Londonbased 70m Sumeru Equitylundentechcrunch
If you’re interested in African startups, there are a number of different ones to look at Equitylundentechcrunch. Some of them are Okra, PNGME, and OnePipe. And some of them are raising money for their business.
Pngme, an Africa-based fintech startup, recently secured $15 million in funding. It is one of the most well-funded fintech startups in Africa. The company is led by Brendan Playford and Cate Rung. A few months after launching, Pngme has already secured traction with credit bureaus and credit unions. Currently, the firm is operating in Nigeria, South Africa, and Kenya. In addition, its founders have secured checks from angel investors, including Hayden Simmons of RallyCap.
According to Pngme, its solution is designed to offer banks a platform that allows them to collect financial information at scale. It offers detailed permission control, a mobile SDK, and an easy-to-use interface. The startup is aiming to grow its sales team, expand its data science team, and hire a new CSO.
While Pngme has been around for just a few months, its platform has already processed billions of data points from thousands of banks in sub-Saharan Africa. With this investment, the startup hopes to extend its third-party data connections to other markets.
OnePipe is a fintech startup that has a lot to show for itself. The company has garnered the attention of the likes of Y Combinator, Techstars and Zedcrest Capital. Among its offerings is a super aggregator API. While this may be an oversimplification, it allows FMCG startups to issue credit to their customers. This, in turn, helps boost revenue and customer loyalty.
OnePipe has also demonstrated its mettle by taking a sizable slice of the API pie. To date, the company has processed more than a million payments totaling more than $46.3 million. It has also garnered the attention of a slew of partners including banks and non-bank financial service providers. Among the most noteworthy is a partnership with the Open Banking Nigeria Group.
Aside from its slick UI, the company’s most impressive feat is its ability to monetize its API infrastructure by tapping into the vast network of partners and clients. By putting its wares to work, it has helped to make partner banks more efficient at processing transactions. In the end, the company has a vested interest in helping to drive the banking-as-a-service market in Africa.
The latest round of APIS sub-Saharan Ventures splurges a whopping $15 million into promising young companies, including Okra, Pngme, and Stitch. One notable early investor is Susa Ventures, which has made early investments in companies like Andela, Flexport, and Fast. Other notable investors include Techstars, which has invested in a number of other tech startups, and TLcom Capital, which is the only VC to invest in the pre-seed round.
Okra is the name of the company that claims to be the most comprehensive API hub of its type in the world. With more than 100 partners to choose from, ranging from the likes of Access Bank to uLesson, Okra has a well rounded portfolio of services and solutions. They claim to be able to onboard new clients within 24 hours, as opposed to the weeks that it can take for most banks. They also have a streamlined business model that cuts out the middle man by taking commissions off subsequent transactions.
Raise $4.5 million in two rounds
During the year, South African API fintech ventures raised almost $4.5 million in two rounds. These ventures are aiming to build an API-driven ecosystem across Africa. This will allow businesses to provide financial products and services through APIs. The firms describe their platform as a “financial graph” that allows them to write code once, and then deploy the financial graph to various markets.
Ventures Platform is a pan-African early-stage venture capital fund. It invests in startups at pre-seed and seed stages, with most of its investments made at the seed stage. Among its investors are commercial banks, high-net-worth individuals, and corporates. Founder Kola Aina says his team is focused on the African market.
In addition to its fund of funds, Ventures Platform also has a development finance institution fund of funds, AfricaGrow. With its new capital infusion, the firm plans to boost its sales and marketing 52av.