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Hard cash for remittances
Plus LNB IPO offer opens, venture funding winter persists, and we’re still hiring.
Anthony Miclet
October 10, 2024
Good Morning.
In today’s newsletter, Zepz closes a $267m round to capture Africa’s $100bn diaspora remittances market, and then:
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Markets Wrap
Markets
Earnings & Dividends
The Week’s Top Stories
Remittance play
Money Transfer Fintech Zepz Raises $267M to Fuel Expansion in Africa
Africa's $100bn annual remittances market presents a massive opportunity that continues to attract established corporates and new entrants, and Zepz—formerly WorldRemit— is positioning itself to capitalize.
The fintech giant recently secured $267m in new funding led by Accel, with participation from Leapfrog, TCV, and others. Operating WorldRemit and Sendwave brands, Zepz serves over 11 million users globally.
With offices across Africa, the company aims to expand its presence in core African markets. Despite pausing IPO plans, Zepz’s latest funding underscores its potential in the evolving remittance landscape.
Funding flux
African Startups Raise $306M in Third-Quarter as Downturn Persists
African tech startups raised $306.4m in Q3 2024, bringing the year's total to $836.5m—a 40% decline from 2023 that reflects ongoing global capital challenges.
2024's funding numbers have been significantly lower than in previous years. But Q3's slower decline rate and notable rounds from NALA, MNT-Halan, and Paymob suggest potential stabilization.
While the sector continues to face headwinds, emerging positive signals and new funds offer hope for recovery.
Mpox breakthrough
WHO Approves Rapid Diagnostic Test for Mpox Amid Rising Global Cases
WHO has approved the first rapid diagnostic test for mpox, a breakthrough that could significantly impact the global fight against the virus, especially in Africa.
Coinciding with this, the Democratic Republic of Congo is launching its vaccination program amidst a severe outbreak, marking a crucial step in controlling the epidemic.
However, more vaccines are urgently needed as Africa grapples with over 30,000 suspected cases and as testing delays hinder containment efforts.
Headline Roundup
A summary of the major business, tech, and finance headlines of the past week.
Economy and Macro
M&A and Corporate
Startups and Tech
Yellow Malawi, RDG Collective Get $3.25M for Off-Grid Solar Expansion
Winich Farms Secures $3M to Expand Fulfillment Centers, Technology
Morocco's Kwiks Raises $800K for its Recruitment Platform
South African Startup Scale Bags $700K to Expand Across Africa
Kenya Fines Fintech Eleving’s Local Unit In Digital Lending Probe
Fundraising and Accelerators
Must-Reads on Daba
Boost your investing IQ with educational blogs and thematic articles on Africa.
Learn
Investing Basics: 21 Investment Terms Everyone Should Know
Ten ETF Strategies Every Beginner Investor Should Know
Insights
Perspectives
Opportunities Corner
Discover funding, awards, and accelerator opportunities to boost your startup's growth. Deadline in brackets.
Mastercard Agribusiness Challenge (Nov 22)
Join the Daba Team - We're Hiring!
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Chart of the week
Get more context into themes shaping Africa’s investing landscape.
Africa’s diaspora goldmine: The African diaspora – dubbed Africa's “secret weapon” – is a $100bn opportunity for startups, businesses, and governments on a continent increasingly in need of a stable source of external financing. Click here or tap the button below to learn more.
That’s it for this week.
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