The Flip

The global remittance market is worth over $700 billion. And one fintech is making bold moves to become a dominant player. Here’s how Lemfi’s latest acquisition is setting the stage for its European takeover: Expanding across Europe isn’t easy. Strict regulations make it tough for fintechs to operate across multiple countries. Lemfi already had a British license after acquiring RightCard in 2021. But that wasn't enough. The license didn’t cover transactions in the European Economic Area (EEA). To scale across Europe, Lemfi needed a new solution. So they made a strategic move. They acquired Bureau Buttercrane. An Irish currency exchange platform, gaining a key license from the Central Bank of Ireland. This unlocks passporting rights, allowing Lemfi to operate across all EEA countries. Why does this matter? Ridwan Olalere, Lemfi’s CEO, says: "This was a strategic acquisition to ensure smooth and compliant operations across Europe." Now, LemFi can process payments seamlessly across Europe. Just 21 days before the deal closed, Lemfi announced partnering with Modulr to operate in Europe temporarily. But the long-term plan was always to secure direct approval from Ireland’s regulator. That approval came fast—thanks to a strong team and previous regulatory credibility. Now, Lemfi is making Dublin its European HQ, hiring local staff. Building relationships with regulators. They’re already processing $1B in monthly payment volume globally—and now they’re targeting Europe’s $64B remittance market. More here via TechCabal:

Moove just hit $275 million ARR. After acquiring Kovi, one of Brazil’s top mobility providers. Here's everything you need to know about this deal: Moove just acquired Kovi... A leading mobility provider in Brazil. It's an all-share transaction, making Kovi fully owned by Moove. The acquisition boosts Moove’s annual revenue: From $115M last year to $275 million. It also cements its expansion across Brazil and Mexico, with plans to expand into Colombia and other LATAM cities. Kovi was founded in 2018 and backed by Y Combinator. It’s one of the top two ride-share solutions in Brazil. Post-acquisition, Kovi will: - Keep its brand intact - Operate independently in Brazil and Mexico - Expand into new Latin American markets alongside Moove So what else does Moove get from this deal? Kovi’s proprietary technology and algorithms. They'll complement Moove’s AI-driven mobility strategy. Moove started with just 76 cars in Lagos, Nigeria in 2020. Today, it has 36,000 cars in 19 cities across six continents. This acquisition solidifies its foothold in Brazil, Latin America’s largest ride-hail market. More here via TechCrunch: https://lnkd.in/dNRD_2mW

Last week, these 8 African startups collectively raised over $90 million: 8/ Accrue Accrue is a fintech startup offering cross-border payment solutions tailored for African entrepreneurs and businesses navigating international markets. ∙ Amount raised: $1.58M ∙ Lead investor: Lattice Fund ∙ Location: Nigeria ∙ Type of investment: Equity funding 7/ Hamilton Hamilton is a protocol leveraging Bitcoin to tokenize real-world assets like US Treasury bonds, sukuk, and real estate. ∙ Amount raised: $1.7M ∙ Lead investor: DisrupTech Ventures ∙ Location: Egypt ∙ Type of investment: Equity funding 6/ MoneyHash MoneyHash is a payment orchestration platform simplifying payment infrastructure in the Middle East and Africa. ∙ Amount raised: $5.2M ∙ Lead investor: Flourish Ventures ∙ Location: MEA ∙ Type of investment: Equity funding 5/ Insight Terra Insight Terra is a climate-tech company offering AI-powered environmental risk management solutions. ∙ Amount raised: $5.7M ∙ Lead investor: E3 Capital ∙ Location: South Africa ∙ Type of investment: Equity funding 4/ SeamlessHR SeamlessHR is an HR tech startup providing payroll and workforce management solutions across Africa. ∙ Amount raised: $9M ∙ Lead investor: Helios Digital Ventures ∙ Location: Nigeria ∙ Type of investment: Equity funding 3/ Moniepoint Group Moniepoint is a fintech unicorn offering banking and payment solutions across Africa. ∙ Amount raised: $10M ∙ Lead investor: Visa ∙ Location: Nigeria ∙ Type of investment: Equity funding 2/ Enko Education Enko Education is a pan-African international school network focused on expanding access to world-class education for African students. ∙ Amount raised: $24M ∙ Lead investor: Africa Capitalworks ∙ Location: Cameroon ∙ Type of investment: Equity funding 1/ Naked Naked is an insurtech startup offering fully digital insurance solutions for cars, homes, and personal items. ∙ Amount raised: $38M ∙ Lead investor: BlueOrchard ∙ Location: South Africa ∙ Type of investment: Equity funding ------------------------------------------------ Want more insights and stories from entrepreneurs around the continent to help make building easier? Subscribe to our newsletter: https://lnkd.in/dFw3dXe

Moniepoint just secured over $10M from Visa. Bringing its Series C to $120M+ and solidifying its $1B+ valuation. Here’s why Visa is betting big on Moniepoint: Moniepoint confirmed Visa’s “strategic investment” as part of its $110M Series C round. Sources say Visa contributed over $10M, pushing the round past $120M while keeping Moniepoint’s $1B+ valuation intact. But what makes Moniepoint Group so attractive to Visa? Moniepoint is already a powerhouse: + $22B total payment volume + 25% growth in under 3 months + 1B+ transactions processed monthly So, what can Visa add to a fintech already at the top of its game? Visa wants to amplify Moniepoint’s dominance. The focus? Expansion and innovation. But Moniepoint dominates Nigeria’s merchant payments scene—yet they’ve barely scratched the surface of a $400B market. In 2023, Nigeria’s digital payments hit $400B, with 90% of that powered by NIP (instant transfers). Visa sees a huge opportunity here and Moniepoint is their way in. They are looking at the big picture, eyeing one key frontier: Card payments. Moniepoint’s channels—POS, agents, web—are strong. But Visa’s investment is laser-focused on cards. Expect Moniepoint to: ▪️ Expand card issuance ▪️Leverage Visa’s global network ▪️Drive contactless adoption in untapped markets Contactless payments are also a priority. Nigeria’s Central Bank is pushing for wider adoption, and Moniepoint is in a prime position to lead with Visa-backed chip cards and payment terminals. This could reshape how everyday transactions happen. And it doesn’t stop at Nigeria. Moniepoint’s vision extends across Africa. Visa’s infrastructure—like Visa Direct (remittances) and Cybersource (transaction visibility)—gives Moniepoint the tools to scale and improve cross-border payments. But there’s more… Visa has its agenda here. It wants a bigger slice of Nigeria’s card market, where it trails Mastercard and local leader Verve. Moniepoint could be the key to unlocking that dominance. Moniepoint’s CEO, Tosin Eniolorunda, knows the stakes: “With Visa as our investor, we can strategically collaborate to continue to grow the payment ecosystem and expand to more countries.” Visa’s regional president, Andrew Torre, sums it up: “We will enable even the smallest businesses to thrive through innovative payment solutions that open new revenue opportunities.” Continue reading via TechCrunch: https://lnkd.in/dJ_D8259 ------------------------------------ Want to know how Moniepoint powers millions of businesses across Nigeria? In a past episode of The Flip, we covered how they grew so quickly and why it became the preferred choice for agents and merchants across Nigeria. Link's in the comments.

An early-stage African VC firm just did something rare: Oui Capital turned a $150K investment into an $8M return in just 5 years. Here’s how they did it (and what it means for African venture capital): In 2019, Moniepoint Group wasn’t a household name. But Oui Capital saw something others didn’t and backed them with $150K at a $12.5M valuation. And recently, that bet has paid off—big time. Fast forward to 2024, and Moniepoint raised $110M at a $1B valuation giving Oui Capital a golden exit opportunity. The firm sold part of its stake during the Series C round, repaying its entire first fund and making any future gains pure profit for investors. This is a major milestone for a young VC firm. Globally, many funds struggle to return their first fund. In Africa, it’s even rarer. To put things into perspective: Since 2019, there have been 2,971 venture deals in Africa. Only 143 have resulted in exits. Many startups are still in their early stages, with Africa’s ecosystem lacking the robust M&A and IPO options in other markets. The early bet on Moniepoint wasn’t just luck. Oui Capital's managing partner, Olu Oyinsan, was hands-on—advising on: - Product-market fit - Investor introductions - Strategy & Governance Their belief in Moniepoint’s pivot to business banking paid off big. Oui Capital now joins the ranks of top African VCs like CRE VC and 4DX Ventures—both of which returned their first funds by backing unicorns like Andela and Flutterwave. It proves that early-stage fintech investments in Africa can deliver serious returns. But it’s not just about fund size. Oyinsan credits their success to: 1. Smart portfolio construction 2. Careful entry valuations 3. Strategic exit timing "Africa’s venture scene is evolving, and returns will come with patience and precision," he told TechCrunch. In 2022, the firm launched its second fund, closing at $12M. A smaller raise than its $30M target, but with strong positioning for future growth. A third fund could be on the horizon later this year. Continue reading via, TechCrunch ----------------------------------------------------- Want more insights and stories from entrepreneurs around the continent to help make building easier? Subscribe to our newsletter: https://lnkd.in/dFw3dXe

Can solar power solve Nigeria's energy crisis? Fuel generators have powered Nigeria for decades. They're noisy, dirty, and bad for the environment. But they also provide power to millions of people in a country with an unreliable grid. The removal of Nigeria's long-standing fuel subsidy in 2023 caused the price of fuel to quadruple, leaving Nigerian consumers searching for options. And many are going solar. So while economic considerations have largely driven Nigeria's transition to solar power, it has positive climate implications too. But why is the grid so broken in the first place? How can it be fixed? And is decentralized solar energy an adequate solution to solve Nigeria's energy crisis? In today’s episode of The Flip, we’re exploring Nigeria's newfound energy transition. Featuring: Bimbola Adisa - Founder & CEO, Beacon Power Services Rotimi Thomas - Co-founder & CEO, SunFi Chidalu Onyenso - Founder & CEO, Earthbond This episode was produced as part of our series on climate action in Africa, The Greenprint, in partnership with Catalyst Fund, Delta40 Venture Studio, and Africa Climate Ventures. I've left the link to the full episode in the comments below 👇👇

Last week, these 6 African startups collectively raised over $60 million: 6. Ilara Health Ilara Health is a health-tech startup providing diagnostic devices, health management software, and pharmaceuticals to outpatient clinics in peri-urban and rural areas. - Amount raised: $1M - Lead investor: U.S. International Development Finance Corporation (DFC) - Location: Kenya - Type of investment: Debt funding 5. Conservio Conservio is an online booking platform for nature-based getaways, connecting travelers with eco-conscious accommodations across Southern Africa. - Amount raised: $1M - Lead investor: E4EAfrica - Location: South Africa - Type of investment: Equity funding 4. The Awareness Company The Awareness Company is a SaaS startup that transforms business data into actionable insights for operations and sustainability. - Amount raised: $1.6M - Lead investor: NEXT176 - Location: South Africa - Type of investment: Equity funding 3. Sistema. bio Sistema.bio is a renewable energy company providing smallholder farmers biogas technology and digital solutions. - Amount raised: $3.5M - Lead investor: Novastar Ventures - Location: Kenya - Type of investment: Equity funding 2. FARO FARO is a recommerce startup tackling Africa’s textile waste problem by reselling unsold inventory from major global brands. - Amount raised: $6M - Lead investor: JP Zammitt - Location: South Africa - Type of investment: Equity funding 1. LemFi LemFi is a Pan-African fintech platform enabling immigrants to seamlessly send, receive, and manage money across borders. - Amount raised: $53M - Lead investor: Highland Europe - Location: Nigeria - Type of investment: Equity funding -------------------------------------------------------- Want more insights and stories from entrepreneurs around the continent to help make building easier? Subscribe to our newsletter: https://lnkd.in/dFw3dXe

Ham Serunjogi on the danger of complacency:

Africa’s tech ecosystem wrapped up 2024 on a high note: Two new unicorns—TymeBank and Moniepoint—secured funding at valuations of over $1 billion. But how did their hybrid banking models get them there? Here’s what makes their approach so disruptive: Unlike fully digital banks like Revolut or Monzo, TymeBank and Moniepoint blend: - Digital banking for efficiency. - Physical touchpoints for accessibility. Why? It’s a model tailor-made for Africa, where: + Cash accounts for 90% of transactions. + Only 43% of Sub-Saharan Africa has internet access. + Trust in purely digital systems is still low. This dual approach bridges critical gaps. The new unicorns: 1) Moniepoint (Nigeria): Focused on small businesses, offering payments, loans, expense tools, and now retail banking. 2) TymeBank (South Africa): Started with affordable accounts and savings, then expanded into business banking and working capital. Both solve real problems for underserved markets. How TymeBank is winning in South Africa: Partners with retailers like Pick n Pay and Boxer, using in-store kiosks to onboard customers. 1,000+ kiosks and 15,000 retail points act as mini-branches, meeting people where they shop. The result? 15M users across South Africa and the Philippines. Moniepoint’s approach in Nigeria: Deployed 200,000+ agents, often small business owners equipped with POS devices. These agents act as “human ATMs,” bridging urban-rural divides where branches and ATMs are scarce. Impact: 10M+ users across retail and business banking. In regions where: ・Internet access is unreliable (43% in Sub-Saharan Africa). ・Cash is king (90%+ of transactions). ・Trust in online systems is low. A mix of physical and digital services is both innovative and necessary. More here via TechCrunch: https://lnkd.in/drJzdWEH ---------------------------------------- Want more insights and stories from entrepreneurs around the continent to help make building easier? Subscribe to our newsletter below 👇

OpenAI recently appointed Adebayo Ogunlesi to its board. The billionaire investor is a Wall Street powerhouse, known for steering companies through critical moments. Here’s why this matters and what it says about OpenAI’s future: Ogunlesi isn’t just any investor. He’s the co-founder of Global Infrastructure Partners (GIP), which sold to BlackRock for $12.5B last year. He’s also advised Warren Buffett, led Goldman Sachs through the 2008 crisis, and helped launch a $30B AI infrastructure fund. Why is OpenAI bringing in a figure like Ogunlesi now? The AI giant is navigating a pivotal phase: - A $150B valuation - Transitioning into a public benefit corporation (PBC) - Fierce competition from rivals like Anthropic and Musk-backed ventures What makes Ogunlesi a perfect fit? His expertise in big infrastructure bets: - AI demands massive compute power. - His $30B fund focuses on building data centers and energy infrastructure—key to scaling OpenAI’s capabilities. OpenAI’s board has also undergone significant changes: The board now includes: 1) Sam Altman, back after the 2023 leadership crisis 2) Larry Summers, former US Treasury Secretary 3) Bret Taylor, ex-CEO of Salesforce Ogunlesi brings a strategic depth that aligns with OpenAI’s ambitions. In his own words: “[Thoughtful] strategies and investment in infrastructure will be key to unlocking AI’s full potential and delivering its benefits responsibly.” This aligns with OpenAI’s ambition to push boundaries while ensuring AI’s positive societal impact. But not everyone is on board with OpenAI’s direction. Continue reading via Financial Times ------------- Want more insights and stories from entrepreneurs around the continent to help make building easier? Subscribe to our newsletter below 👇