The Flip

2023: Moniepoint ranked as Africa’s fastest-growing fintech. 2024: Moniepoint became a $1 billion company. How did they grow so big, so fast? Here’s the story of how Moniepoint Nigeria became a unicorn:

Tayo Aina On Embracing Failure as a Teacher:

Congrats to Tosin & Moniepoint Group on the $110m fundraise and hitting that $1b+ valuation 👏 One of my favorite recent episodes of The Flip was our roundtable conversation with Tosin, alongside Babs from Kuda and Laurin from Fairmoney. I've left the link in the comments below to watch or listen 🙏

Moniepoint recently closed a $110 million Series C funding round. Propelling it firmly into Africa’s unicorn club, becoming the continent’s eighth unicorn. Development Partners International (DPI) led this round, other investors include Google’s Africa Investment Fund, Verod, and Lightrock. Founded in 2015 as TeamApt, Moniepoint began by developing software for banks. But a strategic shift to agency banking reshaped its future, putting it on the path to dominate Nigeria’s fintech space. Today, Moniepoint processes over 800 million monthly transactions worth $17 billion—a scale that few others can match. So, why the raise, and why now? Despite Nigeria’s economic turbulence, including currency fluctuations and inflation, Moniepoint has maintained strong growth. A 205% jump in transaction volume in 2023 reflects its resilience. The $110 million investment signals that they’re ready to expand across Africa, starting with Kenya, where they’re set to acquire KopoKopo. For Moniepoint Group, this funding marks the start of a new chapter. CEO Tosin Eniolorunda emphasizes their mission to offer real solutions, not just hype, as they’re reshaping financial access across the continent, one transaction at a time. Want more insights and stories from entrepreneurs around the continent to help make building easier? Subscribe to our newsletter: https://lnkd.in/dFw3dXe

"How much did African startups raise last week?" Over $61 million—but that’s a 0.90% dip from the previous week. Here’s the funding tracker for Week 43 (Oct 21-27): 6. Earthbond Earthbond connects small businesses to solar solution providers, facilitating financing for cleaner energy adoption. ・Amount raised: $200K ・Lead investor: Madica ・Location: Nigeria ・Type of investment: Equity funding 5. IZI IZI is an e-mobility provider deploying electric buses to advance sustainable transport in Kigali. ・Amount raised: $222K ・Lead investor: Rwanda Green Fund ・Location: Rwanda ・Type of investment: Grant 4. Colis.ma Colis.ma is a logistics startup focused on connecting Africa and Europe through cross-border delivery solutions. ・Amount raised: $300K ・Lead investor: Witamax ・Location: Morocco ・Type of investment: Equity funding 3. Pargo Pargo is a logistics startup focused on eCommerce delivery solutions across Africa. ・Amount raised: $4M ・Lead investor: 3Capital Ventures ・Location: South Africa ・Type of investment: Equity funding 2. BURN BURN is a clean cooking appliance manufacturer targeting low-income households with eco-friendly cooking solutions across Africa. ・Amount raised: $15M ・Lead investor: European Investment Bank (EIB) ・Location: Kenya ・Type of investment: Debt funding 1. BasiGo BasiGo is an electric bus solutions provider aiming to enhance public transportation in sub-Saharan Africa. ・Amount raised: $41.5M ・Lead investor: Africa50 ・Location: Kenya ・Type of investment: Hybrid funding Additionally, South African AI and computer vision solutions provider VisionAI secured an undisclosed investment from Kalon Venture Partners. Want more insights and stories from entrepreneurs around the continent to help make building easier? Subscribe to our newsletter: https://lnkd.in/dFw3dXe

In Q3 2024, African startups raised over $600 million. - It's 0.2x more than Q3 2023 - And 2x more than Q2 2024 Making it the best quarter of the year so far, and doubling Q2’s numbers. A total of 44 startups raised $1 million or more, an improvement from Q2’s four-year low but slightly below the 2023 quarterly average of 55. The good news? Startups in Africa have already raised more funding in 2024 than the entire years of 2019 and 2020 combined. Of the $636 million raised in Q3 (excluding exits): ・62% came from equity funding, ・35% came from debt, and... ・2.5% from grants. Fintech and Energy continue to dominate, pulling in $363 million (57%) and $199 million (31%) respectively—nearly 9 out of every 10 dollars invested. However, deals from d.light and MNT-Halan heavily skewed the data, with Egypt ($272 million) and Kenya ($201 million) securing 75% of all funds raised. Beyond these, only Tanzania, South Africa, Ghana, and Nigeria attracted significant funding, while 38 other markets saw no notable startup activity. Source: Africa: The Big Deal ----------- Want more insights and stories from entrepreneurs around the continent to help make building easier? Subscribe to our newsletter: https://lnkd.in/dFw3dXe

Kenya’s BasiGo, an electric bus startup, has raised $41.5 million: - $24 million in Series A equity - and $17.5 million in debt facilities, Backed by Africa50, British International Investment (BII), and the U.S. Development Finance Corporation (DFC). Founded in 2021, BasiGo is revolutionizing public transport in East Africa, scaling rapidly with plans to grow its fleet from 119 to 1,000 electric buses by 2027. Its innovative “Pay-As-You-Drive” leasing model helps operators overcome high upfront costs, particularly in Nairobi’s bustling matatu sector. With over 4 million passengers served and 1,175 tonnes of emissions cut, BasiGo showcases the untapped potential of electric mobility in Africa. The funding will also allow BasiGo to expand into Rwanda, where it has seen growing interest from bus operators. ---- Want more insights and stories from entrepreneurs around the continent to help make building easier? Subscribe to our newsletter: https://lnkd.in/dFw3dXe

Seni Sulyman on investing in talent as the key to unlocking Africa's potential:

Seni Sulyman on investing in talent as the key to unlocking Africa's potential:

Last week, these 8 African startups collectively raised over $60 million: 8. GoMetro GoMetro provides a fleet management platform for decarbonizing bus and truck operations. - Amount raised: $191 k - Lead investor: UK Freight Innovation Fund - Location: South Africa/London - Type of investment: Grant 7. Rabbit Mobility Rabbit Mobility provides sustainable micromobility solutions through electric scooters and bikes. - Amount raised: $1.3M - Lead investor: 500 Global - Location: Egypt - Type of investment: Equity funding 6. Klasha Klasha facilitates cross-border B2B payments through multi-currency accounts and APIs. - Amount raised: $2M - Lead investor: Alumni Ventures - Location: Nigeria - Type of investment: Equity funding 5. Grid Africa Grid Africa develops solar energy solutions to promote renewable energy adoption across Africa. - Amount raised: $2.8M - Lead investor: Rifuwo Energy Partners - Location: South Africa - Type of investment: Equity funding 4. Lapaire Lapaire provides affordable optical care and quality eyewear across West and East Africa. - Amount raised: $2.99M - Lead investor: AfricInvest Group - Location: Kenya - Type of investment: Equity funding 3. Octavia Carbon Octavia Carbon provides innovative direct air capture (DAC) technology that extracts CO2 from the air and permanently stores it in rock formations. - Amount raised: $5M - Lead investor: Lateral Frontiers VC & E4EAfrica - Location: Kenya - Type of investment: Equity funding 2. Sistema.bio Sistema.bio is a biogas technology company that converts animal waste into clean energy and biofertiliser, enhancing sustainable farming practices and energy access for smallholder farmers. - Amount raised: $15M - Lead investor: ElectriFi - Location: Kenya - Type of investment: Equity funding 1. Yellow Card App Yellow Card is a fintech company facilitating cross-border payments and cryptocurrency transactions across Africa, operating in 20 countries with a focus on stablecoin solutions. - Amount raised: $33M - Lead investor: Blockchain Capital - Location: Nigeria - Type of investment: Equity funding Ghanaian e-health startup BIMA received funding from AAIC Investment to boost its expansion. Although the amount wasn’t disclosed, AAIC typically invests around USD 1 million, per WeeTracker. Similarly, Moroccan platform Agenz, which provides real-time property valuations and market insights, secured investment from Renew Capital. ---------------------- Want more insights and stories from entrepreneurs around the continent to help make building easier? Subscribe to our newsletter: https://lnkd.in/dFw3dXe