Tech

Nigerian fintech Fincra secures licence to operate in South Africa

Published

2 months ago

October 3, 2024

Nigeria-based pan-African payment infrastructure provider, Fincra, has been granted a Third Party Payment Provider (TPPP) licence to expand its services into South Africa.

The TPPP will enable the platform to extend its payment solutions to businesses in the country, while the new regulatory approval marks a significant step in Fincra’s mission to make sending and receiving value across Africa and beyond as seamless as sending a text message, according to the startup’s CEO and co-founder, Wole Ayodele.

Ayodele, who expressed the company’s enthusiasm about the development, noted that South Africa represented a prime market for the company’s growth as it represented the company’s vision to build a continent-wide payment infrastructure.

“We have long recognised South Africa as an ideal market for us, and we are excited to contribute with our innovative payment solutions,” Ayodele said.

“The decision to enter South Africa is consistent with our overall strategy of expanding in key African markets.

“According to the International Monetary Fund (IMF), South Africa boasts the largest economy in Africa, with a gross domestic product (GDP) of $373 billion and with it’s diverse economy, supported by sectors such as manufacturing, mining, agriculture, and tourism, provides numerous opportunities for Fincra’s payment solutions to help businesses process transactions efficiently.

“Fincra’s entry into South Africa is part of the company’s vision to build a continent-wide payment infrastructure, ensuring full compliance with local regulations while enabling seamless, secure transactions for businesses.

“Fincra can now offer its services to South African businesses thanks to the TPPP licence, which allows them to access a wider range of payment methods and facilitates smoother cross-border transactions,” he added.

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Tech

Egyptian freight-fowarding startup Nowlun raises $1.7m in seed funding

Published

1 hour ago

December 3, 2024

Isaac Dachen

Egyptian digital freight forwarding platform, Nowlun, has announced raising $1.7 million in seed funding, which is a significant milestone for the Middle East and North Africa (MENA) logistics sector.

The seed funding round, according to Nowlun’s CEO, Moataz Khamis, was led by Nama Ventures and A15, with participation from Sanabil 500 Global and prominent angel investors.

In a statement announcing the funding, Khamis said the investment will fuel Nowlun’s ambitious expansion plans and accelerate the development of its innovative technology platform, which is transforming the logistics industry by offering instant, transparent, and competitive ocean freight rates, streamlined shipment management, and real-time visibility into cargo movements.

Founded in 2021 by Khamis, Mahmoud Khaled, and Ahmed Emara, Nowlun has rapidly established itself as a key player in the MENA logistics market, integrating all major shipping lines, providing businesses with unparalleled access to real-time pricing and enabling them to make faster, more informed decisions.

“Nowlun’s advanced shipment management system offers a comprehensive control tower, allowing users to track their cargo in real-time, receive instant notifications, and proactively manage any issues,” Khamis said.

“Throughout my decade in logistics, I’ve witnessed the daily inefficiencies shippers face.

“Driven by a sense of responsibility, my team and I are committed to transforming the industry using cutting-edge technology. This funding will empower us to further simplify the shipping process and make shippers’ lives easier,” he added.

Tech

Egyptian online car retailer Sylndr secures $7.45m working capital

Published

23 hours ago

December 2, 2024

Isaac Dachen

Egyptian online car retail startup, Sylndr, has announced securing a $7.45 million working capital facility from the Investment Banking division of EFG Hermes.

The facility funding which is structured as the first asset-backed financing arrangement of its kind in Egypt, will enable e-commerce platform to integrate a sustainable and innovative financing mechanism into its strategy, according to co-founder and CEO, Omar El Defrawy.

“This transaction is not only a major milestone for Sylndr but also a benchmark for startups in Egypt

“The deal underscores our commitment to delivering cutting-edge financial solutions that empower companies to grow while navigating challenges effectively.”

While announcing the new funding, Defrawy noted that the financing package was provided by EFG Financial Solutions, Next Bank, and the Egyptian Gulf Bank. Designed to align with Sylndr’s growth aspirations, the facility also sets a precedent for other lenders considering innovative structures for credit provision to emerging businesses.

“Sylndr aims to utilise the working capital to expand its reach and operational efficiency while improving the overall customer experience.

“The company’s mission revolves around creating a reliable and transparent platform for buying and selling used cars. With the new funds, Sylndr plans to introduce a wider variety of financing solutions, further solidifying its position as a leader in Egypt’s growing used car market.

“This funding will allow us to explore new opportunities, maintain our commitment to transparency, and redefine how customers interact with the used car market,” he said.

Sylndr which specializes in the used car market, was founded by founded by El Defrawy and Amr Mazen in November 2021, as an automotive-focused e-commerce marketplace which allows customers to reliably and transparently sell and buy used cars.