Ghana: Digital banking platform raises $8m in funding
Affinity Africa has raised $8 million in an oversubscribed Seed round led by Grazia Equity and Backed VC.
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Digital banking platform Affinity Africa has raised $8 million in an oversubscribed Seed round led by Grazia Equity and Backed VC. Other participants in the round include Enza Capital, Launch Africa, Renew Capital, Finca International, Attijariwafa Ventures, Impact Assets, and prominent angels, joining early backer Eldon Capital.
The platform, which focuses on individuals and micro, small, and medium enterprises (MSMEs), officially launched in Ghana in October 2024 and has onboarded over 50,000 customers to date.
Founded by entrepreneur Tarek Mouganie, Affinity leverages a branchless model, powered by a mobile and web app as well as an agent network, and a proprietary technology platform to provide a full suite of banking services in a more efficient and accessible way.
With this funding, the company plans to expand its reach in Ghana ahead of its international expansion to continue driving financial inclusion across Africa.
“The strong, sustained growth we have seen since the launch of our mobile app shows how much local customers needed a better banking experience, without absurd fees and endless queues. As a customer-centric, technology-driven, fully fledged financial institution, we offer affordable, easy-to-use products, backed by a unique business model that attracts a growing base of deposits while offering the cheapest instant loans in the region,” said Tarek Mouganie, founder and group CEO of Affinity Africa. “This oversubscribed funding round is a testament to the belief in our vision and the opportunity to create real and lasting change, starting in Ghana.”
“At Backed we are founder first, and we could not think of a better person to build Africa’s local bank than Tarek. He started his career investing in banks through the 2008 crisis, becoming an expert in regulation and strategy, and has built a world class banking software stack for Affinity from the ground up. He has a unique ability to connect with and understand customers, which has materialised into extremely impressive early user numbers,” said Andre de Haes, founder and managing partner at Backed VC.
“We are thrilled to support Affinity Africa as they address one of the continent’s most pressing challenges – financial inclusion,” said Mike Mompi, managing partner at Enza Capital. “Rather than replicating fintech models from the global north, they have crafted an innovative approach tailored to local needs and grounded in strong fundamentals. Their mixed model of agent network and mobile app, coupled with exceptional execution, is already delivering meaningful growth and measurable impact. We are confident they will scale successfully to serve millions across Africa.”
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