Fintech JUMO secures US$120m to improve and expand its financial solutions offering

SOUTH AFRICA – JUMO, a fintech startup based in South Africa and London that provides financial services to emerging market entrepreneurs and enterprises, has raised US$120 million in a fresh round of funding led by Fidelity Management & Research Company. The round also included technology giant Visa and London-based investment management firm Kingsway Capital, marking Fidelity’s first investment in an African startup. It also comes a year after the company raised US$55 million in an undisclosed fundraising round. To date, JUMO has raised over US$200 million in equity and loan…

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Mahlako Energy Fund invests in South Africa’s 10MW solar plant

SOUTH AFRICA – The Mahlako Energy Fund, a fund operated and managed by Mahlako Financial Services (MFS), has invested in South Africa’s first large-scale operational wheeling project, the 10 MW solar plant in the Northern Cape which has reached a commercial operation stage. This milestone project is South Africa’s first large-scale energy wheeling project providing clean energy to Amazon Web Services via the Eskom grid. Wheeling is a financial transaction that allows power to be produced remotely in one location and billed to an energy user in another region. Mahlako…

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Liquid Technologies partners IFC to expand its data center capacity

AFRICA – The International Finance Corporation (IFC), a member of the World Bank Group, in its support of universal and affordable broadband access in Africa has partnered with Liquid Intelligent Technologies to expand data center capacity and the rollout of fiber-optic cable on the continent. The partnership with Liquid Intelligent Technologies, Africa’s leading independent fiber and digital services provider, aims to increase digital connectivity and inclusion in Africa and to support the region’s growing digital ecosystem. IFC’s equity and debt investments in Liquid Intelligent Technologies, which to date total approximately…

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Telecoms companies Paratus and MTN partner to expand their networks

NAMIBIA – Paratus, a telecommunication service provider, and MTN have signed a national roaming agreement in Namibia, the first of its kind in this Southern African nation. The integration of the two networks will see Paratus and MTN customers throughout the country benefit from better and increased national coverage. It will also allow both Paratus and MTN Namibia to expand their networks and avoid duplicating mobile coverage in certain areas of the country. The infrastructure sharing deal appears to be marking a milestone in Namibian telecommunications history, as the cooperation…

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Omnia Holdings, Autumn Storm divest their majority stake in Umongo Petroleum

SOUTH AFRICA – Omnia Holdings (Omnia), a diversified chemicals company, and minority shareholder Autumn Storm have negotiated a deal to sell a majority stake in Umongo Petroleum, a supplier of lubricant additives, base oils, process oils and chemicals as well as technical solutions to lubricant blend manufacturers in sub-Saharan Africa. The transaction will see Orkila South Africa (Orkila) – a subsidiary of Azelis S.A. (Azelis), a global service provider in the specialty chemical and food ingredients industry, secure a 90% share in Umongo. Omnia, together with Autumn Storm, will retain…

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Health startup Shamiri raises US$1m to expand its impact across Africa

KENYA – Shamiri Institute, a mental health startup, has raised US$1 million in funding from the Templeton World Charity Foundation to tackle the scourge of mental health in Kenya and the rest of the African continent. According to the institute, the funding will enable them to build strategies for promulgating their character-based data-driven interventions to African youth and to scrutinise the long-term health objectives and outcomes of these interventions. Founded by Anzisha Prize Fellow Tom Osborn and partner Katherine Venturo-Coberly, Shamiri Institute is using social research data to respond to…

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