Afridigest Fintech Review: An appruved deal worth smiling about
Week 17 2023: April 23-29
Afridigest is your intelligent guide to Africa’s tech ecosystem. The Fintech Review is a weekly recap of what matters in African fintech.
Hello again, friends! Remember: this Fintech Review goes out on Sundays and the regular Week in Review goes out on Mondays.
On to the week’s highlights:
• Three fintech fundraises were announced across the continent.
• News of the week: KYC & identity verification platform Smile Identity expands its footprint with a deft acquisition of its Ghanaian counterpart Appruve.
• Companies appearing in today’s Fintech Review: Storspay, Raise, 42 Markets Group, Appruve, Smile Identity, VigiPay, Pyypl, Kaf Insurance, Hover/Stax, and more.
• Executives appearing: Appruve’s Paul Damalie, FairMoney’s Laurin Hainy, Wave Mobile Money’s Ben Kolesar, Binance’s Nadeem Anjarwalla, Unlimint’s Trevor Goott, Wleepay’s Lionel Bernard, Finch Technologies' Christopher Ball, Ukheshe’s Mark Dankworth, DFS Labs’ Chernay Johnson and Joseph Benson-Aruna, & more.
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Week 17 2023: April 23-29
Raise, a Kenyan/pan-African compliance & capitalization table management platform, raised an undisclosed amount from Carta.
🤝🏽 Mergers & Acquisitions
📰 News of the Week
More precisely, Smile Identity, which has offices in Nigeria, South Africa, Kenya, and London, bought Inclusive Innovations, the parent company of Ghana’s Appruve, for an amount rumored to be “not more than $20 million.”
By doing this deal now, Smile Identity effectively buys market share and a wider pan-African footprint at a discount.
Here’s what Smile Identity CEO Mark Straub said in the acquisition video:
“Appruve has actually developed a lot of areas of expertise and understanding in some of the newer growth markets that we're really excited to enter and we're taking that expertise and that knowledge and adding it to our team.”
Four-year-old Appruve raised less than $500K in VC funding since inception and the acquisition likely offers solid returns to the team and early investors.
Here’s a Twitter exchange with Appruve’s CEO & Founder Paul Damalie that’s worth checking out:
🚀 Partnerships & Product Launches