Nexta, an Egypt-based fintech and next-generation banking platform that focuses on simplifying money management for users has secured a $3 million investment.
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Nexta, an Egypt-based fintech and next-generation banking platform that focuses on simplifying money management for users has secured a $3 million investment.
The investment round was led by e-finance, Egypt’s leading provider of digital payments solutions, and the backbone of the Egyptian government’s digital transformation strategy.
This new investment comes after the startup raised a $2 million pre-seed round in March, which was led by DisrupTech, Egypt’s leading fintech venture capital firm that focuses on investing in early-stage fintech & fintech-enabled startups.
With a goal to disrupt the fintech scene in Egypt and across Africa, Nexta is creating a ‘Next generation banking experience’ that will redefine the way digital natives and their households handle money.
By introducing ‘next generation banking’, Nexta promises better everyday lives by providing what is known as lifestyle banking. It will also launch a Nexta card that will allow for instant, easy, and reliable money transfer, budgeting, tracking spending, and a multitude of other features to come. The digital bank is looking to get its final license in a few weeks, after satisfying all CBEs regulations.
Speaking on Nexta’s recent investment, lead investor in the funding round, e-finance’s Chairman and CEO, Ibrahim Sarhan said “Nexta is among the promising companies financed by the Group within several targeted investments.
“It’s worth noting that the Group took part in establishing Nclude an investment fund to invest in emerging fintech companies, thus improving the current and future direction of fintech in Egypt.”
Also commenting on its funding round led by e-finance, the CEO of Nexta Ahmed Hisham said, “I wouldn’t call it a funding round. It is more of a strategic partnership.
“e-finance has cemented itself as an integral partner in the Egyptian government’s push for digitization by developing integrated platforms that are leading Egypt’s digital revolution. We are very glad to have them on board. We are already part of that nationwide digital transformation.
“The demand for digital financial services is increasing day by day, we believe that there exists a huge opportunity for us to offer a differentiated and outstanding experience to different users in such a promising market.”
Born out of a desire to redefine payments and money management in Egypt, Nexta continuously evolves its suite of tools as well as constantly upgrading and introducing new features to simplify money management for users.
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Moove, has raised £15 million fund from Emso Asset Management as it plans to scale up its operation in the U.K.
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Global mobility firm that provides revenue-based vehicle financing and financial services to mobility entrepreneurs Moove, has raised £15 million fund from Emso Asset Management as it plans to scale up its operation in the U.K.
The African startup which has a growing global customer base of mobility entrepreneurs recently launched in U.K. Its first expansion in Europe. The startup is now set to debut a 100% EV rent-to-buy model that provides access to brand new, zero-emissions vehicles for a flat weekly fee.
The new fund will enable the mobility startup which seeks to be the largest EV partner on Uber’s platform in London to scale to up to 10,000 vehicles by the end of 2025 as it had earlier disclosed.
Speaking on the recent financing received, co-founder and co-CEO at Moove Ladi Delano said, “This financing comes at a really exciting time for Moove. With our international expansion underway in the UK and India, we’ve already shown that affordable and accessible vehicle financing for mobility entrepreneurs is a global challenge and one we’re committed to solving at Moove.
“We’re looking forward to scaling up our operations in the UK to enable drivers to transition to electric vehicles to drive forward the electrification of mobility.”
Founded in 2019 by British-born Nigerians Ladi Delano and Jide Odunsi, Moove is democratizing vehicle ownership in Africa by providing revenue-based vehicle financing to mobility entrepreneurs and has so far amassed more than 50% month-over-month growth since its launch.
The startup has also partnered with CFAO Motors, a department of CFAO Automotive, Africa’s largest automotive distribution network with a presence in 36 countries, with a purchase of over 5,000 brand-new fuel-efficient Suzuki vehicles for its mobility entrepreneurs across Ghana and Nigeria.
The mobility startup has recorded over three million rides that have been completed in its Moove-financed vehicles across six markets in Africa which are Lagos, Accra, Johannesburg, Cape Town, Nairobi, and Ibadan, with three product categories such as cars, trucks, and motorbikes.
Nigerian digital e-commerce platform for African sellers Bumpa, has recently secured $4 million in its seed round.
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Nigerian digital e-commerce platform for African sellers Bumpa, has recently secured $4 million in its seed round.
The seed round was led by Base 10 partners with participation from Magic find, Plug & Play Ventures, DFS Labs, SHL Capital, Jedar Capital, FirstCheck Africa Angel Program, E62 Ventures, Club 14, and Fast Forward Ventures.
The startup disclosed that for its seed round, it chose investors who are interested in e-commerce and retail automation in Africa, as it intends to use the $4 million seed secured to solve the inefficiencies small businesses face.
Speaking on the recent seed secured, co-founder and CEO of Bumpa Kelvin Umechukwu said, “With Bumpa, we’re helping business owners organize all the commerce that’s happening on their social media. They can see their top customers.
“They can see how much they’re making on each of these social media platforms, like Instagram. They can collect all the records, and they can sell faster through direct messaging (DMs) and requests for payments because we brought all of the commerce tools right there for them in their DMS while chatting with a customer. Bumpa currently estimates that it can help its users save 25 hours each week”
With the social commerce space in Nigeria highly competitive, Bumpa disclosed that its competitive advantage over all other startups stems from its emphasis on retail automation and optimization of data and inventory for its clients which is not evident in most of these startups.
Since its launch in 2021, the startup disclosed that it has so far onboarded over 7,000 merchants on its platform including retail businesses like The Ajala Store and Lash Ng, which it also claims to have recorded a 50% Month-on-Month (MoM) growth rate.
Bumpa seems not to be resting on its oars as it strategically plans to attract more small business owners to make use of its platform, providing them with tools to grow their businesses.
Investors King understands that with Bumpa’s gradual elimination of problems faced by small businesses, Nigeria’s economy will witness a positive impact, due to the role that these SMEs play in the development of a nation’s economy.
Indian Edtech platform Byju has raised $250 million in a new funding round from existing investors including Qatar Investment Authority (QIA), as it seeks to improve the market downturn that forced it to postpone the initial public offering (IPO).
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Indian Edtech platform Byju has raised $250 million in a new funding round from existing investors including Qatar Investment Authority (QIA), as it seeks to improve the market downturn that forced it to postpone the initial public offering (IPO).
The new funding raised by the startup has increased its valuation to $22 billion, the same figure at which it raised a financing round in March this year.
Speaking on the recent fundraising, Byju Raveendran, co-founder and Chief Executive Officer (CEO) of Byju said, “Byju’s is now at that sweet spot of its growth story where the unit economics and the economies of scale both are in its favor. This means the capital that we now invest in our business will result in profitable growth and create sustainable social impact.
“Regardless of the adverse macroeconomic conditions, 2022-23 is set to be our best year in terms of revenue, growth, and profitability. Continued support from our esteemed investors re-affirms the impact created by us so far, and validates our path to profitability.”
Amid a global slowdown that affected most companies this year which led to the laying off of staff, Byju was no exemption, as the global inflation affected its market downturn, which prompted the startup to begin the laying off of around 2500 of its employees in the next six months.
It disclosed that the layoff of its employees will be done in phases which will be a big step towards cost-cutting and being a profitable company by March 2023, also achieving better unit economics which will prepare the ground for its initial public offering (IPO).
The edtech firm has faced intense scrutiny over its accounting practices in recent months which it disclosed as “challenging” as it delayed the filing of its audited accounts.
Byju raised $1.2 billion in a term B loan last November for international expansion. The startup plans to acquire US edtech firm 2U as well, but those plans have been stalled even as the company was closing a financing arrangement for the potential deal, Investors King understands.
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