Sew’s Nigeria Growth, Africa’s Army Coups, RecoMed’s $1.5m Funding, And Union45’s $3m Seed • •
In the present day, I’m discussing:
- Sew’s Nigeria growth and $2m seed extension
- Africa’s army coups
- RecoMed’s $1.5 million funding
- Union54’s $3 million seed
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Sew’s Nigeria growth and seed extension
South African API fintech startup, Sew has as we speak introduced its growth into Nigeria and a $2M seed extension, with funding from Future Africa and Norrsken Basis, amongst others.
Sew introduced an preliminary $4 million seed in February when it got here out of stealth. This brings its complete seed spherical to $6 million.
The startup launched formally in February 2021 with an API that gives software program firms with id verification instruments and entry to customers’ monetary information.
Since its launch, the corporate claims to have grown by 40-50% month-on-month.
Talking concerning the firm’s growth to Nigeria, Kiaan Pillay, Sew CEO, says, “Nigeria is without doubt one of the most lively markets on the continent, if not the world, for fintech. The chance we see right here is infinite.”
He says the corporate plans to turn out to be the “go-to accomplice for any companies constructing monetary merchandise in Africa.”
Extra competitors: Sew could be going through off with different API fintech gamers akin to Mono which introduced a $15 million Sequence A earlier this month.
Mono, which launched in 2020, boasts partnerships with 270 companies and 200 million monetary information transactions.
In the meantime, this seed extension is to allow Sew to develop its group in Nigeria because it prepares to increase into different African international locations.
Coup makes an attempt in Africa
Africa’s newest army coup occurred on Monday, October 25, 2021, in Sudan.
Hundreds of Sudanese have been met with bullets as they took to the streets to protest the dissolution of their democracy.
Per Reuters, 7 folks have been killed by gunfire whereas 140 others have been injured in clashes between troopers and protesters.
Coup ‘pon coup: As a continent, Africa has skilled her share of challenges, deeply rooted in political tyranny and unaccountability, leading to coups or dictatorships.
Based on Intelligence by Techpoint, Africa has witnessed 83 coup makes an attempt since 1990, with 42 profitable. Though uncommon as we speak, coups nonetheless threaten democracy.
RecoMed’s $1.5m funding
RecoMed, a web-based healthcare market, has closed a $1.5 million financing spherical.
Per TechCrunch, the spherical was led by Vunani Fintech Fund with participation from others together with, Progress Grid Enterprise Capital Companions and Push Ventures.
What does RecoMed do? Have a look at it as an Amazon for healthcare professionals.
Launched in 2013, it’s a platform the place sufferers can request healthcare professionals throughout South Africa by looking practitioner profiles whereas checking opinions.
RecoMed says its platform reduces the time it takes for sufferers to get the medical providers they want. The startup takes a lower per requests made on the web site.
Is healthtech the following fintech? Whereas fintech startups nonetheless get a major chunk of African funding, healthtech startups appear to be attracting some critical money.
Based on Disrupt Africa, funding for healthtech startups elevated by 257.5% from 2019 to 2020.
Nevertheless, Africa’s healthcare sector nonetheless wants extra funding to extend entry to high quality and inexpensive well being providers. Based on the Worldwide Finance Company (IFC), $25-30 billion in new funding might be wanted to fulfill Africa’s healthcare demand over the following decade.
RecoMed plans to combine new merchandise into its platform with the funding.
Union54 raises $3m seed
Zambian fintech startup, Union54 has raised $3 million in seed funding.
Based on TechCrunch, The Y Combinator-backed startup noticed investments from Tiger World, ACE & Firm, and Runa Capital.
What does the startup do? Union54 owns an API that helps software program firms subject debit playing cards with no financial institution or third-party processor.
The startup was launched by a pair, Perseus Mlambo and Alessandra Martini, this yr. It’s an offshoot of their earlier firm, Zazu, which launched in 2015 as a neobank in Zambia.
The duo launched Union54 after they encountered problem in issuing debit playing cards at Zazu. The playing cards needed to be issued by accomplice banks, a course of that took plenty of time.
Mlambo informed TechCrunch that they “realised that both the processor or the financial institution was not essentially nicely outfitted to have the ability to reply our questions or to have the ability to give us the product that we’re in search of.”
The funding might be channelled at constructing a powerful engineering and product and gross sales group.
What I’m studying
- Nigeria’s March to the Gallows. Learn
- Remembering Benjamin O. Davis Jr., the primary Black Air Drive basic. Learn
- Ten years on because the dying of Gaddafi, how steady is Libya as we speak? Learn
Product Supervisor at Indicina. Apply right here.
- Okra Photo voltaic is providing a Tremendous Energy Grant. Apply right here
- Name for climate-focused startups: Africa ClimAccelerator Purposes open. Apply right here
- Right here’s the most recent subject of the distant jobs publication. Test it out right here
Have a bubbly day!