholder farmers to enhance productivity and efficiency. - Amount raised: $50K - Lead investor: MEST Africa Challenge (MAC) - Location: Ghana - Type of investment: Equity funding 6. PTS Premium Technology & Services (PTS) is a fintech company that offers digital payment solutions and advanced tools for integrating banking systems. - Amount raised: $500K - Lead investor: BMCE Capital Investments - Location: Morocco - Type of investment: Equity funding 5. Eyone Medical Eyone is a digital health startup creating interconnected healthcare ecosystems across Africa. - Amount raised: $1M - Lead investor: SONATEL (via Véhicule d’Investissement et de Financing - VIF) - Location: Senegal - Type of investment: Equity funding 4. ENAKL Enakl is an urban mobility startup revolutionizing transportation in emerging markets through sustainable and collective solutions. - Amount raised: $1.4M - Lead investor: Catalyst Fund - Location: Morocco - Type of investment: Equity funding 3. Nowlun.com Nowlun is a logistics startup transforming freight forwarding with a streamlined, user-centric platform. - Amount raised: $1.7M - Lead investor: Nama Ventures - Location: Egypt - Type of investment: Equity funding 2. LAfricaMobile LAfricaMobile is a cloud communication startup revolutionizing customer engagement with AI-driven mobile solutions. - Amount raised: $2.2M - Lead investor: Bpifrance - Location: Senegal - Type of investment: Equity funding 1. HUB2 HUB2 is a fintech redefining digital transactions with a unified API for seamless payments across Francophone Africa. - Amount raised: $8.5M  - Lead investor: TLcom Capital - Location: Ivory Coast - Type of investment: Equity funding Additionally, Warioba Ventures invested in Tunzaa HQ, while Tunisian fintech Konnect secured funding from Renew Capital. TGPDC raised an equity round from REdimension Capital, and Rwanda’s Biomassters closed funding from Acumen—all undisclosed. Want more insights and stories from entrepreneurs around the continent to help make building easier? Subscribe to our newsletter: https://lnkd.in/dFw3dXe

Payments in Francophone Africa are fragmented, slow, and inaccessible for many. But HUB2 is stepping up to change that, and they recently raised $8.5M. Here's how they're building the "Stripe for Francophone Africa": Francophone Africa faces unique challenges: - Mobile money and banks operate in silos. - Low banking penetration limits access. - Cross-border payments? A nightmare. HUB2 wants to simplify it all. One API, all payment methods—mobile money, bank transfers, cards, even crypto. Founded in 2019 by telecom engineer Ashley Gauzere. HUB2 started with big ambitions: "To create infrastructure and unify payments in the region with a Stripe-like platform." Today, it's powering 55 fintechs, like Julaya and NALA, with seamless payment solutions. It wasn’t an overnight success, though. HUB2 pivoted three times before finding its sweet spot: 1: From targeting small e-commerce merchants... 2: To corporates transitioning to digital payments... 3: To serving fintechs exclusively—98% of its current volume. And the growth? Jaw-dropping: ∙ €1B TPV expected this year. ∙ €70M in transaction volume (TPV) in 2022. ∙ 15% month-over-month growth in revenue and volume. Their secret has been to stay focused on fintechs while offering full payment coverage. HUB2 is currently active in 6 countries: Senegal, Burkina Faso, Benin, Togo, Ivory Coast, and Cameroon. Their goal is full regional coverage in 2 years. With 90% of African businesses being SMEs, this expansion could open doors for millions of underserved entrepreneurs. TLcom Capital LLP Capital, FMO, and Enza Capital led HUB2’s $8.5M Series A. “We’re proud to work with HUB2 as it extends its reach," said TLcom’s Eloho Omame. This partnership combines TLcom’s expertise in Anglophone Africa with HUB2’s traction in Francophone Africa. Want more insights and stories from entrepreneurs around the continent to help make building easier? Subscribe to our newsletter: https://lnkd.in/dFw3dXe

Eke E. Urum On the Importance of Synergy in Deal Execution: