AUTO24.africa, a pre-owned car marketplace, has today launched in Morocco, Rwanda, Senegal and South Africa, after a remarkably successful first year in Ivory Coast.

With funding from Stellantis, AUTO24.africa wants to revolutionize the African automotive sector with first-of-its-kind customer offerings.

“Our obsession is to be customer-centric,” expressed Axel Peyrière, CEO of AUTO24. “Our goal is not only to be the best in the market but to ensure we deliver unparalleled services for every used car buyer and seller. This expansion is a testament to our dedication.”

AUTO24.africa offers unparalleled and exclusive services, including a five-day refund policy, a six-month warranty, one-year maintenance, and one-year insurance plans for all vehicles. The platform also provides convenient financing options in association with several partners. These benefits are a first in many African countries and redefine the standard for car ownership across the continent.

Stellantis, as main investor, also owns major car brands such as Chrysler, Dodge, Fiat, Ram as well as Peugeot, Jeep and many others. They have a division for car rental services called Free2move and Share Now. It continues to back AUTO24.africa in its ambitious journey which perfectly aligns with Stellantis’ strategic plan DARE FORWARD 2030 by participating to expand our offer of mobility solutions to widely meet the customer needs in Africa.

Africar Group, the parent company of AUTO24.africa, has been a pioneer in online automotive classifieds in Sub-Saharan Africa since its founding in Australia in 2016. This year’s expansion is a part of AUTO24.africa’s long-term vision to become the leading multi-brand certified pre-owned car retailer in Africa. The platform aims to introduce even more features and capabilities that will further elevate the automotive buying and selling experience, all with trust and transparency. 

The upcoming platforms for the newly added countries will be uniquely available in both international and local languages, catering to a wider range of customers. These dedicated websites — auto24.ma for Morocco, auto24.rw for Rwanda, auto24.co.za for South Africa, and auto24.sn for Senegal — will provide an exceptional feature allowing customers to reserve and secure their desired car prior to test-driving and finalizing the purchase. This distinct offering sets a new benchmark in the market, further enhancing the customer experience.

Last year, African used vehicle start-up Africar Group and Stellantis launched Auto24 activities in Abidjan, Ivory Coast. Auto24 is a direct to consumer used car company that brings new, innovative solutions ensuring transactions are conducted in a transparent and secure way. Operating in more than 40 countries in Sub-Saharan Africa, Africar Group is Africa’s leading online automotive marketplace network. During the last five years, it has enabled over 25 million car buyers and sellers to trade used cars through its online channels.

During the launch, Axel PEYRIERE, co-Founder & CEO of Africar Group said, “After more than five years of working with automotive manufacturers, distributors and other key players in the industry, we have developed a class leading, multi country digital automotive solution across Sub-Saharan Africa. Auto24 is being launched today with the aim to buttress the confidence of African customers in the used vehicle market. A great challenge that will allow to have a secure, convenient, trustworthy and enjoyable buying or selling used vehicle experience.”

Africar Group’s main competition in Africa is Autochek, Nigeria’s automotive technology company facilitating auto financing across Africa which acquired ROAM Africa’s automotive marketplaces Cheki Kenya and Cheki Uganda in its pan-African expansion move. Autochek has been on the expansion drive in the region and recently acquired Morocco’s KIFAL Auto as it moves to double down on its Francophone focus to replicate the successes achieved so far in the English-speaking West Africa and East Africa region. The firm has also acquired CoinAfrique, a classified ads marketplace operating in French-speaking Africa, to accelerate  penetration of its auto financing services in Senegal, Côte d’Ivoire and other French-speaking African countries.

Lipa Later Group, a Buy Now Pay Later platform has announced the successful closure of a KES 500 million privately placed Debt issuance, reaffirming its commitment to providing innovative financing solutions for its customers.

This raise was supported by Rubicon Landing, a reputable transaction advisory firm, acting as the transaction advisors and KN Law, a leading legal advisory firm, acting as the Legal Advisors.

Eric Muli, Group CEO at Lipa Later says the firm’s journey to empower Kenyan consumers with convenient and accessible financing options has been met with incredible enthusiasm from customers and the private capital markets. Lipa Later enhances financial inclusion in Kenya by providing flexible payment options for consumers and businesses.

“This successful raise is a testament to our growth trajectory and the trust we have earned within the Kenyan financial ecosystem, and it will enable us to expand our offerings and serve our customers better. “We are excited about the opportunities this funding has unlocked for merchants and consumers. We would like to extend our heartfelt gratitude to the investors and supporters for their unwavering trust in our vision. These funds have enabled us to further invest in technology and infrastructure to make our financing solutions even more accessible and convenient for our customers ” said Eric Muli, Group CEO at Lipa Later.

Lipa Later plans to raise an additional KES 2 Billion in both Equity and Debt to spur growth further and work towards unlocking a $500bn Financial Inclusion Opportunity in Urban Africa.

“This capital infusion will support our continued growth and expansion plans, enabling us to reach more customers and businesses nationwide,” said Muli. “The Kenyan market holds immense potential for financial innovation, and we are committed to playing a significant role in shaping the future of financing in Kenya. With the support of our stakeholders and investors, we are confident that we can achieve our goal of making financing more accessible and inclusive for all.”

Lipa Later is dedicated to providing Kenya’s best financing solutions and customer experiences. We look forward to continued collaboration with Rubicon Landing and our partners as we work towards our vision of a financially inclusive Kenya.

Recently, Lipa Later partnered with Mastercard to accelerate the expansion of Buy Now, Pay Later (BNPL) payment services in Africa. By leveraging Mastercard’s extensive network of merchants, innovative payment methods, and state-of-the-art technology infrastructure and Lipa Later’s strength in consumer credit, both companies are poised to empower individuals and businesses with greater access to essential products and services, make access to credit seamless and reduce friction to create seamless shopping experiences and transactions.

Lipa Later also acquired SkyGarden, an eCommerce platform for electronics, home goods, and other products. The acquisition allowed Lipa Later to fully manage the firm’s operations in Kenya, enabling customers to buy goods and services from a wide-range of sellers electronically. Lipa Later now provides Sky.Garden’s customers buy now, pay later model that offers a flexible and affordable payment plan through monthly installments .Lipa Later rolled out credit offerings for small-scale retailers using the platform and consumers to buy items from the platform using a payment option of their choice, including Lipa Later’s BNPL.

Operating in Kenya, Rwanda, Uganda, Lipa Later raised USD 12 million from a consortium of investors to expand the company in Kenya, Uganda, Rwanda and into new markets such as Nigeria, Ghana, and Tanzania and also allow Lipa Later to provide its Buy-Now-Pay-Later services to its substantial current pipeline of consumers supporting Lipa’s exclusive partnerships with world-class merchants in Sub-Saharan Africa.

Lipa Later, which started in Kenya in 2018 has built a reputation for delivering value for its investors right from its early days; the company’s recent round of funding attracted backing from Cauris Finance, Lateral Frontiers VC, GreenHouse Capital, SOSV IV LLC, Sayani Investments and Axian Financial Services. 

The company recently embarked on an ambitious crowdfunding venture through Republic, to secure $1.24 million in capital to advance its expansion initiatives throughout Africa.

Cypherleak, a cyber risk monitoring and scoring startup, has closed a US$750,000 seed round to help drive Cypherleak’s expansion across the Middle East and Africa to eliminate the need for extensive cybersecurity technical expertise.

The firm will use the funding to help companies to track their leaked passwords and information on both the Public web and Dark web, enable them to identify the full extent of their attack and identify vulnerabilities affecting their infrastructure using its Machine Learning and advanced risk models to deliver customized security ratings.

Mohamed Amine Belarbi, Founder and CEO of Cypherleak, said: “The funding injection will enable us to accelerate our expansion across the Middle East and Africa, fortifying our position as a leading player in the rapidly evolving field of cyber risk management and ratings. With the backing of these strategic investors, Cypherleak is well-positioned to continue developing cutting-edge technologies and delivering unparalleled cyber risk insights to businesses and organizations across the region and the world.” 

The seed funding is from investors based in Abu Dhabi, Morocco, and Qatar and from entities including Maroc Numeric Fund II and Qatar Insurance Company.

Launched in April 2022, Cypherleak has rapidly established itself as a critical player in the cybersecurity industry. The company has successfully sold subscriptions to over 1000 corporate end-users across Europe and the MENA region, focusing on SMEs, often priced out of enterprise cybersecurity products. Cypherleak streamlines the process for smaller companies to deploy advanced risk monitoring without the need for deep cybersecurity technical knowledge. 

“Cyber security risks are a serious threat for MENA SMEs who are mostly unprepared to face this new reality. Thanks to their strong experience, Mohamed Amine and his co-founders are building a strong and user-friendly platform that is able to address these serious threats, and help MENA SMEs get insured accordingly. We are thrilled to invest in Cypherleak and help the team open their African regional office in Morocco, which will be mainly dedicated to R&D”  says Dounia Boumehdi, Managing Director of MITC Capital, the management company of Maroc Numeric Fund II.

One of the most compelling use cases for Cypherleak’s technology is cyber insurance underwriting . Cypherleak’s cyber risk scoring enables insurers to accurately assess the cyber risk of prospective cyber insurance applicants, revolutionizing how cyber insurance is underwritten in the MENA region. Furthermore, Cypherleak’s cyber risk monitoring capabilities empower insurers to provide continuous value-added risk monitoring and mitigation services to their cyber-insured customers throughout the coverage period. Cypherleak’s relevance to the Insurance space was further confirmed when the company was declared winner of the MENA Insurtech Summit 2023 in Doha, Qatar.

“Cyber security is a growing topic in the MENA region. SMEs are among the companies that are the most vulnerable. Cyber insurance for SMEs is already needed and is poised to grow in the months to come. Cypherleak has demonstrated its ability to understand these new challenges. QIC Digital Venture Partners is thrilled to invest and leverage Cypherleak’s cyber security capabilities to empower its cyber insurance practice.” says Lars Gehrmann, Group Chief Digital Officer at Qatar Insurance Company (QIC).

Nithio, an energy finance platform in Africa, has announced an investment in SunCulture, a solar irrigation and farming technology solutions firm. Nithio’s investment, made through its investment vehicle, Nithio FI,  is part of the Productive Use Appliance Financing Facility (PUAFF), which catalyzes the uptake of productive use appliances across Africa. PUAFF is managed by CLASP, an international non-profit organization that improves the energy and environmental performance of appliances and equipment, and Nithio, and supported by the Global Energy Alliance for People and Planet (GEAPP).

Nithio’s investment is part of a $12m syndicated debt facility led by Mirova Sunfunder and financed through its Solar Energy Transformation Fund), Mirova (through its Gigaton strategy) and Triodos Investment Management, which together will enable SunCulture to finance inventory and receivables for its Kenyan subsidiary across its productive-use renewable energy products, related appliances and  irrigation equipment. This will allow SunCulture to reach more customers, especially smallholder farmers who need affordable and reliable access to energy and water for their livelihoods.

Kate Steel, Nithio CEO, said: “We are delighted to partner with SunCulture, a pioneer and innovator in the solar irrigation and farming technology sector. SunCulture’s products have a proven impact on increasing agricultural productivity, income, and resilience for smallholder farmers. Through our investment, we aim to support SunCulture’s growth and scale, and contribute to the broader mission of GEAPP  to accelerate the adoption of productive use appliances in Africa.”

SunCulture was founded in 2012 to help solve the daily challenges that smallholder farmers endure including time-consuming manual irrigation or reliance on the increasingly unpredictable rains for their crops. Since then, they have designed, manufactured, financed, and serviced IoT-enabled solar energy systems and irrigation equipment for smallholder farmers allowing farmers to spend less while growing more. This has led to SunCulture being able to: Offer both cash sales and Pay-As-You-Grow financing through their direct sales channels and distributors; sell over 45,000+ units to date; offer VeraSol tested non-battery and battery equipped solar irrigation systems; and expand into new sales regions through direct international market entrance, joint ventures, and government partnerships.

Samir Ibrahim, SunCulture CEO, said: “Through this support, SunCulture is  primed to deepen its footprint within Kenya, responding to the urgent calls for food security, poverty alleviation, and climate resilience. This partnership empowers SunCulture to place game-changing tools in the hands of vulnerable smallholder farmers, supporting climate mitigation and adaptation at the individual, community, and national levels. SunCulture is pleased to partner with Nithio as we continue to pursue the highest standards in credit risk assessment and consumer credit management, which are key enablers of SunCulture’s overall objectives.”

PUAFF’s mission is to increase access to high-quality productive use appliances that enhance the economic opportunities and well-being of off- and weak-grid consumers. The facility offers procurement subsidies, capacity building grants, distributor debt financing, and advisory support focused on credit systems development for Productive Use Appliance (PUA) companies and distributors. PUAs eligible in the facility include energy-efficient, income-generating appliances such as refrigerators, solar water pumps, agro-processing equipment, sewing machines, etc. The recent recognition of 18 companies through procurement subsidies and capacity-building grants in East, West, and Central Africa highlights PUAFF’s commitment to catalyzing positive change. PUAFF’s financing will reduce the cost of appliances for end-users by offering discounts on bulk solar appliance purchases and providing financing to distributors, allowing them to offer products on credit.

Makena Ireri, Director of Demand, Jobs, and Livelihoods at GEAPP, states, “the initiative aligns with our mission of promoting sustainable energy solutions that will avert future carbon emissions, while enabling increased access to clean energy and improving livelihoods through economic growth. By lowering the cost of high quality, energy efficient appliances and providing financing, we’re enabling jobs and livelihoods for thousands of people supporting a low-carbon future.”

Nithio’s investment in SunCulture marks a significant stride towards transforming the landscape of solar irrigation and farming technology in Africa. Supported by GEAPP, this collaboration will drive innovation, sustainability, and prosperity across the region.

Flutterwave, a pan-African payments technology firm founded in Nigeria has launched its inaugural Engineering Mobility Program in India with the support of Capgemini, to develop its engineering teams.

Flutterwave’s Nigeria and UK-based engineering team will work with Capgemini’s extensive technology talent in Bangalore to share industry best practices and nurture the next-generation workforce. This collaboration will see Capgemini draw upon its deep domain expertise to enhance Flutterwave’s product delivery via a new cloud service provider.

According to Gurbhej Dhillion, Flutterwave’s Chief Technology Officer, “This engineering mobility program is the first of its kind in Flutterwave, and I’m happy to see it happen. It goes beyond collaboration with a global tech leader like Capgemini; it’s about diversity, inclusivity, and the mobility of ideas to fuel continuous innovation. We cannot wait to see the incredible solutions this program will birth. I’m looking forward to seeing how our engineers will take their learnings back home and share their experiences with their teams as they continue building payment solutions for the emerging economies of Africa and beyond.”

In addition, Capgemini will play a pivotal role in Flutterwave’s technology strategy by defining a clear target-state and a detailed roadmap for seamless implementation. Capgemini will help lay the foundation for Flutterwave’s agile transformation journey and the adoption of cloud-native solutions, enabling a vision to facilitate payments in emerging markets.

Today’s announcement reaffirms Flutterwave’s commitment to empower its engineers to build innovative payment solutions.

Reiterating the company’s commitment to empowering its people, Flutterwave’s Chief People Officer, Mansi Babyloni, commented, “As an ever-growing company that is becoming increasingly diverse, this program is a testament to our responsiveness to our talent’s needs, dedication to making improvements, and commitment to investing in our people. It also reflects our value for nurturing talent and contributing to the development of the tech ecosystem in Africa.”

“Like every other person in our senior leadership,” Mansi continued, “I have first-hand experience of how cross-border work experiences and programs like this could contribute significantly to shaping one’s career, and I’m happy that we are providing our engineers with this life-changing opportunity. As a company, we are excited that a tech giant like Capgemini is on board and will be with us every step of the way to make this program successful.”

“For more than 50 years, Capgemini has harnessed the power and value of technology to deliver great business value, operational excellence, and innovation for clients worldwide. We are very happy to work hand in hand with Flutterwave for this talent development program, accompanying them on their journey towards innovation in the new ultra-competitive payments landscape,” said Sujit Kini, Global Account Executive, Financial Services at Capgemini.

Reacting to the news, Bode Abifarin, Chief Operating Officer at Flutterwave, said, “Since we started in 2016, Flutterwave has been on an incredible journey of growth, innovation, and outstanding performances, which includes the fivefold increase in usage of our remittance product, Send App by Flutterwave, and offline solution, Flutterwave POS, respectively, in just one year. Behind this success is our world-class engineering infrastructure and an amazing team that has been growing and adapting to rapid changes in the company’s needs and customers’ demands.”

“Now, as we continue expanding our operations, penetrating new markets, entering important partnerships, scaling our Engineering Team also becomes crucial. Our Engineering Mobility Program is a fundamental part of this effort, and we are convinced that working with Capgemini will make this a reality,” Bode added.

Five African startups namely Eden Care from Rwanda, iZola from Kenya: mDoc from Nigeria, Pharmarun from Nigeria and Zuri Health from Kenya have been selected among the 2023 cohort of the Google for Startups Growth Academy: AI for Health after an intensive selection process that started in May.

The five startups from Africa, among the 30 transformative startups from across Europe, Middle East, and Africa will join Google’s Google for Startups Growth Academy: AI for Health, a hybrid program dedicated to supporting high-potential startups using AI technology to grow and innovate responsibly in the healthcare and well-being industry.

The startups will have three months of workshops, mentoring, and networking events, founders develop data-driven strategies for acquiring new customers and partnerships, innovate responsibly with emerging technologies, and expand to new markets.

According to Yuval Passov, Head of Google for Startup and lead of the program: “Africa’s innovative spirit in the AI for Health domain is profoundly inspiring. These startups stand as a testament to the continent’s ability to develop global health solutions. We aim to stand alongside them, offering support and partnership as they strive to scale and disseminate their groundbreaking solutions.”

The 30 startups will receive three months of equity-free support, combined with access to Google products and resources, mentorship, d AI professionals to harness AI as a transformative instrument, addressing significant challenges from early disease detection to ensuring information accessibility. Their innovations not only improve billions of lives but also drive robust economic growth.

Eden Care merges AI and digital health to reshape health insurance and corporate well-being while Kenya’s iZola enhances support for families with neurodivergent children via an AI-integrated therapeutics platform. Nigeria’s mDoc elevates personal health practices through virtual health mentorship and Nigeria’s Pharmarun unifies regional pharmacies with an innovative, patient-first platform. Kenya and Nigeria’s Zuri Health wants to revolutionize patient care with an all-inclusive digital toolkit.

Among the selected startups outside Africa, Biocam has introduced a capsule that scans the digestive system in real-time to identify potential threats. Mindstep offers an app focused on enhancing brain and mental health, while Rayscape provides radiologists with a digital assistant equipped with AI tools for better decision-making.

This initiative aligns with Google’s broader vision to support startups and accelerate their growth. In August Google announced a broader program, the Google for Startups Accelerator: AI First, a 10-week equity free accelerator aimed at supporting African startups looking to use artificial intelligence to solve local challenges.

Since introducing the Google for Startups Accelerator programs in Africa in 2018, Google has supported 106 startups from 17 African countries and these startups have collectively raised over $263 million in funding and created over 2,800 jobs.

Recently Google revealed the establishment of an AI research centre as part of its efforts to combat food shortages in Africa. Google’s initiative includes the establishment of an AI centre focused on addressing food insecurity in Africa and the allocation of $25 million in funding for 15 AI projects, including those in Kenya and South Africa, as part of its Global Goals Impact Challenge on AI for the SDGs.