Monday
May 23
2022

Pan-African Fintech App, Bamba Lands $3.2 Million Seed Funding

By Stephen Oluwadara Sangolade

Bamba, a mobile-first enterprise software for micro-merchants in Africa, has secured $3.2 million in seed funding to scale its app and build out its team.

Venture capital firm 468 Capital led the round with participation from Presight Ventures, Jigsaw VC, and high profile angels Mato Peric, Leonard Stiegeler, Laurin Hainy and Thomas Stafford.

Micro, small and medium-sized enterprises account for 90 percent of all businesses in Sub-Saharan Africa and contribute more than half of all jobs.

However, the unavailability of digital solutions for both recording keeping and payments creates a hurdle that prevents the opportunity for these businesses to scale due to inadequate access to credit facilities.

Source: Benjamindada.com (link opens in a new window)

Categories
Finance, Technology
Tags
digital, digital payments, fintech, funding, mobile applications, mobile money, MSMEs, SMEs, technology