🏢 Court Liquidates 54 Collective Over Financial Misconduct

Today’s Menu ☕️

📱Transsion Holdings eyes global expansion with planned Hong Kong listing
⚖️ South African Court provisionally liquidates 54 Collective amid allegations of financial misconduct
🧑🏽‍💻 Itana launches Africa’s first full-stack AI and data innovation hub to empower local innovation
💵 Flend secures $3M in seed funding to digitally transform SME lending in Egypt
💰 Samsung Unveils R280M Tech Fund in South Africa
💳 Ethiopia has officially introduced its first-ever domestic credit card

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📱 BUSINESS

Transsion Holdings eyes global expansion with planned Hong Kong listing

Transsion Holdings, the Chinese smartphone maker behind Tecno, Infinix, and itel, is preparing for a secondary listing on the Hong Kong Stock Exchange—a move aimed at expanding access to global capital and diversifying its investor base. Already listed on China’s STAR Market since 2019, the Hong Kong listing marks a new chapter in its evolution from African market leader to global tech player.

Founded in 2006, Transsion pivoted early to Africa and gained dominance by offering phones tailored to local needs—like long battery life, dual-SIM slots, and camera tech optimized for darker skin. By 2017, it became Africa’s top mobile phone vendor.

Proceeds from the new listing will fund expansion, brand development, and supply chain improvements as Transsion grows in Southeast Asia, India, and the Middle East. Yet, Africa remains its core, with strong local partnerships and a major factory in Ethiopia since 2011..…...…continue reading

⚖️ GOVERNANCE

South African Court provisionally liquidates 54 Collective amid allegations of financial misconduct

A South African High Court has provisionally liquidated 54 Collective—formerly Africa Founders Ventures (AFV)—after the Mastercard Foundation raised allegations of financial misconduct tied to a $106.5 million SME grant. Over $42 million had already been disbursed when red flags surfaced. The court appointed an independent liquidator and froze multiple bank accounts amid concerns over unauthorized fund transfers.

Founded in 2022 to support African SMEs philanthropically, AFV rebranded to “54 Collective” in 2024 without the foundation’s approval, triggering scrutiny. The foundation alleged its funds were diverted to for-profit entities like Founders Factory Africa and Utopia, operated by the same individuals behind AFV.

A Deloitte forensic audit uncovered a $4.59 million unauthorized transfer, nearly 2,000 suspicious journal entries, and missing financial statements for 2023 and 2024. Attempts to enter business rescue were rejected by the court as evasive, and the Business Rescue Practitioner was ordered to personally cover legal costs.

A final ruling on the company's fate is expected August 11, 2025, shaking confidence in African venture philanthropy.......…continue reading

🧑🏽‍💻 INNOVATION

Itana launches Africa’s first full-stack AI and data innovation hub to empower local innovation

Itana, formerly Talent City, has launched Africa’s first fully integrated AI and data innovation hub to support local startups, researchers, and developers with critical infrastructure. The initiative addresses long-standing challenges in affordability, accessibility, and compliance that hinder African AI talent. Key offerings include low-cost access to GPU clusters for training AI models, regulation-compliant local data storage, and a vetted talent network of AI developers and data scientists.

CEO Mayowa Olugbile stressed the need to close Africa’s AI infrastructure gap or risk long-term dependence on foreign platforms. Currently, only 5% of African AI talent has access to GPU resources, often relying on costly, limited cloud services. Itana’s hub seeks to eliminate these barriers and speed up development cycles.

Investor Iyinoluwa Aboyeji emphasized that Africa’s competitive edge in AI will come from building its own infrastructure. If successful, Itana’s AI/Data Hub could transform Africa from a passive consumer into an active creator in the global AI space, marking a pivotal shift in the continent’s tech trajectory.....…continue reading

💵 SME LENDING

Flend secures $3M in seed funding to digitally transform SME lending in Egypt

Flend, Egypt’s first fully digital lending platform for SMEs, has raised $3 million in a seed funding round combining equity and debt financing. The equity portion was led by Egypt Ventures with participation from Camel Ventures, Sukna Ventures, Plus VC, Banque Misr, and notable family offices, while debt funding came from MSMEDA and local banks. Licensed as a Digital NBFI by Egypt’s Financial Regulatory Authority, Flend provides a fully digital lending process—from onboarding to repayment—using e-contracts to eliminate paperwork and in-person interactions.

Flend has formed over 20 embedded partnerships across sectors like agri-food, healthcare, e-commerce, and retail, enabling it to offer financing directly within the platforms SMEs already use. The company aims to deploy EGP 1 billion in working capital loans over the next year to help bridge Egypt’s $50 billion SME financing gap.

With this funding, Flend plans to scale operations, improve its technology, and expand its reach, accelerating its goal of digitally transforming SME finance in Egypt and beyond.........…continue reading

💰 FUNDING

Samsung Unveils R280M Tech Fund in South Africa

Samsung South Africa has launched a renewed Equity Equivalent Investment Program (EEIP), committing R280 million over 10 years to empower Black-owned and women-owned tech businesses. The initiative focuses on township economies, e-waste innovation, electronics service centers, and skills development. Building on its original 2019 partnership with South Africa’s Department of Trade, Industry and Competition, Samsung has already invested over R138 million in enterprise development.

A recent bootcamp with Ocule IT trained ICT entrepreneurs to refine investor-ready business models, followed by a four-month incubation. Top participants will pitch for R500,000 in October 2025 to bring ideas to life. Collaborations with institutions like the University of the Western Cape, Microsoft’s AppFactory, and Mintek will provide further training in app development and e-waste solutions.

While funding alone rarely ensures success, Samsung’s inclusion of mentorship and incubation reflects a deeper commitment to outcomes. The program aligns with South Africa’s transformation goals and the National Development Plan 2030, showing a rare, long-term corporate investment in inclusive tech growth.....…continue reading

 OTHER STORIES

• Ethiopia has officially introduced its first-ever domestic credit card...…continue reading

• EAAIF anchors $600M Axian Telecom bond to boost digital infrastructure in Africa…..continue reading

• Verod Capital exits TAG West Africa following strategic partnership milestone…….continue reading

• Telegram expands access to TON Crypto Wallet for U.S. users…..continue reading

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