NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Egypt-Born FlapKap Raises $34 Million Pre-Series A to Scale SME Financing Across MENA

FlapKap aims to continue to address a major challenge in the MENA region, where the SME financing gap is estimated at $180 billion, per the International Finance Corporation.

Source

Techpoint Africa (link opens in a new window)

Categories

Finance, Technology

Region

Sub-Saharan Africa

Tags

artificial intelligence, digital payments, e-commerce, financial inclusion, fintech, MSMEs, scale

Kenya’s Digital ID Rollout Holds Trust, Transparency Lessons: CFI Report

The report argues that transparency has been inadequate in Kenya’s digital ID initiatives, and that “(t)he terms of donor engagement and vendor contracts are unclear.”

Source

Biometric Update (link opens in a new window)

Categories

Technology

Region

Sub-Saharan Africa

Tags

data, digital identity, Digital Public Infrastructure, financial inclusion

South Africa Fintech Startup Omnisient Raises $7.5 Million Series A Funding for Global Expansion

South African “privacy-by-design” startup Omnisient has raised US$7.5 million in Series A funding to support its expansion across Africa and beyond.

Source

Disrupt Africa (link opens in a new window)

Categories

Finance, Technology

Region

Sub-Saharan Africa

Tags

data, financial inclusion, fintech, insurance, lending, scale, startups

Angolan Sovereign Wealth Fund (FSDEA) Commits Investment to BFA Asset Management’s Kimbo Fund

With a fundamental objective to support the growth of companies led by young people and women, Kimbo Fund aims to contribute to filling value chains, promote job creation, strengthen financial inclusion, and improve access to financing.

Source

AVCA (link opens in a new window)

Region

Sub-Saharan Africa

Tags

business development, employment, financial inclusion, women entrepreneurs, youth

Ghanaian Fintech Fido Closes $30 Million in Series B Funding Round

Fido is exploring mobile technology and different data sources to provide quick micro-loans to individuals and SMEs who can’t access traditional bank credits.

Source

Tech Build Africa (link opens in a new window)

Categories

Finance, Technology

Region

Sub-Saharan Africa

Tags

business development, financial inclusion, fintech, lending, microfinance, MSMEs

Lux Capital Made Its First Investment in Brazil, a $4 Million Seed for AI Fintech Magie

The company, which has raised $5.1 million in total, is creating an AI-powered financial assistant.

Source

TechCrunch (link opens in a new window)

Categories

Technology

Region

Latin America

Tags

artificial intelligence, financial inclusion, fintech

Mastercard Collaborates With Fintech Start-Up, Scale

The partnership looks to accelerate the growth of digital payment solutions in Africa and the Middle East.

Source

Electronic Payments International (link opens in a new window)

Categories

Finance, Technology

Region

Global

Tags

digital payments, financial inclusion, fintech

Press Release: DFC Announces $42 Million Guaranty to the Dominican Republic’s Banreservas, Plans to Open New Regional Office in Santo Domingo in October

The new loan portfolio guaranty to the Dominican Republic’s largest bank will increase small business lending with a particular focus on underrepresented entrepreneurs.

Source

U.S. International Development Finance Corporation (link opens in a new window)

Categories

Finance

Region

Latin America

Tags

financial inclusion, gender equality, lending, MSMEs, women entrepreneurs