This Week in African Tech 🌍

Hey, Maryann here 👋🏽 

This week in African tech, PalmPay is eyeing new markets, Worldcoin just got a hard stop in Kenya, and gold is going digital in South Africa. Plus, a $69 million DeepTech fund is making waves in Francophone Africa.

In the deal roundup, MNT-Halan breaks records, IFC’s backing SMEs, and Platos Health is getting a Google-sized boost.

The full scoop’s just below—but first, a quick announcement:

Now, on to this week’s roundup….

Tech Roundup

• South African startup Troygold has teamed up with Mesh.trade to launch Bullion Krugerrand Tokens on its platform. The tokens represent real gold stored in Brink’s vaults in Johannesburg, letting users invest in fractional gold from as little as $2.65.

• Nigerian fintech PalmPay is expanding into South Africa, Côte d’Ivoire, Uganda, and Tanzania by the end of 2025. The move follows strong growth at home, with over 15 million daily transactions processed in Q1 alone.

• A $69 million innovation fund has been launched to back DeepTech ventures in Francophone Africa, aiming to finance 1,000 projects over five years. Backed by OAPI and AGF, the fund covers 17 member countries.

• A Kenyan High Court has ordered Worldcoin to delete all biometric data collected from Kenyans, ruling that it violated the country’s Data Protection Act. The court also barred Worldcoin from collecting or processing any more biometric data locally.

Deal Roundup

• Egyptian fintech MNT-Halan has successfully completed a $49 million corporate bond issuance, the largest in Egypt's history. The bond is split into two parts: $39 million for 12 months and $10 million for 36 months.

• Nigerian health-tech startup Platos Health has raised $1.4 million in pre-seed funding in a round led by Google for Startups. The funds will help scale its AI-powered metabolic health platform, Platos Monitor.

• Ghanaian fintech Zeepay has secured $18 million in debt funding from Verdant Capital IMAP. The funding will boost its float financing capacity, helping Zeepay handle liquidity for mobile money and remittance transactions in real time.

• Egyptian fintech Money Fellows has raised $13 million in a round co-led by Al Mada Ventures and DPI Venture Capital. The funding will help the company expand into new markets and modernize how people save, borrow, and invest.

• IFC and TLG Capital have closed the first round of their new private credit fund, AGIF II, raising $75 million. The fund will work with African banks to support SMEs struggling with existing loans.

• Egyptian healthtech i'SUPPLY has raised $3 million in Sharia-compliant revenue-based financing from Bokra. The funding will help scale operations and improve access to medical supplies across Egypt, especially in underserved areas.

Other Events and Opportunities

• The Africa Cloud and Security Roadshow is coming to Kampala Serena Hotel on June 5, 2025, bringing together CIOs, cloud experts, and cybersecurity professionals for a focused day of insights and networking. With tailored sessions addressing regional tech challenges and keynote speakers from across Africa, the event is designed to spark high-level conversations that influence real technology decisions. Register here.

• The Africa Startup Festival is hosting its Nairobi Ecosystem Mixer on May 30, 2025. Join founders, investors, and corporate leaders at this exclusive event, in partnership with Antler, ALX Ventures, and sponsored by Cloudplexo. Limited spots available—secure yours now! Register here.

• The EU-Kenya Business Forum returns on May 12-13, 2025 in Nairobi, under the theme "Digitalising Trade". Expect top policymakers, founders, and investors exploring how tech can drive trade and inclusive growth. Sign up here.

And that's a wrap!

That’s it for this week. See you on Wednesday 😃 

Cheers,

The Tech Safari Team

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