Afrobility: Africa Tech and Business

#1: African Fintech - 2018 to 2020 startup investments funding boom in Africa

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Overview: This episode covers major recent fintech investments in Africa. We start with some context on why fintech is important, why the majority of Africans are unbanked, discuss the early history of mobile money & then discuss the largest fintech investments in 2018 and 2019


Companies discussed: Cellulant, Migo, Paga, Yoco, Jumo, Flutterwave, Branch, OPay (Opera Pay), Visa, PalmPay (Transsion), Interswitch & Jumia Pay

Business concepts discussed: Unbanked population, financial inclusion, Mobile money, M-Pesa & financial services regulation 

Conversation highlights:

  • (0:38) – Why Fintech is important to Africa
  • (1:18) – Unbanked population in Africa
  • (4:20) – Mobile money & M-Pesa
  • (6:06) – 2018 May: Cellulant raised $47.5M 
  • (8:19) – 2018 Aug: Mines/Migo raised $13M
  • (10:00) – 2018 Sep: Paga raised $10M
  • (12:54) – 2018-Sep: Yoco raised $16M
  • (16:00) – 2018-Sep: Jumo raised $52M (also raised $55M in 2020-Feb)
  • (20:10) – 2018-Oct: Flutterwave raised $10M extension round (had raised $10M Series A in 2017-Jul, also raised $35M in 2020-Jan)
  • (23:50) – 2019-Jan: Central Bank of Nigeria (CBN) allows non-banks to offer mobile payment services
  • (25:28) – 2019-Apr: Branch raised $170M
  • (28:30) – 2019-July: Opay raised $50M Series A (also raised $120M Series B in 2019-Nov)
  • (35:16) – 2019-Nov: PalmPay raised $40M 
  • (37:30) – 2019-Nov: Interswitch raised $200M ($1B valuation)
  • (40:17) – Bankole’s summary thoughts
  • (41:15) – Olumide’s summary thoughts

    • Olumide’s recommendations

    • Recommendation: Undo It (by Dean Ornish)
    • Recommendation: Bogleheads introduction to TLH, Tax Loss Harvesting


      • Bankole’s recommendations:

      • Recommendation: No Filter (by Sarah Frier)


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        Afrobility: Africa Tech and BusinessBy Olumide Ogunsanwo and Bankole Makanju
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