The 5 most popular stories on Africa Private Equity News this week
Here are summaries of the five most widely read stories this week on Africa Private Equity News.
1. Helios leads $60m funding round for cross-border payments company
Singapore-based fintech startup Thunes, which operates a global B2B cross-border payments network, has attracted a $60 million series B funding round led by Africa-focused Helios Investment Partners. Additional investors include Checkout.com as well as existing investors GGV Capital and Future Shape.
The latest round of funding will drive the continued development of Thunes’ global network and accelerate its expansion and growth in Africa, Asia and Latin America. The capital raised will be deployed to expand its team and product offering, including business payments and collections from emerging markets.
2. LeapFrog increases investment in digital health company
BIMA, a provider of digital health and insurtech services in emerging markets, has secured $30 million in further investment as demand for digital health services increased. Covid-19 is the catalyst behind the surge, with consumers seeking increased access to telemedicine and insurance cover against life and health risks.
Chinese fintech investor CreditEase Fintech Investment Fund (CEFIF) has invested in BIMA for the first time, while existing shareholders LeapFrog and Allianz X have both increased their investment. The new capital will allow the company to expand its product offering, scale its capabilities and deepen its footprint in Asia and Africa.
3. Rand Merchant Investments exits fintech company at well above target IRR
Rand Merchant Investments (RMI), through its fintech investment arm AlphaCode, has exited its investment in Luno. Luno is a global cryptocurrency company which makes it safe and easy to buy, sell and store cryptocurrencies with over 5 million customers in more than 40 countries.
Digital Currency Group (DCG), a New York-based global enterprise that builds, buys, and invests in blockchain companies, and an early investor in Luno, has bought the company. RMI has sold its stake for cash to DCG, achieving an attractive price.
4. Emerging Capital Partners receives green light for acquisition of Remitix
South Africa’s Competition Commission has approved the proposed acquisition of remittance company Remitix by ECP Fund IV and Fund IV A (collectively Funds IV), managed by private equity firm Emerging Capital Partners.
Remitix operates Mukuru, a financial services and remittance platform that allows users to send or to receive money across different countries in sub-Saharan Africa.
5. GreenTec Capital Partners invests in Cameroon-based Freshbag
GreenTec Capital Partners has announced an investment in Freshbag, a digital platform in Cameroon that connects farmers and vendors to ensure a fair and reliable food supply network.
Freshbag buys from farmers and suppliers at fair market prices and dispatches the products to thousands of street vendors in cities across Cameroon. To further strengthen the ecosystem, Freshbag is offering micro loans and technical assistance to partner farmers, distributors, and vendors. Currently, Freshbag is operating in Yaoundé, working with more than 700 vendors and 2,000 farmers in the area.
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