Egypt-based fintech Nexta has secured $3 million from local digital financial services provider eFinance.
This comes after the company raised $2.2 million in pre-seed funding led by Disruptech with participation from some international investors earlier this year.
The fresh funding will be used to prepare for an official launch in a few weeks.
Founded in 2021 by Ibrahim Farag and Ahmed Hisham, Nexta is a neobanking platform that allows users to transfer money and aggregate their existing payment cards into one Nexta card.
Kenzz
Egyptian mass e-commerce startup Kenzz has completed a $3.5 million seed fundraise led by Outliers Venture Capital, HOF Capital, Foundation Ventures, Samurai Incubate, and some angel investors.
The startup was founded earlier this year by Ahmed Atef, Mahmoud AlSilk and Moataz Sami. It provides e-commerce services to help platforms digitise the offline experience. Its model involves sourcing products directly from manufacturers and importers and offering consumers deeper discounts when they buy with friends and family.
The funding will be used to recruit new talent, grow product categories, invest in technology and launch its new app.
Maplerad
Nigerian banking-as-a-service (BaaS) platform Maplerad that started as a payment solution provider with Wirepay and received a pre-seed funding from OnDeck, Golden Palm Investments, Greenhouse and Berrywood Capital and others, has now secured $6 million in seed funding led by Peter Thiel-founded VC firm Valar Ventures.
The round also saw participation from Golden Palm Investments, Fintech Fund, Armyn Capital, Dunbar Capital, Strawhat Investment, Polymath Capital, Unpopular Ventures and MyAsiaVC besides others.
For Valar, this is the third bet on an African venture after it invested in fintechs Kuda and Yellow Card.
Cofounded by Miracle Anyanwu and Obinna Chukwujioke, Maplerad says it processed millions of dollars for over 100 businesses acquired onto its platform while still in the stealth mode.
Strove
Cape Town-based wellness startup Strove, which has an activity-based mobile rewards application that empowers organisations to inspire their employees, clients and members to live a healthy and active life, has raised an undisclosed amount of funding from Japanese VC firm Lifetime Ventures.
This comes after it raised ZAR4 million ($0.28 million) in a seed round led by Launch Africa a year ago.
The startup was born out of venture builder The Delta in partnership with Chris Bruchhausen.
Employees of a firm that signs up to Strove can download the app and create an account. They can then sync their exercise activities and track statistics such as calories burned and the points can be redeemed for rewards at partner brands. Strove also expand into the UK some time back.
Bumpa
Lagos-based Bumpa, which helps retailers manage and grow their businesses from their mobile phones and had raised $200,000 in a pre-seed funding round last year, has now raised a $4 million Seed round led by Base10 Partners, with participation from Plug & Play Ventures, SHL Capital, Magic Fund, Jedar Capital, DFS Labs, FirstCheck Africa Angel Program, E62 Ventures, Club 14 and Fast Forward Ventures.
Bumpa was founded in February 2021 by Kelvin Umechukwu and Adetunji Opayele. It allows merchants to set up an e-commerce store using their smartphone, integrate payments, manage inventory, handle books, fulfil orders, track sales, request dispatch riders, and engage customers.
It is now trying to position itself as a social commerce enabler.

An emerging markets news platform for alternative investments
© The Capital Quest, 2021
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