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Kenyan BNPL startup Lipa Later has been placed under administration due to an inability to secure necessary funding, following a series of financial challenges. Founded in 2018, the company raised $12 million in 2022 and $3.4 million in September 2023 but faced creditor issues, including a lawsuit for unpaid fees. The appointed administrator, Joy Vipinchandra Bhatt, is working with stakeholders to explore options for financial restructuring, with creditors given until April 23 to submit claims.
KCB Group PLC is set to acquire a 75% stake in Riverbank Solutions Limited, a leading fintech firm, to enhance its digital financial services across East Africa. This strategic move follows a significant profit increase for KCB, aiming to leverage Riverbank's technology for improved payment solutions and operational efficiency for SMEs. The acquisition, pending regulatory approvals, positions KCB as a key player in the evolving fintech landscape, potentially unlocking new revenue streams and enhancing customer experiences.
African startup funding dropped sharply from 406 in 2023 to 200 in 2024, marking a second consecutive year of decline amid a global capital shortage. Despite this downturn, the "Big Four" tech hubs—Nigeria, Egypt, Kenya, and South Africa—continued to attract the majority of investments, while fintech funding also saw a decline. However, signs of recovery emerged in late 2024 and early 2025, offering hope for improved funding prospects.
enza has secured a USD 6.75 million seed investment led by Algebra Ventures and Quona Capital to enhance financial inclusion in Africa. The funding will improve payment infrastructure, reduce transaction costs, and empower underserved SMEs and underbanked populations with accessible payment solutions. With this investment, enza aims to strengthen its market presence, foster partnerships, and address the needs of Africa's digitally connected populations, ultimately transforming the continent's payments ecosystem.
Kenya has sought a new lending programme from the International Monetary Fund after both parties agreed to end the ninth review of the current programme, which is set to expire next month. Finance Minister John Mbadi noted that approximately $800 million remains unutilized, prompting the request for a funded programme. The government is working to stabilize its finances amid rising debt-servicing costs.
The global debt crisis is intensifying, with developing nations facing unprecedented challenges as their external debt reached $11.4 trillion in 2023, consuming more than their export earnings. Countries like Sri Lanka and Pakistan exemplify the dire consequences of unsustainable borrowing, leading to defaults and economic turmoil. Urgent reforms and innovative solutions, such as debt-for-climate swaps, are essential for fostering sustainable development and financial stability amidst rising global trade uncertainties.
Kenyan logistics startup Leta has secured $5 million in seed funding to enhance its AI-powered platform and expand into new African markets, including Rwanda and Mauritius. Founded in 2022, Leta has achieved significant growth, handling 4.5 million deliveries and managing 7,400 vehicles, while helping major brands like KFC and EABL reduce costs. The investment, led by Speedinvest with participation from Google’s Africa Investment Fund, will support the startup's mission to optimize supply chains for businesses across the continent.
Antler, a global early-stage VC firm founded in Singapore, has expanded its operations from Kenya to Nigeria, having launched in Kenya in 2019. With a presence in major entrepreneurial hubs worldwide, Antler focuses on nurturing exceptional individuals to form co-founding teams and has invested in over 400 companies globally. Applications for its inaugural Nigerian program are now open, with the cohort set to begin in June.
Antler, a global early-stage VC firm founded in Singapore, has expanded its operations from Kenya to Nigeria, enhancing its presence in Africa's entrepreneurial landscape. Since launching in Kenya in 2019, Antler has invested in over 400 companies worldwide and is now accepting applications for its inaugural Nigerian program, set to begin in June. The firm emphasizes a people-first approach, focusing on building strong co-founding teams.
LoftyInc Capital Management has raised $43 million for its LoftyInc Alpha Fund, targeting late-seed investments in promising African tech startups, particularly in Nigeria, Egypt, Kenya, and Francophone Africa. The fund attracted diverse backers, including sovereign wealth funds and development finance institutions, reflecting strong regional confidence in LoftyInc's investment capabilities. With a focus on helping startups scale, the fund leverages LoftyInc's extensive network and expertise to support founders in overcoming operational challenges and expanding their market reach.
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