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Welcome to another edition of 🔍 Startup Researcher - Africa, your essential digest delivering the latest news and premium insights on startups and venture capital across the region 🌍

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📰 Important News

• Lagos Police have arraigned Abiola Adams-Odutayo for reckless driving that led to the death of Bumpa CTO Adetunji ‘Teejay’ Opayele.

• AfriLabs received a $150,000 unrestricted donation from Airbnb’s Community Fund to enhance its impact, supporting over 500 hubs.

• Flutterwave launched Send App in Ghana, enabling users to receive international remittances directly into bank accounts or mobile wallets.

• Chpter has spun off Pluto, a WhatsApp API suite that enables businesses to automate customer interactions and process payments within WhatsApp.

• Earnipay laid off staff as it is shifting focus to business lending amid a harsh funding climate, prioritizing profitability over expansion.

💸 Top Funding Rounds

• Zepz secured $165 million in financing to enhance transaction speed, optimize fees, and expand its global remittance services.

• Djamo has raised $17 million in funding to enhance its banking platform, serving over 1 million customers and 10,000 SMEs in Ivory Coast and Senegal.

• Egypt’s InfiniLink raised $10 million in seed funding, led by MediaTek, to develop energy-efficient optical chiplets for AI data center connectivity.

• GBHub Africa invested $50,000 in GreenHeart SE, a Ghanaian agritech company turning biomass waste into carbon-negative agricultural inputs.

💰️ Notable Exits

• Maseera Holding acquired Adva to enhance financial inclusion through AI-driven consumer financing as part of 2 Point Zero Group’s global strategy.

• Peach Payments acquired PayDunya, expanding into Francophone Africa and 12 countries with seamless digital payment solutions.

• Eargo merged with hearX to form LXE Hearing, combining expertise in affordable, digital hearing solutions and leading the OTC hearing aid market.

🏦 About Investors

• IFC and Afriland First Bank partnered to provide $60 million in funding for SMEs in Cameroon, focusing on business expansion, supporting women-led ventures, and enhancing financial access and advisory services.

🚀 Startup of the Week

Introducing our Startup of the Week 🏆

Djamo

Djamo, an Ivorian fintech startup founded in 2020 by Hassan Bourgi and Régis Bamba, has raised $17 million in funding to enhance its mobile-first banking platform, marking the largest-ever investment for a startup in Ivory Coast. The company, which serves over 1 million customers and 10,000 SMEs across Ivory Coast and Senegal, aims to bridge the gap between mobile money and traditional banking, offering more inclusive financial services in Francophone Africa. Djamo’s latest investment will help expand its product suite, grow its operations, and empower underserved populations with advanced financial tools, including savings and investment opportunities.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

Afriland First Bank

Afriland First Bank, founded in 1987 and a key player in Cameroon’s financial sector, has partnered with the IFC to provide $60 million in funding to support small and medium enterprises (SMEs) across the country. With a strong focus on business financing, the bank plays a strategic role in Cameroon’s economic development, offering tailored solutions to individuals, institutions, and businesses. This collaboration aims to enhance access to finance for SMEs, particularly women-led ventures, and includes advisory services to strengthen financial products, risk management, and business growth, driving inclusive development and economic diversification in Cameroon.

🤑 Opportunity Radar

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