Nigerian Digital Bank Umba secures $15M in series A funding for expansion

NIGERIA –Nigerian digital banking company, Umba has closed US$15 million in Series A funding to accelerate growth in existing African markets and expand into new ones. The round was led by Costanoa Ventures, with participation by Lux Capital, Palm Drive Capital, Banana Capital, Chandaria Capital, and Streamlined Ventures. Previous investors also participated, including Lachy Groom and ACT Ventures, as well…

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China’s Tencent and CDC Group invests US$70m in South Africa’s TymeBank

SOUTH AFRICA – Chinese Internet giant Tencent Holdings has invested in South African digital bank TymeBank. UK’s development finance institution CDC Group has also invested, to take the bank’s series-B capital raise to US$180 million. The investments from Tencent and CDC are valued at an additional US$70 million, TymeBank said in a statement. The finalization of the investments is subject to…

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Digital bank PaySika secures US$349,620 startup capital to begin its operations

AFRICA – PaySika, a digital bank focusing on Francophone Africa, has received startup capital of 300,000 euros (US$349,620).   The activity marks the neobank’s first fundraising effort since its inception in February 2020.  The company, which was co-founded by Cameroonian Roger Nengwe and his colleague Stezen Bisselou, intends to use this funding to “attract new additional profiles and continue its development by creating more fluid, safe services that fulfill…

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Polaris Bank launches new digital bank in line with acceleration of e-payment services

NIGERIA – Polaris Bank Limited, a commercial bank based in Nigeria, has disclosed in a statement the launch of a new digital bank. The bank said this was necessary with the rising opportunities in the e-payment systems accelerated by the COVID-19. “Feelers indicate that the bank’s new digital bank, which has for some time been in test mode among its…

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