This Week in African Tech 🌍
Plus, a Finance 101 Workshop
Welcome to Tech Safari!
Your tour guide on African Tech 🧭
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Confession - one of the things I suck at is managing and planning company finances. And it seems like a lot of founders are in the same boat.
Raise (Africa’s cap table management platform) found that 80% of startups don’t have a financial plan. They just wing it.
But, a financial plan is the difference between growing and running out of money.
So on Thursday, I’ll be teaming up with Raise for a Finance for Founders workshop.
We’ll be using Tech Safari as an example to show how founders (or anyone running a company/side-hustle) can create financial plans.
Alright, into this week’s edition
South African fintech Stitch launches WigWag, a social commerce platform enabling small businesses to accept digital payments with a unique payment link.
Egyptian fintech Yalla is spreading its wings into Saudi Arabia through partnerships with major financial players. Their super app caters to daily financial and non-financial needs, from sending money to paying merchants and placing orders.
Nigeria removes 28 illegal loan apps from Google Play Store and grows their watchlist from 20 to 56 apps. Among the delisted apps are Hen Credit Loan App, Cash Door App, SwiftKash App, and Eaglecash App.
Kenyan fintech Lipa Later has raised $5 million in debt funding. They're also crowdfunding $1.2 million for equity at a $30 million valuation. They plan to raise an additional $20 million to expand in Kenya.
Uganda's Emata, providing affordable loans for farmers, has raised $2.4 million in a seed round. It includes $1.6 million in debt and $800,000 in equity funding, backed by Renaissance Partners, Norrsken Accelerator, Draper Richards Kaplan Foundation, Zephyr Acorn and angel investors like Marcus Boström.
Nigerian cloud company WhoGoHost has acquired SendChamp, a cloud communications startup, for an undisclosed amount. This deal, involving cash and equity, strengthens WhoGoHost's customer services as part of their strategic plans.
Events + Opportunities
Founders! Need help planning and managing your finances? We're teaming up with our friends at Raise to put together a Financial Modelling Guide - the founders’ guide to planning + managing their money. You can access it here
Building in Africa? The Beyond Limits Fellowship is offering early-stage founders in Africa a six-week training and mentorship program. The Fellowship will combine online sessions with hands-on learning in Lagos, Nigeria. Apply here before September, 22.
Curious about fintech in Africa? Disrupt Africa, in partnership with AZA Finance, has released an in-depth report on Africa's fintech ecosystem. Get your free copy here to explore 678 fintech companies across 25 African markets.
Hey founders! MEST Africa has launched applications for the 5th MEST Africa Challenge, and there’s $50,000 equity funding up for grabs. MEST Africa is a Ghanaian startup training program, fund, and incubator. Apply here before October 9th.
Early bird tickets for Moonshot by Tech Cabal are now available. This flagship conference will bring together founders, investors, and friends of Africa's tech scene. It’s set for October 11-12, 2023, at Eko Convention Centre, Lagos, Nigeria
And that's a wrap for this week!
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Catch you soon!