Fintech startup MoneyFellows closes US$31m Series B funding round to accelerate its growth

EGYPT – Egyptian fintech startup MoneyFellows has announced the first close of its Series B round funding with a US$31 million investment to help it accelerate its growth and move into new markets. The startup raised a US$4 million Series A round back in 2020, and the US$31 million first close of its Series B was led by CommerzVentures, Middle…

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EdTech company Classera secures US$40m Series A investment to accelerate its expansion

EGYPT – Sanabil Investments, a wholly owned company by Public Investment Fund, has led a US$40 million Series A investment round in Classera, a global EdTech e-learning company focused on emerging markets. “Classera has developed and successfully deployed a platform that reaches millions of users and has grown to become one of the leading emerging market e-learning solution providers globally,”…

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AfDB issues US$50m credit line to Nigeria’s FCMB to support women-owned businesses

NIGERIA – The African Development Bank has signed an agreement with First City Monument Bank (FCMB) for a US$50 million line of credit to support access to finance for small and medium-sized and women-empowered enterprises. FCMB will use the line of credit to expand lending activities that will boost the country’s post-pandemic economic recovery and drive more inclusive and climate-resilient…

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Ecommerce platform Sharwa completes US$2m pre-seed investment to build its platform

EGYPT – Sharwa, a social ecommerce platform, has announced the completion of a US$2 million pre-seed investment round to further build the technological platform and expand the team. Nuwa Capital and Hambro Perks Oryx Fund co-led the round, joined by many key angel investors. Founded in 2022 by Alaa Shalaby, Hassan Elshourbagi and Mohamed Hanafy, Sharwa offers customers low prices…

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Malawian small-holder farmers to benefit from US$12.3m issued by European Investment Bank

MALAWI – European Investment Bank (EIB) and First Capital Bank (FCB) have signed a 7-year €12.5 million (US$12.3m) loan facility to support sustainable agriculture for socioeconomic development and poverty alleviation in Malawi. The financing is part of the long-term EUR 25 million (US$24.7m) scheme aimed to accelerate agricultural investment in the country. The facility, which has been provided through the…

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