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HUB2 Secures $8.5m to Transform Payments in Francophone Africa

HUB2 Secures $8.5m to Transform Payments in Francophone Africa

Innovation Village
December 03, 2024

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Today’s Menu ☕️

HUB2 Secures $8.5 Million to Transform Payments in Francophone Africa
Prosus reports first-half profit following strategic divestments in China and South Africa
Kenyan Electric Mobility Company Roam to Launch 10 Solar-Powered Hubs in Nairobi with EU Funding
SIFEM Commits $15 Million to Ninety One’s Africa Credit Opportunities Fund 3

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💵 PAYMENTS

HUB2 Secures $8.5 Million to Transform Payments in Francophone Africa

Fintech startup HUB2 has secured $8.5 million in Series A funding to revolutionize digital payments. Led by Pan-African investor TLcom Capital, alongside FMO, Enza Capital, and Bpifrance, this investment empowers HUB2 to expand its reach, enhance its technology, and simplify payment solutions for businesses across the region.

Founded in 2019 by Ashley Gauzere, a former telecom engineer with experience at Orange Africa, HUB2 addresses the challenges of fragmented mobile money systems. In Francophone Africa, mobile money providers and banks often operate in silos due to regulatory and systemic differences, making it difficult for merchants to scale regionally and for financial institutions to serve last-mile consumers.

Inspired by U.S. payment giant Stripe, Gauzere built HUB2 to unify these systems through APIs, enabling businesses to collect payments and manage transactions seamlessly. While the journey was not straightforward, HUB2’s strategic pivots have been crucial to its success.....……continue reading

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🛒 ECOMMERCE

Prosus reports first-half profit following strategic divestments in China and South Africa

CEO Fabricio Bliosi

Prosus, a technology investor with a customer base exceeding two billion worldwide, reported a profit for the first half of the year. This marks a significant turnaround as the company sold stakes in various online businesses in China and South Africa.

For the six months ending on 30 September 2024, Prosus reported group adjusted earnings before interest and taxes (EBIT) of US$60 million, a notable improvement from a loss recorded during the same period the previous year. This information was disclosed in a statement released by the Amsterdam-based company on Monday.

In September, Prosus divested its stakes in China’s Trip.com and South Africa’s online fashion retailer, Superbalist. Additionally, the company has an agreement in place to sell its Romanian food delivery business, Tazz....……continue reading

☀️ SOLAR ENERGY

Kenyan Electric Mobility Company Roam to Launch 10 Solar-Powered Hubs in Nairobi with EU Funding

Kenyan electric mobility company Roam is preparing to launch 10 additional solar-powered Roam Hubs in Nairobi, supported by funding from ENERGICA, an initiative under the European Union’s Horizon 2020 program. This project aims to enhance the adoption of sustainable and cost-effective transportation solutions for electric motorcycle riders in the city.

The new Roam Hubs will provide affordable battery rentals, optimized charging facilities, and swift after-sales services. Each hub is projected to handle 400 to 500 transactions daily, catering to both battery charging and rentals. This initiative is designed to make electric mobility more accessible and transform Nairobi’s urban transportation landscape into a cleaner and more efficient system.....……continue reading

💰INVESTMENTS

SIFEM Commits $15 Million to Ninety One’s Africa Credit Opportunities Fund 3

The Swiss development finance institution, SIFEM, has committed $15 million to the first close of Ninety One’s Africa Credit Opportunities Fund 3, which aims to raise a total of $500 million. This initiative is focused on channeling private credit investments into businesses across Africa and other emerging markets.

Managed by responsAbility Investments, SIFEM will act as an anchor investor, providing essential support to high-growth companies on the continent. The fund is specifically designed to bolster medium-sized enterprises, thereby contributing to economic resilience, job creation, and sustainable development.

The first close of the fund saw participation from several notable strategic partners, including the International Finance Corporation and British International Investment, both serving as anchor investors. Additionally, Standard Bank of South Africa joined as a credit provider, further reinforcing the fund’s financial foundation......…continue reading