Category: Business

Nigeria-based digital freight company- MVX has announced raising USD 1.3 million in a seed funding round which will be used to boost its efforts to help ease the growing problem of inadequate cross-border trading methods in Africa. MVX was initially launched as MVXchange after securing pre-seed fun

Naked Financial Technology, the South Africa-based insurtech, has reportedly raised more than $11 million in a funding round led by Naspers, one of the largest global tech investors. The funding round also saw participation from existing investors Yellowwoods and Hollard, as per reports. For the un

Nigeria's first mobile-only bank Kuda Technologies Ltd. has raised USD 55 million in a Series B financing round at a valuation of USD 500 million via its London entity. The bank said the funds will be used to expand operations with cheaper and customized services and to prepare for its launch in

Kenya-based branded alcohol beverage business East African Breweries Ltd. (EABL) has reportedly acquired an extra 30% stake in Tanzanian subsidiary Serengeti Breweries Ltd. for USD 55 million, bringing its total ownership to 85%. The company had previously revealed plans to increase shareholding in

Julaya, a fintech startup based out of Ivory Coast, has reportedly announced a $2 million pre-Series A funding. The funding would supposedly facilitate the expansion of its products across West Africa. It is worth noting that Julaya, which was launched to digitize trade payments, helps firms stream

South Africa’s payment and software platform, Yoco, has reportedly raised USD 83 million in Series C funding backed by Dragoneer Investment Group. The round also saw participation from new investors like TO Ventures, 4DX Ventures, The Raba Partnership, HOF Capital, Breyer Capital, and current

Yara East Africa Ltd., a fertilizer manufacturer based in Kenya, has reportedly collaborated with farmers for building service centers where smallholder growers can learn life-changing farming practices. According to Yara East Africa, it aims to look after the food insecurity happening due to climat

West African Reinsurance Corporation, WAICA Re has reportedly incurred net claims of USD 30.5 million during the financial year 2020, marking a 63% increase from the USD 18.7 million claims registered in 2019. The claims are being paid in nine West African countries where the company currently oper

A new study by Internet Society, a leading non-profit organization, has reportedly found that lack of internet access is severely stunting the economic growth of African countries. The group says that African countries need to improve internet access for their citizens to boost their economies, part