Kuunda, a Cape Town-based fintech providing embedded digital lending infrastructure across emerging markets, has raised $7.5 million to fuel its geographic expansion across Africa and the Middle East and North Africa (MENA) region.

The Pre-Series A round, backed by Portugal Gateway Fund, Seedstars Africa Ventures, 4Di Capital, Accion Ventures, E4E Africa, and Nedbank, among others will also support the development of new credit products targeted at small merchants, mobile money agents, and consumers typically underserved by traditional banks.

“This raise gives us the resources to scale faster and deepen our partnerships with banks, telcos, and digital platforms across the continent,” said Andrew Milne, Kuunda’s Co-Founder and Co-CEO, in an interview. “We’re focused on unlocking liquidity where commerce happens — at the last mile.”

Founded in 2018, Kuunda operates a Lending-as-a-Service (LaaS) platform that allows banks and fintech partners to integrate overdraft and working capital products into existing digital ecosystems, such as mobile money wallets, e-commerce platforms, and gig economy apps.

Its technology stack leverages real-time behavioral data and alternative credit scoring models to facilitate micro-loans and working capital finance for informal traders and small businesses, a segment often excluded from formal credit channels due to lack of collateral or banking history.

Kuunda’s platform currently supports over 2 million active borrowers monthly and has facilitated over $3 billion in loan disbursements to date in partnership with regional banks and mobile operators. The company reports over 10 million end users have accessed credit through its platform.

“Kuunda’s ability to turn billions of transactional data points into actionable credit insights enables sustainable lending at scale in informal economies,” said Erik Van Veen, Partner at Portugal Gateway Fund, which co-led the round. “This is the credit infrastructure Africa has been missing.”

Bruce Nsereko-Lule, General Partner at Seedstars Africa Ventures, added: “Cash flow — not demand — is the real constraint for millions of agents and MSMEs across Africa. Kuunda’s embedded credit tools solve this friction directly at the point of digital payment.”

The fundraise comes amid growing investor appetite for embedded finance and infrastructure fintech in emerging markets, with VC investment in African fintech surpassing $2.3 billion in 2024, per data from Partech Partners.

Kuunda’s investors also noted its path to profitability, a focus that has gained importance as global venture markets recalibrate away from high-burn growth.

Kuunda has rapidly scaled from Tanzania and Pakistan to five new markets in the past 18 months: Uganda, Malawi, Kenya, Mozambique, and Zambia, with a pipeline of expansion into North and West Africa and Gulf Cooperation Council (GCC) markets. The new funding will support this continued market entry, local compliance integrations, and technology upgrades.

The company also plans to launch new “productive financing” products tailored to small merchants, delivery riders, and women-owned businesses — all key contributors to Africa’s informal economic output.

Kenyan fintech startup Jahazii has raised $400,000 in equity, debt, and grants to redefine how Africa’s workers access and manage their finances. The pre-seed round drew participation from Antler East Africa, DEG Impulse, Jozi Angels, Innovest Afrika, and a network of strategic angel investors.

The funds will power Jahazii’s vision to build Africa’s Workforce Operating System — an integrated platform that unifies HR, payroll, and embedded financial services, designed to unlock financial inclusion for millions of underserved workers across the continent.

“Informality is the biggest structural barrier holding back Africa’s economic transformation,” said Sven Grospitsch, CEO of Jahazii. “Without systems that provide structure and credibility, workers remain excluded from financial opportunities, and organizations can’t scale efficiently. Jahazii exists to change that.”

Tackling Africa’s Informal Employment Challenge

Across Sub-Saharan Africa, 87% of jobs are informal, leaving millions of workers without contracts, protections, or access to affordable credit. This structural gap limits productivity and entrenches financial exclusion.

For employers, the problem runs deeper — inefficient workforce management, manual payroll processing, and compliance risks that slow growth and raise costs. Jahazii’s solution bridges both worlds by digitizing workforce management while embedding finance directly into the payroll process.

Embedding Finance Into the Paycheck

Unlike traditional digital lenders, Jahazii partners directly with employers, integrating financial services within the payroll cycle. Workers can instantly access earned wage advances, savings, insurance, and investments, while employers gain automated HR tools that simplify compliance and payroll efficiency.

This payroll-backed model stands out in a region where digital credit has often been criticized for predatory practices and unsustainable economics.

“By embedding financial services into the paycheck, we’re building the financial infrastructure for Africa’s middle class,” Grospitsch said. “This investment allows us to scale responsibly, deepen employer partnerships, and give workers fair financial access without the traps of high-interest loan apps.”

Building Africa’s Workforce Infrastructure

Jahazii’s Workforce OS centralizes employee data, attendance, shift management, and payroll on a single platform, creating a unified financial and HR backbone for employers. For workers, it provides a safe, structured pathway to financial empowerment.

The platform currently serves operations-heavy employers in manufacturing and agriculture, enabling thousands of employees to access safe, payroll-backed financial products.

By combining workforce management and embedded finance, Jahazii aims to transform Africa’s informal workforce into a financially visible and empowered economy.

The MIT Kuo Sharper Center, in partnership with the Government of Botswana, held the first-ever Demo Day of its Early-Stage Program, which attracted more than 1,300 applications.

Supported by the Government of Botswana and the Botswana Digital & Innovation Hub, the event underscored a pivotal step in Botswana’s journey toward a knowledge-based economy—advancing the country’s national vision of economic diversification, innovation, and inclusive prosperity.

According to H.H. Vice President Ndaba Nkosinathi Gaolathe, “This partnership — between Government, MIT, and the Innovation Hub — sits at the heart of the Botswana Economic Transformation Plan (BETP). The BETP is not just a policy document; it is our national design for growth, diversification, and competitiveness. Through its Model Lab approach, we bring together government, private sector, academia, and civil society to co-create solutions, test them rapidly, and scale what works. What we are celebrating tonight is a living embodiment of that process — an innovation laboratory that converts bold ideas into tangible impact.”

From the more than 1,300 applications received, 31 inspiring entrepreneurs were selected to undergo an intensive program led by MIT faculty and leading African entrepreneurs, honing solutions in agriculture, climate resilience, mining, health, and digital services.

They showcased their ventures before a distinguished audience, including His Excellency Ndaba Nkosinathi Gaolathe, Vice President and Minister of Finance of the Republic of Botswana, as well as investors, partners, and leaders shaping Africa’s innovation ecosystem.

“This Demo Day is more than a showcase of ventures—it’s a demonstration of what becomes possible when world-class knowledge is paired with investment, strong policy, local talent and coordinated support,” said Dina H. Sherif, Executive Director of the MIT Kuo Sharper Center. “The energy and innovation we’ve seen in this first cohort reinforces our commitment to

Botswana and its journey toward becoming a leading hub for entrepreneurship and innovation in Africa.”

As the first cohort concludes, the Demo Day signals the beginning of a new chapter in Botswana’s innovation story—one that positions the country at the forefront of Africa’s entrepreneurial transformation.

The Demo Day is part of a broader agenda launched through the Botswana–MIT Kuo Sharper Center collaboration. Building on the momentum of the Early-Stage Program, the Center will debut two additional initiatives before the end of 2025:

Deep Tech Program (November 10–16, 2025 | Gaborone, Botswana): Designed for scientists and researchers working at the cutting edge of technology, this program will support participants in commercializing and scaling their ventures, strengthening Africa’s R&D and innovation capacity, and connecting them with investors and mentors who understand the unique challenges of deep tech.

Growth Stage Program (December 2025 | Nairobi, Kenya): This initiative will convene growth-stage entrepreneurs who are scaling companies, significantly expanding their customer bases, and driving revenue growth. Participants will be plugged into an expanded ecosystem of resources and the extended MIT Kuo Sharper Center community, gaining the networks and tools needed to take their ventures to the next level.

Together, these three programs—the Early-Stage Program in Botswana, the Deep Tech Program in Gaborone, and the Growth Stage Program in Nairobi—form a comprehensive pipeline that supports entrepreneurs at every stage of their journey, from idea to impact. They reflect Botswana’s bold commitment to becoming a hub for Pan-African innovation while advancing MIT Kuo Sharper Center’s renewed commitment to defining a new calculus for prosperity in global growth markets.

Swedfund invests in improved access to financing for civil servants in Eswatini, Lesotho and Malawi through an up to 15 million USD loan to the microfinance institution Select Africa.

Eswatini, Malawi, and Lesotho face growing development challenges amid shifting global aid, with urgent needs in health, education, climate resilience, and youth employment. The countries rely heavily on international funding, vital to strengthen their economies.

Swedfund’s loan aims to support low-income individuals, who often face restrictive credit policies from banks and other financial institutions.

– With this loan we increase the possibilities for low-income individuals to secure financing that supports their livelihoods and productive activities, such as starting a small side business, expanding farming, covering education costs or building a house. This contributes to human development for many families and, in turn, fosters potential for local economic growth and more jobs, says Jane Niedra, Investment Director of Financial Inclusion at Swedfund.

Select Africa’s typical customer is employed in the public sector yet is often unable to access financing through traditional banking channels. This is usually due to the banks’ aversion to perceived higher risk customers, and the limited ability to mortgage or attach properties as security across many countries in Africa. Select primarily provides payroll loans for generally underserved and low-income civil servants, providing a pathway to a formal credit history and an improved, more resilient financial situation.

Select Africa Finance Limited is a retail financial services Group founded in 1999, with the opening of its first branch in Eswatini. The Group currently has 19 branches operating in Eswatini, Lesotho, Malawi, Uganda and Kenya and has USD 108m in gross loan book.

Syndicate Bio has launched Direct by Syndicate Bio, a genetic testing and precision medicine service designed to deliver actionable insights to patients, providers, and consumers across Africa.

The firm also opened its sequencing laboratory in Lagos, enabling world-class genomic and multi-omics testing powered by AI-delivered locally for Nigeria’s 200 million citizens and the global diaspora.

The Lagos facility is built to set new global standards for precision medicine on the continent. Equipped with next-generation sequencing and advanced molecular workflows, the lab supports clinical-grade testing and research while ensuring faster turnaround times for Nigerian clinicians, researchers, and patients.

Nigeria’s unparalleled ethnic diversity creates unique mutational signatures and drug-metabolism profiles. By integrating genomics, transcriptomics, and metabolomics with AI-driven analysis, Direct by Syndicate Bio will uncover biomarkers tailored to local populations-advancing precision medicine not only in Nigeria but also for millions worldwide who share genetic ancestry with its communities.

The launch event brought together leading stakeholders, including representatives from the National Institute for Cancer Research and Treatment (NICRAT), Lakeshore Cancer Center, Redus Center for Digestive Health, Beacon Health, Healthtracka, Society for Family Health, and Atlantis Pediatric Hospital.

Direct by Syndicate Bio is offering testing of 300+ genes, including BRCA1/2 and others linked to breast, ovarian, pancreatic, prostate, and colorectal cancers, over 90 inherited disorders across cardiovascular, hematological, metabolic, neurodevelopmental, ophthalmological, and immune system categories, over 80 genes related to nutrition, metabolism, fitness, skin health, immunity, sleep, and lifestyle traits, comprehensive solid and myeloid tumor profiling for targeted cancer treatment decisions.

It’s also offering early, safe assessment of fetal health, drug selection and dosing guided by individual genetic profiles, Sickle cell disease, thalassemia, G6PD deficiency, and hemophilia A/B included as standard and next-generation sequencing ensures comprehensive results in the absence of large African genomic reference datasets.

Reports are delivered in a clinician-ready format, supported by genetic counselling, with strict adherence to quality control, data protection, and privacy standards.

To accelerate adoption, Syndicate Bio has established the Direct Nigeria Precision Medicine Network (DNPMN) in partnership with leading institutions. The network will convene a multidisciplinary tumor board to enable local and international case collaboration, second opinions, and knowledge exchange.

Key partners include Lakeshore Cancer Center, Redus Center for Digestive Health and Roswell Park Comprehensive Cancer Center (USA).

Through DNPMN, patients and at-risk families will gain access to personalized prevention and intervention strategies, including interventional endoscopies and risk-reducing surgeries, guided by genomic insights.

Verto, a Nigerian B2B payments platform, has officially launched operations in the United Arab Emirates (UAE), opening up new opportunities for Kenyan and African businesses engaging in trade with the Gulf region.

With over $25 billion processed annually for global giants such as Unilever and Maersk, Verto is known for facilitating seamless, high-value transactions across emerging markets. Its expansion into the UAE aims to solve longstanding challenges in cross-border payments, particularly between the UAE and Africa – a key trading corridor that includes Kenya, Nigeria, South Africa, and other key regional economies.

“The UAE is a pivotal hub for global commerce, and businesses here demand solutions as dynamic as their operations,” says Helen Ghebreluul, Verto’s UAE Country Manager. “Our platform is built to handle the high-value, time-sensitive nature of these transactions, particularly in emerging markets in Africa. We are not just a service; we are a critical partner, ensuring that a company’s payments move as fast and reliably as their business.”

For Kenyan importers, exporters, and multinationals with operations in the Gulf, Verto’s platform delivers a more efficient, transparent and cost-effective way to move funds across borders, a challenge that has historically hindered business growth and supply chain reliability.

Verto’s offering is particularly relevant for Kenyan businesses that regularly transact with suppliers or clients in the UAE. From the busy warehouses in Nairobi’s Industrial Area to logistics firms handling cargo through Mombasa Port, access to fast settlement and reduced currency risk can translate to real-time business impact.

Key benefits for Kenyan businesses include:

●      Fast settlement: The platform enables instant or near-instant payments, which is vital for a sector where delayed payments can stall the entire supply chain. Verto’s efficient payment rails allow for settlements in hours rather than days.

●      FX risk management: Verto provides competitive and transparent foreign exchange (FX) rates, offering businesses hedging options and flexibility. For instance, companies can lock in favorable rates to protect against currency volatility. The platform also features a multi-currency account to hold money in different wallets and an Auto Exchange feature to automatically execute trades at an ideal rate.

●      Transparency and traceability: The platform allows users to track payments from end-to-end, reducing issues where payments are lost in transit. It also eliminates hidden fees and spreads often associated with traditional banking.

“Businesses are the lifeblood of global supply chains, but they face constant challenges from currency volatility and slow, traditional payment systems,” says Ola Oyetayo, CEO and Co-founder of Verto. “Verto empowers these businesses by giving them the tools to mitigate FX risk, accelerate settlements, and optimize their cash flow. We believe in providing global reach with local strength, leveraging our expertise in key emerging markets to ensure that wherever a company’s goods go, their payments follow instantly and securely.”

Verto’s presence in Dubai is anchored at the Emirates Financial Tower within the DIFC, with the company licensed by the Dubai Financial Services Authority to offer money services and financial advisory. The team continues to grow as it positions itself to serve a wide range of clients engaging in intra-Gulf and Africa trade.

Contactable, a South African provider of digital identity and eKYC solutions, has secured $13.5 million in funding to expand its platform and roll out new products across African markets.

The financing round was led by Venture Capitalworks, with backing from Fireball Capital, Ke Nako Capital, and Mavovo, the Centurion-based company said in a LinkedIn post.

Founded in 2012, Contactable offers an integrated platform for onboarding, identity verification, fraud prevention, and compliance. The firm plans to use the fresh capital to enhance its capabilities in Ultimate Beneficial Ownership checks, AI-powered tools, self-sovereign identity, and payments integration.

Chief Executive Officer Shaun Strydom said the funding will accelerate Contactable’s efforts to broaden access to trusted digital ID infrastructure. “This investment allows us to strengthen our platform and scale with our customers while positioning us to unlock growth opportunities across the continent,” he said.

Venture Capitalworks managing partner Brent Shahim said digital identity is “at the heart of financial inclusion and digital transformation” in Africa, adding that the firm sees significant growth potential in the sector.

Contactable has recently partnered with providers including Regula and ID Secure to bolster fraud detection. The company estimates Africa’s digital identity market could reach $3.4 billion by 2028.

Careem has acquired a minority stake in Swapp, the UAE-based online car rental platform, deepening a partnership that began in 2022 when Swapp was integrated into the Careem Everything App as Careem Car Rental.

The move strengthens Careem’s mobility portfolio and will support the rollout of new features including instant KYC for faster onboarding, one-hour car delivery through smarter fleet dispatching, real-time vehicle tracking, on-demand car swaps, and lease-to-own options.

“Being embedded within the Careem app has enabled us to connect thousands of customers in the region to flexible car rental with unparalleled convenience and cost-savings,” said Uzair Moosa, CEO of Swapp. “Over the coming months, we’re excited to expand our regional presence with new multi-month deals and even faster fulfillment.”

Adeeb Warsi, COO of Careem, said: “The opportunity for car rental services continues to rise as more people opt for flexible and affordable transportation. Swapp’s high-quality vehicles and seamless digital experience have delivered immense value to our customers, and we’re thrilled to expand into this fast-growing segment.”

Swapp operates a fully digital car rental model where vehicles are delivered to customers within 24 hours of online registration. Its marketplace aggregates supply from leasing companies, OEMs, and its owned fleet, with a growing focus on electric vehicles.

According to Statista, the UAE’s car rental market is expected to generate $175 million in revenue this year, growing at a 4.96% CAGR through 2030 to reach $223 million, with 87% of sales expected to come from online platforms.

Careem Car Rental, powered by Swapp, offers daily, weekly, and monthly rentals across brands including Nissan, Toyota, Mitsubishi, BMW, Porsche, Ferrari, Tesla, and more, serving both everyday and premium mobility needs.

BECO Capital has closed $370 million across two new funds, expanding BECO’s ability to back founders from Pre-Seed to IPO, with a continued focus on the UAE and Saudi Arabia.

The raise includes $120 million for BECO Fund IV, the firm’s fourth early-stage fund, and a $250 million Growth Fund.

$120M BECO Fund IV to Back Founders from Pre-Seed to Series A

BECO Fund IV backs companies in construction tech, fintech, proptech, consumer / retail tech, and application software / AI and is led by Managing Partners – Dany Farha, Abdulaziz Shikh Al Sagha, and Yousef Hammad.

“We’ve spent over a decade partnering with founders at the earliest stages and helping them navigate the journey ahead,” said Dany Farha, Co-Founder and Managing Partner at BECO Capital. “This fund reflects our continued conviction in the early-stage opportunity in the UAE and Saudi, and our belief in the depth of founder talent across the region.”

$250M Growth Fund to Back Regional Scale Ups

BECO’s Growth Fund invests in companies from Series B through pre-IPO, led by General Partner Amer Alaily. The fund deploys average investments of $20 million into both existing BECO portfolio companies and new opportunities.

“Companies in the Gulf are achieving institutional scale, yet face limited access to dedicated growth capital,” said Alaily. “This fund gives us the flexibility to partner with the strongest emerging companies and support them through critical scaling phases toward potential exits.”

With these two funds, BECO operates a comprehensive platform supporting founders from pre-seed to IPO across the Gulf’s most active venture markets.

Lisk, the growth platform designed for Web3 founders in high-growth markets, has launched the Lisk EMpower Fund, a $15 million venture initiative aimed at backing Web3 startups solving real-world problems in Africa, Latin America, and Southeast Asia.

The Lisk EMpower fund has already invested in Lov.cash, a South African digital supply chain platform, Afrikabal, an African Agritech platform, IDRX, an Indonesian stablecoin, and SigraFi, who finances small gold producers and issues gold-backed onchain loan notes.

“Global VCs have become obsessed with speculation. In high-growth markets, the opposite is true. Founders are solving real problems with real utility and that is where the next unicorns will come from,” said Gideon Greaves, Head of Investments at Lisk.

High-growth markets offer significant growth opportunities, leveraging emerging technology to develop innovative solutions that solve local challenges that otherwise could not be solved by traditional technology. Many founders bootstrap to Series-A level traction without ever raising institutional seed capital. Yet, a knowledge gap remains in the opportunities to invest in these regions.

Emerging markets have consistently outperformed public benchmarks, delivering 9-11% annualized venture returns over the past 10-15 years, according to Cambridge Associates. Lisk believes this marks the start of a generational bull run in emerging markets, driven by unprecedented innovation and the rapid adoption of transformative technologies. In contrast, U.S. seed-stage venture has become oversaturated, with record-high early-stage valuations and near-zero three-year returns. This creates an opportunity to back high-growth founders in Africa, Latin America, and Southeast Asia at fair valuations, while generating uncorrelated, venture-scale returns.

The disconnect is Lisk’s opportunity. The Lisk EMpower Fund addresses a critical gap that most VCs continue to miss. By backing founders at the earliest stages, the Lisk EMpower Fund delivers more than capital, it offers hands-on advisory, Web3 experience, and resources, becoming long-term partners with the founders at the intersection of local impact and global growth.

“Emerging markets are no longer the future of Web3, they are the present,” said Dominic Schwenter, COO at Lisk. “The Lisk EMpower Fund is designed to bridge the capital gap for world-class founders who are building global companies from these ecosystems.”

The Lisk EMpower Fund model integrates incubation, assessment, and growth capital through a scalable, end-to-end pipeline designed to accelerate high-potential ventures.

• Web3-Native: Dedicated capital for infrastructure and applications solving real-problems in payments, remittances, identity, and supply chain.
• Emerging Markets: Targeting regions that are ripe for organic adoption and have the potential to scale globally.
• Hands-on Advisory: Beyond capital, Lisk operates as a boutique investment bank for startups, supporting founders in refining their narratives, structuring for international fundraising, and securing proper Series A and B rounds.
• Tokenized Fund Structure: The Lisk EMpower Fund utilizes tokenization to streamline LP subscriptions, provide secondary market liquidity, and open access to retail LPs, who are traditionally excluded from venture funds.

By investing in the essential digital infrastructure of emerging economies, Lisk generates venture-scale returns uncorrelated with saturated Western markets. Its structured investment model is designed to de-risk early-stage ventures while providing hands-on advisory support to prepare them for global institutional investment.

Through strategic partnerships with leading local incubators, Lisk gains early access to pre-vetted deal flow across Africa, Latin America, and Southeast Asia. Selected companies are eligible to receive $250,000 in capital alongside strategic support, ranging from investor-grade financial modeling and legal structuring to access to Lisk’s global VC network.

South African fintech startup Street Wallet has acquired Digitip, a platform that allows informal workers to receive digital tips, in a deal aimed at deepening its presence in KwaZulu-Natal and broadening access to the digital economy.

Founded in 2021 by Kosta Scholiadis, Street Wallet provides mobile payment solutions tailored for informal traders and service providers. The platform integrates with leading gateways such as Apple Pay, Samsung Pay, SnapScan, Zapper, and Scan-To-Pay, enabling vendors to accept secure, cashless payments without traditional bank accounts or hardware. Daily earnings are converted into Standard Bank Instant Money Vouchers, which can be withdrawn at ATMs or partner retailers.

The acquisition follows Street Wallet’s recent $350,000 funding round, which is fueling market expansion and sales growth across South Africa. Incorporating Digitip, launched in 2023, will extend Street Wallet’s reach among informal workers and strengthen its value proposition with lower transaction costs, faster payouts, and enhanced technology infrastructure.

“This is a game-changer for Digitip users and clients,” said Digitip founder Monica Nilsen. “Our community can now earn more through lower fees, enjoy daily payouts, and benefit from a smoother platform.”

Street Wallet CFO and COO Stephen Britto said the move underscores the company’s broader goal of driving financial inclusion. “We want to make transacting easier while bringing traders into the banking ecosystem through bespoke fee structures,” he said.